ACCOUNTING CONCEPTS

Establish standards for canadian accountants Establish standards for canadian accountants. It is updated regularly to reflect current accounting opinions and decisions.

Contains formal regulations and common practice over the years

Professional Accounting Organizations Accounting Standards Board(AcSB) International Accounting Standards Board(IASB) International Financial Reporting Standards(IFRS) The board makes its decisions by talking with like minded boards like- IASB, In 2006, GAAP was replaced with IFRS- helps canadian business to communicate globally. Accounting Standard for Private Enterprises(ASPE)

Lasts longer than one year Converted into cash within one year Lasts longer than one year

Accounts payable Current Due within a year Accrued liability Liabilities Notes payable Bank loan Long term Bonds payable Mortgage payable Take more than a year to pay off Long term notes payable Long term debt