ICBC ordered to pay back millions to motorists, Accounting Error of over $100 million

Posted by & filed under Accounting Principles.

Accounting error B.C. Transportation Minister Todd Stone says he is “angry” after learning that an ICBC (British Columbia Insurance Corporation) computer mistake led to billing errors totalling an estimated $110 million in optional insurance coverage. The Crown corporation estimates it owes its customers $36 million and an additional $3 million in interest for overcharging them…. Read more »

The Heartbleed bug dilemma

Posted by & filed under Accounting Principles, eCommerce.

The Heartbleed bug dilemma: Disclosing a web problem also means alerting hackers Online Security Breach The Heartbleed software bug is not only one of the most serious online security breaches in recent memory, it has also demonstrated how difficult it is for websites to tell their customers whether they’re at risk or not. The Heartbleed revelation… Read more »

What does an Integrated Report look like?

Posted by & filed under Accounting Careers, Financial Reporting and Analysis.

Integrated Reporting One of the distinguishing features of Integrated Reporting is that in contrast to compliance based reporting, there can  be no model report – every report must be built around  the unique business model of the preparer.  The typical Annual Report: The typical Annual Report includes the Financial Statements, Corporate Responsibility , The Management… Read more »

Enhancing audit quality

Posted by & filed under Auditing, MD&A.

Financial Collapse Could auditors have prevented the failures of the 2008 financial collapse? A CICA/CPAB initiative analyzes proposals for an improved process Illustration: Michael Austin                 Does a corporate failure automatically mean there was an audit failure? This is the underlying question linking the proposals for enhancing audit… 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 »

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 »

Corporate Disclosures: To Disclose or Not To Disclose!

Posted by & filed under Financial Reporting and Analysis, IFRS.

Why do companies choose to disclose, or not, forward-looking information in their corporate annual?  Accountants have long known that disclosure is important for companies and users of financial statement information. In its simplest form, the voluntary disclosure decision can be understood as managers having an incentive to disclose if the benefits of disclosure exceed the related… Read more »

Canadian Audit Committee Update: Evolving issues for 2010

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

Audit Committee Evolving Issues  focuses on communicating to stakeholders about the impact of adopting IFRS. Today’s changing business and economic conditions provide an opportunity for the audit committee to reassess its priorities and refocus its agenda. The purpose of the Audit Committee is to strengthen the integrity of the financial reporting process and the quality… Read more »

System for Electronic Analysis and Retrieval (SEDAR)

Posted by & filed under Financial Reporting and Analysis, Financial Statement Analysis, Uncategorized.

Students and investors wishing to know more about our Canadian Public companies, should know about the SEDAR web site. Financial information is provided , such as: 1. Annual Financial statements  issued quarterly and year end 2.MD&A ( Management Discussion and Analysis reports) 3. Press Releases,  provide the most recent and up-to-date corporate disclosures is… Read more »

David beats Goliath: Great-West Life co ordered to pay $456M to policyholders

Posted by & filed under Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis.

LONDON, Ont. – A stunning $456-million judgement in a class-action lawsuit against insurance giant Great-West Lifeco (TSX:GWO) is a sign the courts are being more aggressive in keeping tabs on how corporate Canada conducts its affairs. The Judgement: Justice Johanne Morissette ruled after a 45 day trial in London, Ont. that Great-West breached sections of… Read more »