Posts Categorized: Financial Accounting

How Forensic Accountants Differ From Auditors

Posted by & filed under Accounting Careers, Auditing, Financial Accounting, Fraud Accounting.

What is the role of Forensic Accountants: Forensic accountants are uniquely suited to help in-house counsel address issues involving financial reporting, accounting and internal controls. They also collect and analyze accounting and internal-controls evidence. They produce a fact-based report that can inform the decision-making process in inquiries, investigations and dispute resolution. By product of Forensic… Read more »

MD&A (Management Discussion & Analysis)

Posted by & filed under Accounting Principles, Financial Accounting, Financial Statement Analysis, IFRS, MD&A.

MD&A (Management Discussion & Analysis) – Counterpart to or Distraction from Financial Reporting Introduction The MD&A  is an important component of a company’s reporting obligation. Intended to provide investors with more comprehensive information of financial outcomes, MD&A permits greater opportunity to present both short and long-term analysis. A study published by Contemporary Accounting Research indicated… Read more »

Going concern: When should the watchdog bark?

Posted by & filed under Accounting Principles, Advanced Accounting, Auditing, Financial Accounting, Financial Reporting and Analysis, IFRS.

International accounting standards definition of Going Concern: ‘a going concern … will continue in operation for the foreseeable future … [and] … has neither the intention nor the need to liquidate or curtail materially the scale of its operations’ The purposes of the going concern assessment: To determine whether the financial statements give a true… Read more »

A new CPA certification program ,effective May 16, 2012

Posted by & filed under Accounting Careers, CPA, Financial Accounting, IFRS.

A new CPA certification program Canada’s new chartered professional accountant (CPA) designation became a reality May 16, 2012, with the merger of Quebec’s CA, CMA and CGA bodies. To support CPA Quebec, and in preparation for anticipated merger developments in other parts of Canada, work on the proposed CPA certification program is getting underway. This… Read more »

Facebook IPO Filing Reveals Its Stunning Size: A Private Jet, $1 Billion In Profits

Posted by & filed under Auditing, Corporate Restructuring, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Uncategorized.

How BIG is Facebook? We knew Facebook was big : you don’t get to 800 million users without making a few bucks — but until today, we didn’t know just how big. Facebook filed papers for an initial public offering on Wednesday, pulling back the curtains on the inner workings of the world’s largest social networking… Read more »

The accounting profession welcomes the tabling of the bill creating the Ordre des CPA du Québec

Posted by & filed under Accounting Careers, Financial Accounting, International Accounting, Managerial Accounting.

Montreal, March 28, 2012 – Today, Jean-Marc Fournier, Minister of Justice and Minister responsible for the application of professional legislation, tabled Bill 61, Chartered Professional Accountants Act, that will constitute the Ordre des comptables professionnels agréés (CPA) du Québec. The CA Order, the CGA Order and the CMA Order welcomed the news. Another milestone in… Read more »

Unification of the profession: The New CPA Designation Certification Program

Posted by & filed under Financial Accounting, Uncategorized.

Framework to unify the Canadian accounting profession On January 17, 2012, the Canadian Institute of Chartered Accountants (CICA), the Certified Management Accountants of Canada (CMA Canada) and the Certified General Accountants of Canada (CGA-Canada) presented members with a framework to unify the Canadian accounting profession. The Unification Framework includes details of a transition to a… Read more »