Management and Organizational Studies 1023A/B Chapter Notes - Chapter 3: Ontario Securities Commission, Financial Statement, Mixed Model

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Maria Ferraro

Document Summary

International accounting standards board"s (iasb) mandate: developing, in the public interest a singe set of high quality, understandable, and enforceable global accounting standards transparent and comparable information in general purpose financial statements require that. Works with national accounting standard setter to move toward global convergence. Nearly 100 countries have converged (require or allow) or are on the path to convergence. International organization of securities commissions (iosco) is also working with the iasb in this regard. Their objective is to join together regulators, such as the ontario securities. Commission (osc), the securities and exchange commission (sec) and other to promote cooperation and high standards of regulation in order to maintain just, efficient, and sound markets on a global basis. Gaap enforcement is an issue (enforcement is carried out on country to country basis) In canada: regulation takes place at provincial level (osc, bc securities. Commission and others), since canada does not have a national regulator.