Digital Archives for Chartered Accountants

Award for Excellence in Annual Reporting by Crown Corporations

2012-02-15T10:59:00.000-05:00

Annual reporting is an important vehicle for accountability. In 1994, the Office of the Auditor General of Canada (OAG) launched the Award for Excellence in Annual Reporting by Crown Corporations. The program aimed to promote enhanced accountability through improved disclosure of information on corporate performance by recognizing Crown corporations that do this well. Awards were presented in two categories based on corporation size.

According to the Report of the Auditor General of Canada, 1993 (Chapter 4, paragraph 4.72): “The annual report gives management and boards of directors an opportunity to report to shareholders on how they have fulfilled their responsibilities. The private sector has shown considerable interest in the role of the annual report, and its importance is widely acknowledged. Both the Canadian Institute of Chartered Accountants (refer to the 1991 research study, Information to be included in the Annual Report to Shareholders) and the Society of Management Accountants of Canada have issued research reports detailing information that should be included in the annual report, and these are excellent references.”

It is clear that information on financial results alone does not adequately address the full range of stakeholders’ interests and information requirements. Because they deliver a mix of public policy and commercial objectives, improved performance reporting is especially important in the case of Crown corporations. The practice of reporting on performance in annual reports, though much improved, still has a way to go. The first important steps are: reporting against all objectives; stating objectives in more measurable terms; and reporting performance information that focuses principally on outputs and outcomes. Also, more attention needs to be given to providing more comparable and consistent information on parliamentary funding.

After operating this program for 12 years, the OAG transferred the administration of the Award for Excellence in Annual Reporting by Crown Corporations to the Canadian Institute of Chartered Accountants (CICA) in 2006. The CICA has incorporated the OAG program into its own annual Corporate Reporting Awards program (see the previous postings on November 17, 2010 and June 9, 2011).

Generally Accepted Auditing Standards – 1975

2012-02-08T10:33:00.011-05:00

Thirty-seven years ago, in February 1975, the CICA’s Auditing Standards Committee proposed, subject to comments received following exposure, to publish the contents of an Exposure Draft as CICA Handbook: Section 5100 - Generally Accepted Auditing Standards. This Exposure Draft was a re-exposure of material previously included in a November 1973 Exposure Draft. At that time the Committee used wording closely following and, in most places, identical to that used in the AICPA Statement on Auditing Standards No. 1, Codification of Auditing Standards and Procedures.

The Introduction said: "Although the Committee’s intention remains, as a general principle, to use words closely following AICPA Statements (or other professional pronouncements) in cases where this is appropriate, consideration of responses received to the 1973 Exposure Draft indicated that several significant changes were desirable in this particular case. The November 1973 Exposure Draft contained two other Sections of background material, which have been eliminated. "Responsibilities and Functions of the Independent Auditor" required extensive changes and will be dealt with at a later date. The discussion previously included under the heading "The General Standards" related to ethical matters [emphasis added], which are within the jurisdiction of the provincial Institutes and Order. Accordingly, it is the Committee’s intention not to deal further with this topic in the Auditing Recommendations Section of the CICA Handbook, other than including the substance of the three November 1973 general standards as one general standard in paragraph 5100.02 in the interest of completeness."

It is noteworthy that the Introduction also said that, oncurrent with the issuance of this Exposure Draft as an Auditing Recommendation, the Committee would intend to amend the Introduction to Auditing Recommendations by inserting the following as a new paragraph in the "Application" section:

"Among the Recommendations issued, GENERALLY ACCEPTED AUDITING STANDARDS, Section 5100, constitute the basic professional standards with which, in the Committee’s view, the auditor should comply when reporting upon financial statements. In adhering to such basic standards the auditor should have regard to the specific Auditing Recommendations in the Handbook while exercising his professional judgment [emphasis added] as to what procedures are required for such adherence. In addition, the Handbook provides Recommendations with respect to unaudited financial statements, to which Generally Accepted Auditing Standards do not apply."

A brief history of the ACCA

2012-01-27T15:26:00.000-05:00

The Association of Chartered Certified Accountants (ACCA) is the global body for professional accountants with 147,000 members and 424,000 students in over 170 countries. It also has a network of 83 offices and centres across the world.

