Accounting Standards Board (AcSB)
An independent Canadian organization that develops and establishes accounting standards for the Canadian private
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Accounting Standards for Private Enterprises (ASPE)
A set of accounting standards established by the Accounting Standards Board to help private Canadian organizations make the transition to global standards.
Business Entity Concept
A long-standing accounting principle that keeps the accounting for a business separate from the accounting for the owner or for any other business.
Canadian Generally Accepted Accounting Principles (GAAP)
Specific guidelines established by professional accountants to be followed in the preparation of accounting records and financial statements.
Continuing Concern Concept
The assumption that a company will continue to operate normally unless it is known that it will not.
Cost Principle
The traditional accounting practice of listing assets at their cost price rather than their market value.
International Accounting Standards Board (IASB)
An independent not-for-profit organization that develops and establishes international financial reporting standards (IFRS) for the private sector.
International Financial Reporting Standards (IFRS)
A set of clear, enforceable, and globally accepted accounting standards for publicly traded companies, produced by the International Accounting Standards Board (IASB) and adopted by over 100 countries.
Matching Principle
The principle that each expense item related to revenue earned must be recorded in the same fiscal period as the revenue it helped to earn.
Objectivity Principle
The principle that a business's accounting records must be based on clear, verifiable evidence. This means that different people will reach the same conclusions when looking at same documents.
Revaluation Model
An IFRS rule that allows accountants to record assets at their market rather than historic values.
Revenue Recognition Principle
The principle that states revenue is to be recorded in the accounts (or recognized) at the time the transaction is completed.
Time Period Concept
The concept that accounting must take place over specific fiscal periods that are of equal length and are used when measuring the financial progress of a business. [Show Less]