Sign In
Not register? Register Now!
Pages:
4 pages/≈1100 words
Sources:
7 Sources
Level:
APA
Subject:
Accounting, Finance, SPSS
Type:
Book Report
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 18.72
Topic:

Ethics in Financial Reporting: An Essential Part of Accounting in Canada (Book Report Sample)

Instructions:
The essay of Ethics in Financial Reporting: An Essential Part of Accounting in Canada discusses the importance of ethical financial reporting in the Canadian accounting industry. It explains that ethical financial reporting is essential for the accuracy and reliability of financial statements, and for the trust of investors and other stakeholders. The essay also explains that ethical financial reporting is essential for the integrity of the accounting profession, and for the protection of the public interest. The essay outlines the importance of ethical financial reporting in Canada, and how it is regulated by the Canadian Institute of Chartered Accountants (CICA). It explains that the CICA has established a code of ethics for its members, which includes the principles of integrity, objectivity, professional competence, confidentiality, and professional behaviour. The essay also outlines the CICA’s enforcement process, which includes disciplinary action for members who fail to comply with the code of ethics. The essay also explains that ethical financial reporting is essential for the accuracy of financial statements, and for the trust of investors and other stakeholders. It explains that ethical financial reporting is essential for the integrity of the accounting profession, and for the protection of the public interest. The essay also outlines the importance of ethical financial reporting in Canada, and how it is regulated by the CICA. In conclusion, the essay of Ethics in Financial Reporting: An Essential Part of Accounting in Canada explains that ethical financial reporting is essential for the accuracy and reliability of financial statements, and for the trust of investors and other stakeholders. It also explains that ethical financial reporting is essential for the integrity of the accounting profession, and for the protection of the public interest. The essay outlines the importance of ethical financial reporting in Canada, and how it is regulated by the CICA. source..
Content:
Ethics in Financial Reporting: An Essential Part of Accounting in Canada Student name: Affiliation: Course: Instructor: Due date: Introduction The case study discussed the need for ethics in financial reporting and the potential for unethical behavior in accounting and auditing. The same issues are relevant to the accounting profession in Canada. In Canada, the Canadian Institute of Chartered Accountants (CICA) has created Code of Ethics and Professional Development to ensure that accounting and auditing professionals adhere to the highest ethical standards. The CICA Code of Ethics and Professional Development outline the CICA's commitment to upholding ethical principles, personal integrity, and professional behavior. It also provides guidance on the ethical responsibilities of professional accountants, including their duty to act in the public interest, maintain professional independence, and protect confidential information (Damasiotis et al., 2015). All professional accountants in Canada must adhere to the CICA Code of Ethics and Professional Development in order to maintain their professional credentials (Huber, 2013). In addition, the CICA provides a range of resources to help accounting and auditing professionals ensure that their work meets the highest ethical standards. These include online courses, webinars, and a variety of other resources to help professionals understand and comply with the CICA Code of Ethics and Professional Development. Accounting in Canada is regulated by the Chartered Professional Accountants of Canada (CPA Canada) (Boulianne, 2016). CPA Canada is in charge of establishing the accounting profession's standards, rules, and policies. The CPA Canada also provides the public with access to professional accountants who are qualified and knowledgeable regarding accounting matters (Baker, Bédard and dit Hauret 2014). Accounting in Canada is generally based on the Canadian Generally Accepted Accounting Principles (GAAP) (Cormier and Magnan 2016, p. 231-246). Canadian GAAP is based on International Financial Reporting Standards (IFRS). The Canadian GAAP also follows the International Accounting Standards Board (IASB) Framework, which provide common set of principles, objectives and assumptions which form the basis of accounting standards around the world (Kaaya, 2015). Accounting standards used in Canada In Canada, GAAP is used for all public corporations. Private businesses may also use GAAP or may choose to use other accounting standards such as IFRS. The AcSB is responsible for the development and adoption of accounting standards that apply to general-purpose financial statements, financial instruments, and other related matters in the private and public sectors. Responsibility of accounting educators The responsibility of accounting educators in Canada is to give students the information, abilities, and ethical attitudes they need to be successful and responsible accounting professionals .Accounting educators must ensure that students are exposed to all of the major accounting topics, including financial accounting, management accounting, government accounting and auditing. Accounting educators must also teach students the principles of taxation, including federal and state taxation, as well as international taxation. In addition, accounting educators must provide students with the necessary tools to effectively evaluate and manage accounting information systems. Scope of accounting in Canada The scope of accounting in Canada is broad and includes financial accounting, management accounting, government accounting, and auditing (Borba et al., 2021). Financial accounting involves the preparation of financial remarks regarding a company's financial position, performance, and changes in its liquidity statements. Management accounting involves use of financial and non-financial data used to make judgments regarding a company's management and operations. Government accounting includes the creation of accounting information required by federal, provincial, and local governments. Auditing involves the examination of financial records to ensure that they are accurate and reliable. All of these areas of accounting require the use of specialized knowledge, skills, and techniques in order to ensure accuracy and compliance with applicable laws and regulations. Recommendations and conclusions In conclusion, it i...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:

Other Topics:

  • Financial Reporting Accounting, Finance, Spss Book Report
    Description: Students Were Required To Pick A Balance Sheet Sample Of A Company Of Their Own Choice But Listed On The Muscat Securities Exchange Market. From The Balance Sheet, They Were To Prepare A Financial Report Based On Some Various Financial Reporting Tools....
    9 pages/≈2475 words| 4 Sources | APA | Accounting, Finance, SPSS | Book Report |
Need a Custom Essay Written?
First time 15% Discount!