In 1904, eight people formed the London Association of Accountants. Their aim was to provide more open access to the accountancy profession than the two existing accountancy organizations. ACCA went through a number of mergers and amalgamations over the years. In 1984, it became the Chartered Association of Certified Accountants to reflect the fact that it had been granted a Royal Charter of Incorporation. In 1996, it began to use the current name, the Association of Chartered Certified Accountants.

For a brief history of the ACCA from 1904 to the present time, refer to the ACCA website section on "Our History."

Setting accounting and auditing standards in Canada - 1978

2012-01-18T09:30:00.051-05:00

The article “Setting Accounting and Auditing Standards” was originally published in the September 1978 issue of CAmagazine. At that time, R.D. Thomas, FCA, was the CICA General Director of Research.

This article provides a detailed review of the existing standard-setting process. It notes that: “While the Research Department makes continual efforts to keep the 27,000 CICA members and over 13,000 other subscribers to the CICA Handbook informed on its projects in process, relatively few people appreciate the wide diversity of experience that those responsible bring to bear in the setting of Accounting and Auditing Recommendations, and the care they take in doing so."

"It’s important that those affected by these Recommendations know this background for at least two reasons:

(1) With the advent of the National Securities Administrators’ National Policy 27 and recent corporate legislation, Handbook Recommendations now have “authority” attached to them by federal and provincial government bodies, in addition to the support that has been given to them through the provincial institutes’ / order’s Rules of Professional Conduct.

(2) With the steady increase in the number and complexity of the subjects being dealt with by our research groups and with the resulting increasing demands on the time of volunteer members of these groups, a major study is now to be undertaken to see how our procedures can be improved. After reviewing the following highlight summary of the issues involved, any comments or suggestions you may have on present or prospective procedures and personnel will be very useful to the in-depth review which will be starting shortly.”

(For more information, refer to the CICA Special Committee on Standard-Setting (SCOSS), Report to the CICA Board of Governors on December 19, 1980.)

Report of the CICA Special Committee on Standard-Setting (SCOSS) - 1980

2012-01-11T14:05:00.001-05:00

On December 19, 1980, the CICA Special Committee on Standard-Setting (SCOSS) presented its Report to the CICA Board of Governors. This comprehensive 158-page report states (pages 9-10) that: “If one is to consider the means by which accounting and auditing standards are to be set and maintained, one should first have a clear understanding of what is, or should be, the appropriate role, nature and scope of those standards.”

According to the SCOSS report: “A brief history of the standard-setting function in Canada and the way the nature and role of standards have evolved may help to set the stage. This history will essentially be that of accounting standards, since accounting standards as such have been in existence for much longer than auditing standards and they are, besides, much more in the public domain than auditing standards.

There have been accounting standards in Canada for a very long time. At no time in the past century would it have been possible for a preparer of financial statements to make up his own accounting practices without considering conventional usage, even though the accepted conventional practices may not have been published anywhere. Although our main concern today is for the development of published standards, it should not be forgotten that there are, even now, many accounting standards that are generally accepted and universally followed but have not yet been published. For example, there is no requirement in the CICA Handbook to depreciate fixed assets or to follow the matching principle generally.

The CICA published its first accounting standard in 1946. It was published in the form of a Bulletin, which continued to be the form of publication for more than twenty years. Twenty-six Bulletins were published between 1946 and 1967. Of these, six were published in the years 1965-67. In 1967, as a result of the report of a committee such as ours, the CICA Handbook came into existence and the Bulletins then in force were incorporated into it. The bulk of the material in the present Handbook has been added since 1968. The pace of standard-setting has clearly accelerated, and continues to do so.

It is difficult to generalize about the thought processes involved and the purposes behind projects carried out by standard-setters in the past. Nevertheless, it appears that the early Bulletins were essentially attempts to codify best existing practices rather than to change existing practice generally. In most cases the early Bulletins were non-controversial and the best practice was fairly clearly recognized. Their purpose was to discourage less desirable practices that were being followed in a minority of cases. Over time, however, the Bulletins, and later the Handbook, became progressively more innovative in the sense of changing practices generally rather than merely eliminating minority practices.

