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International Accounting and Reporting Issues

2014 Review

image of International Accounting and Reporting Issues
The International Accounting and Reporting Issues 2014 Review is focused on the interrelated topics of compliance monitoring and enforcement mechanisms in relation to corporate reporting, auditing and regulation of professional accountants within the context of achieving high-quality corporate reporting. In order to facilitate sharing of experiences among members States and also to provide practical examples of compliance monitoring and enforcement mechanisms in relation to international corporate reporting standards and codes. the UNCTAD secretariat, in cooperation with top experts on these topics, prepared country case studies on Australia, Belgium and Canada. Chapter I analyzes the key elements that member States need to consider when building efficient monitoring and enforcement systems for companies, audit firms and professional accountants. It highlights standards and guidance for good practices and discusses the main challenges to establish efficient mechanisms for the monitoring of compliance and enforcement. The respective country case studies are contained in chapters II through IV.

English

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Case study: Canada

This case study provides an overview of how accounting and reporting standards are monitored and enforced in Canada, based on recent data, reports and analyses. The study comprises five sections. First, it provides an overview of Canada’s general economic environment, critical industries, growth prospects and stock markets. The framework underlying financial reporting standards and auditing is then detailed. Second, it discusses how compliance with financial reporting standards is monitored and enforced. Third, it presents a similar discussion on compliance with auditing standards. Fourth, it discusses how Canada’s accounting profession is structured, including certification, continuing education, ethics and disciplinary mechanisms. Finally, the fifth section presents a synthesis of the material presented and discusses how the different actors in the Canadian financial reporting scene interact and articulate their actions.

English

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