RSM100Y1 Chapter 15: Chapter 15
21 Mar 2016
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Document Summary
Government and not-for-profit accountants concerned with how efficiently the organizations work to meet their objectives. Accounting standards board (acsb): the organization that interprets and modifies gaap in canada for private and not for profit businesses. International financial reporting standards (ifrs): the standards and interpretations adopted by the. International accounting standards board: the organization that promotes worldwide consistency in financial reporting practices. Financial accounting standards board (fasb): the organization that interprets and modifies gaap in the. Corruption of foreign public officials act: a federal law that prohibits canadian citizens and companies from bribing foreign officials to win or continue business. The accounting cycle accounting cycle: the set of activities involved in converting information and individual transactions into financial statements. The accounting equation: the relationship that should reflect a firm"s financial position at any time: assets should always equal the sum of liabilities and owners" equity.