The trend away from codifying consensus to establishing new practice was due, in part, to the 1967 Report of the Study Group on Methods of Work and Organization (chaired by P.H. Lyons, FCA) which stated: “The Research Committee, to a much greater extent than it has in the past, should engage in initiating and overseeing basic research at the frontiers of our profession rather than gathering together to record the best current practice.”

Recent accounting standards, such as those on segmented reporting, accounting for leases and disclosure of transactions with related parties, have clearly changed the accounting and disclosure practices of the majority of Canadian enterprises rather than merely imposing on a stubborn minority accounting and disclosure practices already adopted by the majority. It is not always easy to categorize a particular standard as being essentially a codification of consensus on the one hand or a changing of the rules on the other – but, in general, the trend from the former approach to the latter seems indisputable. Moreover, the history of the process makes it apparent that this attitudinal change was primarily internally generated rather than forced on the profession from outside.

Undoubtedly, the most important development in the standard-setting arena since the Handbook came into existence is the conferring of quasi-legislative status on the Handbook. This process began with National Policy #27 adopted by the Canadian Securities Administrators in 1972. Since then, various federal and provincial statutes (and regulations thereunder) have come to require that financial statements prepared pursuant to those statutes must comply with the CICA Handbook.

The impact of this development on the perceived authority of the Handbook and the additional responsibilities it may, or may not, impose on standard-setters will be discussed later. However, while it is not possible to tell whether standards issued since the acquisition of this quasi-legislative status would have been different if such status had never been granted, it is possible that they might have been affected by the existence of this factor, and that future standards may be affected. The Handbook in its present form might be said to be largely a professionally- oriented set of standards with some of the latest (and future) additions perhaps being legislatively oriented. There could be conflicts in this potentially dual character of the Handbook.”

In addition to the above-noted discussion on the evolution of Canadian standards, the SCOSS report (pages 11-14) discusses the need for professional judgment in standard-setting, taking a principles-based approach, using principles rather than detailed rules, and clearly stating the role of professional judgment in the CICA Handbook. Although the report was issued more than 30 years ago, the observations and views of the Special Committee appear to be equally valid today. (For a review of the discussion on professional judgment, refer to the four-part series posted in the blog on Professional Judgment Matters.)

Update on the Social Science Research Network

2012-01-01T11:12:00.002-05:00

The Social Science Research Network (SSRN) has grown substantially during the last 12 months. The SSRN eLibrary currently has 375,000 paper abstracts from over 175,000 authors and has received 60,000 new submissions during the year. The eLibrary recently delivered its 50 millionth full-text paper download. This is a significant milestone.

During the last year, SSRN changed its server architecture to improve the speed of searches, enhance overall stability and provide the infrastructure required to meet the continued growth. In recent tests, the average eLibrary search time has decreased from 4.5 seconds to less than 1 second. In addition, SSRN's Citereader project with ITX Corp. has extracted 7.4 million references, 4.7 million citations, and 7.7 million footnotes from 306,000 full text papers.

In 2012, SSRN plans to continue expanding its interdisciplinary growth in the social sciences and humanities by creating research networks in Sustainability, Innovation, Rhetoric, Anthropology and Hebrew.

About the Community Video Archive

2011-11-30T09:00:00.012-05:00

The Internet Archive contains a section on Moving Images which is called “Community Video.” It was originally named “Open Source Video.” At present, this archive contains 149,895 items. Everyone is invited to view or upload videos to the Community collection.

Contributed by Archive users and community members, these videos are available for free download. Users can browse by title, author, collection, subject/keywords, language, date and creator. An RSS feed is also available. For a sample, see the “Earth Time Lapse View from Space” (5 minutes) which is also embeded below for ease of access.

CICA - Materiality in Auditing: An Audit Technique Study (1965)

2011-11-23T14:52:00.003-05:00

In 1965, the Canadian Institute of Chartered Accountants (CICA) first published Materiality in Auditing: An Audit Technique Study. The Foreword to that study notes that: “One of the basic problems in conducting an audit is determining the extent of the examination. While the auditor must ensure that his examination has been in sufficient breadth and depth to warrant the expression of opinion on his client’s financial statements, he must plan his audit program wisely so that the cost of the service to the client is not excessive. Materiality plays an extremely important part in reconciling these two objectives."

