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Reporting Regulations (reporting + regulation)
Selected AbstractsFinancial Reporting Regulation: The Case of Converging Canadian and International Accounting and Auditing Standards,/LA RÉGLEMENTATION DE L'INFORMATION FINANCIÈRE: LA CONVERGENCE DES NORMES CANADIENNES ET INTERNATIONALES DE COMPTABILITÉ ET DE VÉRIFICATIONACCOUNTING PERSPECTIVES, Issue 1 2008Kathryn Bewley ABSTRACT This paper provides a descriptive analysis of the differences between existing Canadian accounting and auditing standards and the corresponding international standards that Canadian standard-setters have decided to converge them with, at the time of the decisions to converge. The descriptive analysis is based on two reconciliation documents published by the standard-setting boards of the Canadian Institute of Chartered Accountants. The main contributions of the paper are to outline and analyze the differences systematically in the context of prior research on financial reporting regulation and the impact of internationalization of accounting and auditing standards, and to identify key areas of difference that are likely to have the greatest impact on preparers, auditors, and users of Canadian financial statements. The results do not indicate that Canada is moving to a significantly more or less restrictive accounting measurement regime, but it appears that there will be greater disclosure detail required under international accounting standards than under existing Canadian standards. The key accounting difference relates to appraisal values for tangible and intangible assets that are permitted in international standards but not currently in their Canadian counterparts. The findings for auditing standards suggest that international and Canadian auditing standards impose a similar set of requirements on the audit function, and provide a similar degree of detailed application guidance. Differences in standards for the auditor's report and for management's written representations to the auditor are the most significant changes for audit practice in Canada. RÉSUMÉ L'auteure présente une analyse descriptive des éléments qui différencient les normes canadiennes de comptabilité et de vérification existantes et les normes internationales correspondantes vers lesquelles les normes canadiennes devraient converger, selon la position adoptée par les normalisateurs canadiens au moment de trancher la question. L'analyse descriptive se fonde sur deux documents de conciliation publiés par les conseils de normalisation de l'Institut Canadien des Comptables Agréés. Le principal apport de la présente étude est double: elle propose une description et une analyse systématiques des différences entre les normes dans le contexte des recherches précédentes sur la réglementation de l'information financière et l'incidence de l'internationalisation des normes de comptabilité et de vérification, et elle recense les principales sphères dans lesquelles les normes présentent des différences susceptibles d'avoir les conséquences les plus importantes pour les auteurs de l'information, les vérificateurs et les utilisateurs des états financiers canadiens. Selon les résultats de l'étude, le régime de mesure comptable vers lequel s'oriente le Canada ne présente pas un caractère qui serait plus ou moins restrictif, mais tout indique que les exigences en ce qui a trait au détail de l'information à fournir seront plus grandes sous le régime des normes comptables internationales que sous celui des normes canadiennes existantes. La principale différence relevée au chapitre de la comptabilité se rapporte aux valeurs d'expertise des actifs corporels et incorporels qui sont permises dans les normes internationales mais ne le sont pas dans les normes canadiennes actuelles. Quant à la vérification, il semble que les normes internationales et canadiennes imposent à la fonction de vérification un ensemble d'exigences similaires et contiennent des directives d'application d'une précision analogue. Les différences dans les normes relatives au rapport du vérificateur et aux déclarations écrites de la direction sont les changements les plus importants pour l'exercice de la vérification au Canada. [source] Recent Changes in the Regulation of Financial Markets and Reporting in Canada,ACCOUNTING PERSPECTIVES, Issue 1 2007Carla Carnaghan ABSTRACT The regulation of financial reporting and financial markets has undergone significant change in both the United States and Canada since 2000. In Canada, the regulatory regime is particularly complex and politically controversial, with much speculation about possible future directions. This paper's purpose is to explain the current regulatory environment as it stands in mid-2006 to assist those who teach or conduct research in this domain. On the basis of a review of existing regulations and related studies, this paper first provides an explanation of the major jurisdictional issues that affect financial reporting and regulation in Canada, including identifying the roles of the key players. Second, it identifies specific reporting changes that might be of particular relevance to prospective capital market researchers. Where relevant, comparisons are made with regulatory provisions in the United States, because the majority of capital markets research concerns U.S. securities exchanges regulation, and the Canadian regulations themselves often refer to U.S. regulations as a point of comparison. We find that the lack of a single national securities regulator in Canada and overlaps in federal and provincial jurisdiction and among regulatory bodies mean there is a large range of players involved in financial markets regulation. Ongoing efforts to improve integration include the new passport system, improved harmonization of securities regulation, and consideration of mergers between some of the involved organizations. Other changes have led to a greater emphasis in Canada on the regulation of continuous disclosure and corporate governance than was previously the case. Changes in specific reporting regulations and guidelines since 2002 have generally increased the amount of disclosure. [source] A Study of Corporate Disclosure Practice and Effectiveness in Hong KongJOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING, Issue 1 2001Simon S. M. Ho The recent economic turmoil in Asia has led to a wider recognition of the importance of corporate transparency and disclosures in financial dealings. The objective of this study is to provide comprehensive and up-to-date evidence of current practice and perceived effectiveness of corporate disclosure of listed companies in an emerging economy,Hong Kong. The study compares the perceptions of chief financial officers (CFOs) and financial analysts about a variety of information flow, disclosure and capital market efficiency issues. It also seeks to determine whether there is a perceived need for increased financial reporting regulations and to what extent this and other alternative means might improve market functioning. While both subject groups believed that a majority of firms only adopt a conservative one-way disclosure strategy and the existence of a communication gap, analysts perceived a much higher need than CFOs for increased financial reporting regulations. Neither group thought that enhancing disclosure requirements alone would suffice to close this gap. Instead, they suggested an improvement in the quality of the communication and disclosure processes through means such as choosing more appropriate communication media, formulating a more proactive disclosure strategy, enhancing investor relationship, and voluntarily reporting more information desired by users. [source] Carbon pollution (greenhouse gas) measurement and reportingASIA-PACIFIC JOURNAL OF CHEMICAL ENGINEERING, Issue 4 2010Andrew Gunst Abstract The processes of Carbon Reporting and Emissions Trading in countries including the United States and Australia have developed from appearing unlikely in 2007 to the implementation of mandatory data reporting commencing in July 2008 in Australia and January 2010 in the United States. The onus is on emitting corporations to determine whether they must report. The data reported will have financial importance if and when Australia and the United States join Europe in placing a price on Carbon. To date, much of the public discussion in these countries has centred on the financial aspects of a Carbon tax or Emissions Trading Scheme (ETS). However, significant challenges exist in identifying and quantifying the emissions which the financial community seeks to trade, and business community understanding of the details of greenhouse emissions is not strong. Greenhouse emission reporting regulations and guidelines in Australia, where the first mandatory reports have been lodged by the 680 largest emitters, are outlined. Industrial examples are used to illustrate the challenges of understanding greenhouse gas emissions and their estimation, and how Chemical Engineering methodologies are useful in overcoming these challenges. Copyright © 2010 Curtin University of Technology and John Wiley & Sons, Ltd. [source] | ||||||||||