StudentShare solutions
Triangle menu

Financial Reporting and Accounting - Essay Example

Nobody downloaded yet
To begin we will talk briefly about the evolution of Accounting in both countries.
According to Baylin et al (1996), Accounting standard setting in Canada has undergone a number of significant structural adjustments since the late 19th century. Following Canada's emergence from its colonial status and due to the establishment of new trading partners, there was a change in the demand for accounting and the accounting standard setting process in Canada (Baylin et al, 1996).
There have also been changes in the source of authority for standard setting, the range of interests were formally included in the standard setting process and changes in relative influence of technical versus political concerns. Canada continues to have one of the few private standard-setting processes in the world. (Baylin et al, 1996).
No central source of accounting standards existed in Canada before 18646. Accounting standards were governed by common law. ...
Accounting standards were governed by common law. For example, the Dominium Insolvent Act was introduced in 1864 and was the first legislation to recognise the need for the regulation of accounting and the quality of financial information. (Baylin et al, 1996).
Following this act, Canada witnessed the first real appearance of public accountants to act as "Official Assignees" for the handling of the affairs of estates, which were bankrupt. Foreign influences, government, and the internal needs of the early accounting firms drove the accounting profession, which was still at its infancy. (Baylin et al, 1996). As a result, the legal foundation of accounting rules was limited to a small group of accounting professionals and Directors. (Baylin et al, 1996).
Although the Dominium Insolvent Act of 1864 created a formal accounting rule it was flawed by the fact that it did not provide detailed specifications of accounting standards to be followed. (Baylin et al, 1996). Foreign influences continued dominating the accounting environment with the initial influence derived from the United Kingdom. Governmental legislation concerning the initial structure of accounting as well as the legislation regarding the regulation of companies and commerce reflected the presence of the United Kingdom. (Baylin et al, 1996). Both the provincial and federal governments adopted legislations which were similar to the traditions established in the United Kingdom, particularly, the British Companies Act of 1990, which enshrined the role of the auditor in the financial reporting function. (Baylin et al, 1996).
By the 1920s the importance for American Accounting in Canada increased. This was as a result of the fact that a number of Large Canadian ...Show more


In accordance with the Encyclopaedia Britannica (2007) accounting is the systematic development and analysis of information about the economic affairs of an organization. This information may be used in a number of ways: by a firm's managers to help them plan and control ongoing operations; by owners and legislative or regulatory bodies to help them appraise the organization's performance and make decisions as to its future; by owners, lenders, suppliers, employees, and others to help them decide how much time or money to devote to the company; by governmental bodies to determine what taxes a business must pay; and occasionally by customers to determine the price to be paid when contracts cal…
Author : stokesrodrigo
Financial Reporting and Accounting essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Financial Reporting and Accounting"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Answer The international accounting standards are developed and issued by the International Accounting Standards Board (IASB). The IASB came into existence by replacing the International Accounting Standards Committee (IASC) in the year of 2001 (IAS Plus, web).
12 pages (3000 words) Essay
Financial Reporting - International Accounting Standards
The essay discusses the challenges faced by International Accounting Standards Board in accomplishing its mission of introducing international financial reporting standards for general purpose financial statements. It further discusses about the key characteristics of International Accounting Standards Board’s framework.
12 pages (3000 words) Essay
Financial Accounting and Reporting
It was the pioneer among the fresh private banks to start its operation after the permission was approved by the Indian Government for non-governmental banks to carry on businesses
7 pages (1750 words) Essay
Financial Accounting and Reporting
2. Tax authorities Tax authorities want to determine the extent to which filed tax returns are credible (Webster, 2004). 3. Creditors Creditors want to determine an organization’s credit worthiness. They give credit according to their customer’s level of financial health.
10 pages (2500 words) Essay
Management accounting - financial reporting
To support such changes, companies have altered their management accounting practices to adapt to the ever changing environment. There is sufficient research done by the authors discussed in this work, to support such a statement.
12 pages (3000 words) Essay
The dynamics shaping an organisations Financial reporting and accounting procedures
The consequence of these governance accomplishments is that information provided through financial reporting and disclosure permits firms to generate outside funds at a lower cost and this is because a more robust governance system guarantees firms' outside financial claimants that they will get a fair return of their investments (Shleifer & Vishny 1997).
12 pages (3000 words) Essay
Financial Accounting and Reporting
This is done at the end of the financial year. The company’s accounts must be made public by filling them in the house of companies (Horngren, 2002). They must be submitted by the company within nine
10 pages (2500 words) Essay
Islamic accounting and financial reporting
IFRS and Accounting, and Auditing Organization of Islamic Financial Institutions (AAOIFI) were founded based on establishing a unified way of reporting the financial transactions across all the sectors. However, the
9 pages (2250 words) Essay
Financial Accounting and reporting
It is the presentation of financial data relating to the performance, position as well as the flow of assets in a given accounting period which is then conveyed to different users of accounting information in order to facilitate their decision-making process. The sole objective
4 pages (1000 words) Essay
Financial Accounting and reporting
uch information is subject to different laws and regulations in various countries, which influence the content and the format for preparing the financial statements. In response to the existence of different accounting practices, the International Accounting Standard has
4 pages (1000 words) Essay
Hire a pro to write
a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
Comments (0)
Click to create a comment
Let us find you another Essay on topic Financial Reporting and Accounting for FREE!
Contact us:
Contact Us Now
  • About StudentShare

  • Testimonials

  • FAQ

  • Blog

  • Free Essays
  • New Essays
  • Essays

  • The Newest Essay Topics
Join us:
Contact Us