"Although materiality has almost become a by-word in the profession, very little has been published to assist the auditor in applying the underlying concept to a particular situation. The Study Group, therefore, felt that this topic should be dealt with first, before proceeding to other topics of interest. The study should be of immediate interest to the members of the profession in public practice and should be a useful reference as future studies are published.”

“The reader should realize that this study discusses the concept of materiality primarily in relation to its effect on auditing procedures. The discussion has necessarily included some reference to the accounting consequences of materiality. But, the complex subject of accounting materiality as a whole - for instance as applied to consistency, classification or disclosure on financial statements - has not been dealt with.

“The members of the Study Group recognized at the outset that the application of the materiality concept rests on judgment - mature judgment based on experience. The consensus of the experience of the group has resulted in a series of guidelines which should be of help to the auditor. These guidelines are offered, not as substitutes for professional judgment but rather as stimulants to the reader by bringing to his attention the factors he should take into account in formulating his judgment.”

A Brief History of the Evolution of Accounting and Auditing Standards in Canada

2011-11-16T15:08:00.000-05:00

Prior to 1951, the Canadian Institute of Chartered Accountants (CICA) was known as the Dominion Association of Chartered Accountants (DACA). It established an Accounting and Auditing Research Committee in 1946, which began issuing a series of bulletins setting out recommended standards of practice on accounting and auditing.

In 1968, it replaced the series of bulletins with a loose-leaf, subject-indexed Handbook that was periodically updated with inserts as the CICA’s committee issued new recommendations. Although the bulletins set out what the committee “considers to be the best accepted practice or its suggested treatment of new elements in accounting statements arising as a result of changes in social or economic conditions,” the recommendations contained in the Handbook were intended to possess greater force. Section 1500.06 in the Handbook, issued in November 1969, stated that any departures from the Handbook recommendations “should be explained in notes to the financial statements with an indication of the reason why the recommendation concerned was not followed.”

In 1975, the Canada Business Corporations Act added a degree of quasi-legislative authority to the Handbook, when Regulations 44 and 45 of the Act proclaimed:

44) The financial statements referred to in paragraph 149(1) of the Act shall, except as otherwise provided by this Part, be prepared in accordance with the standards, as they exist from time to time, of the CICA set out in the Handbook.

45) The auditor’s report referred to in Section 163 of the Act shall, except as otherwise provided by this Part, be prepared in accordance with the standards of the CICA set out in the Handbook.

In 1963, the CICA began publishing research studies on contemporary accounting and auditing topics. Since 1980, it has published a number of research studies on accounting and financial reporting, on auditing and assurance, and on environmental and performance reporting. Most are available as PDF downloads free-of-charge.

In 1991, the CICA replaced the Accounting Standards Committee and the Auditing Standards Committee with the Accounting Standards Board (AcSB) and the Auditing Standards Board. Later in that decade, the CICA Task Force on Standard Setting released its final report in May 1998, and among its recommendations was the establishment of an “independent standard setting organization for Canada.”

In addition, the CICA established the Accounting Standards Oversight Council (AcSOC) to support the setting of accounting standards domestically and to contribute to the development of internationally accepted standards. AcSOC’s mandate also includes providing opportunities for the public to comment on all aspects of accounting standard setting, and reporting to the public annually.

In 2005, a firm commitment was made to adopt International Financial Reporting Standards (IFRS), effective January 1, 2011. IFRS have now been incorporated into the CICA Handbook, along with International Auditing Standards (IAS).

The Official Duties of Chartered Accountants - 1891

2011-11-08T12:04:00.000-05:00

A lecture called “The Official Duties of Chartered Accountants” was read before the Manchester Chartered Accountants' Students' Society on May 4, 1891. According to that lecture, the duties of a Chartered Accountant may be divided into three classes: Private, Public, and Official.

“By private duties I mean such as are due by a Chartered Accountant to his client when he is instructed to perform an audit or an investigation on behalf of a private association, a firm, or on behalf of individuals, either in their business or private capacity. His duty is then strictly confined to carrying out the instructions of his clients to the best of his professional skill and ability; when he has performed these his responsibilities are at an end.”

“The public duties of a Chartered Accountant have reference to those cases where he acts on behalf of persons who give him general but not definite instructions, and who leave him to carry them out according to his own ideas, in the full belief that he will do his duty in the interest of all concerned, and hold him responsible for so acting. These duties are such as are undertaken by accepting the appointment of Auditor of a public company, of voluntary Liquidator of a company, of Auditor of the accounts of a deceased person's estate on behalf of those interested, either in the division of the estate or in the income derived from investment of the same, and of an Arbitrator, while the official duties are those appertaining to offices or appointments held under the Courts of Justice, whether of the Chancery Division or the Queen's Bench Division of the High Court of Justice, or under the County Courts, and under the Board of Trade.”

“It is with the last class of duties that my lecture is concerned. The appointments under the Chancery Division of the High Court of Justice are those of Receiver, Receiver and Manager, Provisional Liquidator, Voluntary Liquidator under supervision of the Court, and Liquidator; the appointment under the control of the Queen's Bench Division of the High Court of Justice is that of Trustee in Bankruptcy. Under the Board of Trade, a Chartered Accountant may receive the special appointment as a skilled Accountant to assist a debtor against whom a Receiving Order under the Bankruptcy Act of 1883 has been made, in the preparation of his statement of affairs, and also to assist the directors or other officials of a company, after an order for winding it up has been made by the Court, in the preparation of a statement of affairs. He may also be appointed the Special Manager of the business of a debtor from the date of the Receiving Order until the appointment of, or rather certification of, a Trustee, or the approval of a scheme, and also the Special Manager of a company after a Winding-up Order has been made by the Court.”

(The full lecture about “The Official Duties of Chartered Accountants - 1891” is available online at Google Docs.)

The Evolution of US GAAP, Part II: 1973-2004

2011-10-31T09:04:00.018-04:00

This article, the second of a two-part commentary about accounting standards setting, chronicles the rising importance of financial accounting standards in different sectors of the US economy, which has led to increasing special-interest lobbying for accounting standards with characteristics compatible with the desired outcomes. Financial accounting standards affect the US economy in many ways, both in the aggregate and in the distribution of income, wealth and risk. This commentary captures many of the key issues that have preoccupied standards setters, and especially identifies the efforts of the Financial Accounting Standards Board (FASB) to implement an asset-and-liability approach to recognition and a fair-value approach to measurement.

According to the author, “When a highly prescriptive standards setter is coupled with a rigorous enforcement process used by a government regulator to secure compliance with accounting standards, especially in a confrontational society such as the United States, companies and even branches of government will lobby the standards setter not to approve standards that interfere with their business plans and strategies. This is what has happened increasingly in the United States since the 1970s, and there is no sign that, on sensitive and controversial issues, it will diminish in intensity or frequency.”

(Read more in the article “The Evolution of U.S. GAAP: The Political Forces Behind Professional Standards (Part II)” by Stephen A. Zeff, PhD, in the February 2005 issue of The CPA Journal online.)

The Evolution of US GAAP, Part 1: 1930-1973

2011-10-25T09:08:00.032-04:00

In 2005, The CPA Journal marked its 75th anniversary by publishing an assessment of the path of accounting standards setting over the previous 75 years. This commentary on the evolution of US GAAP was presented in two parts.

The first part covers the years from 1930 to 1973. The second part covers the years from 1973 to 2004. The focus is deliberately on incidents that represented important changes in practice or in the way in which accounting principles and standards were set.

Read about the history of US accounting standards in the article “The Evolution of U.S. GAAP: The Political Forces Behind Professional Standards” by Stephen A. Zeff, PhD, in the January 2005 issue of The CPA Journal online.

About the Canadian Institute of Chartered Accountants (CICA)

2011-10-19T12:14:00.000-04:00

The Canadian Institute of Chartered Accountants (CICA) will celebrate its 110^th anniversary in 2012. Established in 1902 as the Dominion Association of Chartered Accountants, its goal was to develop the highest professional standards for the young country that was Canada. Now, the CICA is recognized as one of the most influential standard-setters in the world and is a leader in the global effort to create and implement international standards that will allow investors to compare reliable financial information from companies everywhere. The CICA serves the interests of society and the CA profession by providing leadership to uphold the professional integrity, standards and pre-eminence of Canada's Chartered Accountants, nationally and internationally. For an overview of the first 100 years of the CICA’s history, read the article “Setting the standard” in the May 2002 CAmagazine.

Comparing Thoughts on Professional Judgment - 1937 and 1988

2011-10-11T12:25:00.000-04:00

“Proficiency in accounting work is largely a matter of experience and judgment; the underlying theory of the science is not particularly profound. The test comes when we attempt to apply the general fundamentals to the infinitely varied and complex situations found in the world of commerce. Factual information and accuracy in its procurement are essential, but its value is submerged unless with it is synchronized the development and training of the judgment...the solution of business problems not only calls for an orderly marshalling of facts, but, what is equally important, careful analysis and logical reasoning from such facts, the formation and establishing of effective conclusions and the exercise of sound judgment.” (This quote is drawn from the article by Kris A. Mapp, FCA, "Educating Our Students - What Is Our Responsibility?" Canadian Chartered Accountant, October 1937, page 258.)

“According to the academic research literature, the exercise of professional judgment by those preparing and auditing financial accounting information is at the core of financial reporting. Without the flexibility and the intelligence provided by professional judgment, the complex system of financial accounting procedures, standards and rules would be ponderous, unresponsive, insensitive: in short, unworkable. Financial reporting, as it operates in Canada and elsewhere, requires professional judgment at many levels, in a host of circumstances, and by a variety of skilled and experienced professionals. In fact, professional judgment is an essential part of financial reporting.” (This quote is drawn from the CICA Research Study, Professional Judgment in Financial Reporting, Michael Gibbins and Alister K. Mason, 1988, page 1.)

A History of the AICPA and Volunteer Committees

2011-10-04T09:08:00.010-04:00

The American Institute of Certified Public Accountants (AICPA) and its predecessors have a history dating back to 1887, when the American Association of Public Accountants (AAPA) was formed. In 1916, the American Association was succeeded by the Institute of Public Accountants, at which time there was a membership of 1,150. The name was changed to the American Institute of Accountants in 1917 and remained so until 1957, when it changed to its current name of the American Institute of Certified Public Accountants. The American Society of Certified Public Accountants was formed in 1921 and acted as a federation of state societies. The Society was merged into the Institute in 1936 and, at that time, the Institute agreed to restrict its future members to CPAs.

The use of committees began even before the AAPA was formed in 1887. At the first meeting of what would become the AAPA on December 22, 1886, those present authorized the appointment of a committee to draft rules and regulations. Beyond this first preliminary committee, the first Bylaws of the AAPA in 1897 established three committees: Finance and Audit Committee, Committee on Elections, Qualifications and Examinations, and the Committee on Bylaws. The number of committees grew continually over the years.

(For more information, see the AICPA website section on History of AICPA Volunteering.)

Use and Meaning of "Market" in Inventory Valuation - A CICA Research Study 1963

2011-09-27T09:05:00.008-04:00

In January 1963, the Canadian Institute of Chartered Accountants (CICA) published the first in a long series of Research Studies. Prepared by Gertrude Mulcahy, FCA, it was called Use and Meaning of "Market" in Inventory Valuation.

The Foreword states: “While the practice of valuing inventories at "the lower of cost and market" has a long tradition behind it in Canada, relatively little has been specifically written about the use of the term "market", and the purpose and application of the concept, in valuing inventories in this country. The meaning of "cost" in inventory valuation has been covered in the Institute's Bulletin No.5; and there have been official pronouncements by the Institute of Chartered Accountants in England and Wales and by the American Institute of Certified Public Accountants on the use and meaning of "market". While this Research Study, as with all studies in this series, does not purport to represent an official Institute view, it represents an organized examination of this most important area by an author familiar with the background of Canadian business. It is to be hoped that this study will be the basis of much thought and discussion among accountants and other businessmen in Canada; and, probably in other countries as well.”

It goes on to acknowledge that “While the study reflects only the views of the author, Miss Mulcahy received valuable comments and assistance from the Toronto and Montreal members of the 1962-63 Committee on Accounting and Auditing Research, in particular from Mr. R. M. Skinner, F.C.A. who reviewed successive drafts of the study. I know she would want me to express her appreciation for this help.”

Approaches to Dealing with Risk and Uncertainty - 1990 CICA Research Report

2011-09-19T14:50:00.000-04:00

The 1990 CICA Research Report, Approaches to Dealing with Risk and Uncertainty, was prepared by J.E. Boritz, PhD, FCA. He was assisted by an 8-member Advisory Group. This Research Report (about 160 pages) was developed in response to a recommendation in the Report of the Commission to Study the Public's Expectations of Audits (published in June 1988), commonly referred to as the Macdonald Commission Report.

The recommendation in the Macdonald Commission Report stated that "the CICA should initiate and complete as soon as possible a study of risks and uncertainties leading to conclusions as to how they may best be disclosed in financial statements or elsewhere (e.g., in Management's Discussion and Analysis in the annual report)." Accordingly, the primary purpose of the Research Report is to discuss and summarize some of the key issues, and to recommend what further action should be taken.

A History of Ernst & Young

2011-09-13T10:53:00.000-04:00

The roots of Ernst & Young go back to the 19th century and its founders Arthur Young and Alwin C. Ernst. Arthur Young was born in Glasgow, Scotland. He graduated in law, but became interested in banking and investment. In 1890, he moved to the US to pursue his career in accounting. In 1906, he formed an accounting firm, Arthur Young & Company, with his brother Stanley. Alwin C. Ernst was born in Cleveland, Ohio. After leaving school he worked as a bookkeeper. Then, in 1903, he and his brother Theodore started Ernst & Ernst, a small public accounting firm.

Young and Ernst were innovators and appreciated the importance of quality in their work. Ernst pioneered the idea that accounting information could be used to make business decisions. Young positioned himself as a business advisor. Both firms were also quick to enter the global marketplace. As early as 1924, they allied with prominent British firms: Young with Broads Paterson & Co. and Ernst with Whinney Smith & Whinney. These alliances were the first of many for both firms, which opened offices around the world to service their international clients.

Ernst and Young never met in life, but died within days of each other in 1948. Their philosophies lived on and, in 1989, were brought together when the firms they started combined to create Ernst & Young. The new organization quickly positioned itself on the leading edge of rapid globalization, new business technologies and continuous business change.

View the brief history and a timeline at the Ernst & Young Canada website.

A Future for the Accountancy Profession: The Quest for Closure and Integration, 1957-1970

2011-09-06T15:42:00.000-04:00

In October 2001, the Institute of Chartered Accountants of Scotland (ICAS) published A Future for the Accountancy Profession: The Quest for Closure and Integration, 1957-1970 (339 pages). The Foreword, by Professor Andrew Christie, ICAS President, notes that: “On assuming the Presidency of ICAS in April 2001, there were a number of key strategic issues which the Institute had started to address. Firstly, the unrestricted use of the term ‘accountant.’ At a time when ICAS is increasingly regulating the activities of its members, there remains a population of ‘accountants’ whose work is unrestricted and who compete with qualified practitioners. Secondly, investigating how the Institute can become more relevant to the large number of its members who are not in practice but employed in industry and commerce. Thirdly, how to ensure that the governance of the Institute is designed to adequately represent the interests of chartered accountants in the diverse environments in which they work. Fourthly, maximising the use of modern communications to enhance the involvement of the membership in the formulation of policy.”

Christie goes on to say: “It is intriguing to discover from this monograph by Ken Shackleton and Stephen Walker that these issues were familiar to our forebears. The problem of how to define the ‘accountant’ in the context of the changing nature of the work performed by qualified accountants has surfaced as a problem during several attempts to draft legislation for the regulation of the profession. At the centre of the efforts to unify the professional organisations during the 1960s was the need to address the fact that while the chartered institutes were established as organisations for practising accountants, an increasing proportion of their members were engaged in other fields. The study reveals the potential difficulties in devising governance structures which are reactive to the changing interests and characteristics of institute memberships. Another key finding is the embarrassing consequences for the profession’s leaders of failing to listen to their own constituents.”

He concludes that “This monograph, emanating from the Institute’s Accounting History Committee, is an important contribution to our understanding of a formative event in the post-war history of the UK accountancy profession. The messages it conveys remain relevant today as the accountancy bodies continue to review their organisation.”

Meeting the Challenge of Change – Report of the CICA Long-Range Strategic Planning Committee (1986)

2011-08-30T09:04:00.008-04:00

A 1986 report by the Canadian Institute of Chartered Accountants (CICA) states (on page 5): “The Canadian CA profession - like the accounting profession worldwide - is facing fundamental and pervasive change. Led primarily by the rapidly evolving information technology that is revolutionizing business operations, but due also to altered perceptions about the value of the traditional attest audit, the role of chartered accountants in society - whatever their area of practice - is changing dramatically. CAs in public practice face new and increasing demands from their clients for services extending beyond those related to historical financial information and income tax advice and toward future-oriented information necessary for economic decision making. In the process, the CAs role is expanding from that of reporter and analyst of past events to communicator and adviser about business information affecting the future.”

The report further states: “CAs outside public practice - those in industry and government, for example - are no less subject to these demands, albeit from their employers. And CAs in education must face the challenging task of educating the profession's future members to meet this challenge. In an effort to manage change and provide strategic directions for our profession, the CICA Board of Governors formed the Long-Range Strategic Planning Committee in February 1984. Over the past two years, our assessment of these changes, via member and user surveys, focus groups, committee research, literature review and presentations at CICA and provincial institute conferences, has led us to develop an exciting vision of what the CA profession might become over the next 10 to 20 years. It is a vision of a more broadly-based profession whose highly-skilled members are the recognized experts in meeting the needs of an information society.”

The Committee’s conclusions are summarized in a mission statement and 14 specific strategic proposals. These proposals and the overall strategic direction are interrelated and should be looked on as a total concept. To learn more, read Meeting the Challenge of Change – Report of the CICA Long-Range Strategic Planning Committee (1986). Because of its multi-coloured front cover, it is commonly referred to as the “Rainbow Report.”

CICA Task Force on Standard Setting - Final Report 1998

2011-08-23T09:25:00.014-04:00

The Final Report of the CICA Task Force on Standard Setting (TFOSS) was issued in May 1998. It represented the culmination of almost two years of deliberations involving extensive communication and consultation with stakeholders in the standard-setting community, both in Canada and abroad. TFOSS expressed a belief in four-long-term goals articulated in its Report. These include the ultimate achievement of one set of internationally-accepted accounting and auditing standards, with Canada playing a significant role in their development.

According to TFOSS, Canada's ability to fulfil that role in the future, as well as to maintain its leadership in setting national private and public sector standards and developing emerging and innovative areas of service to the public, will depend on the commitment of adequate human and financial resources. This commitment has traditionally come from the CICA. But, in the future, TFOSS believes that it must also come from others who benefit from standards, particularly in accounting, but possibly in other areas as well. Their participation and support will serve to enhance the CICA's position as it continues to lead the profession in the years ahead.

Toronto Transit Archives

2011-08-16T19:39:00.000-04:00

The Transit Toronto Archives contain scanned and other electronic images, including maps, old brochures, news clippings, annual reports, schedules, sound files and a photo gallery. The materials were produced by the Toronto Transit Commission and other transit agencies in the Greater Toronto Area (GTA) over the past century. While not a complete list, this material is useful for understanding how public transportation in Toronto has grown and developed since its beginnings in the mid 19th century. The TTC’s Previous Websites can be accessed courtesy the Internet Archive. More maps and photographs are available online at Mike’s Transit Stop.

Strategic Crossroads for the CA Profession

2011-08-10T11:29:00.003-04:00

The Report of the Task Force on Strategic Planning was completed in July 2004 and subsequently endorsed by each of the governing bodies of the Canadian CA profession. The Message from the Chair provides a perspective on the strategic planning process. It notes: “By early 2003, the profession’s last major “vision” project from the mid-1990s required a rethink, given the many shifts in our environment over the last decade. The Task Force on Strategic Planning was established in the summer of 2003. Member and market input and analysis occupied the initial period of the Task Force’s work.”

“This report can only capture a portion of the very valuable intelligence and ideas we garnered from this activity but we are satisfied that our recommendations are based on solid evidence and sound analysis. Past strategic planning by our profession was our starting place for this exercise. We found the underlying planning to be very strong but did observe problems with execution, given our complex decision-making framework and diverse priorities of the provincial Institutes/Ordre. We are confident this has been overcome by the strong support and cooperation among the senior management group, the Council of Senior Executives (CSE), regarding our work. We recommended a new vision “trusted, internationally recognized financial leaders in senior management, advisory, tax and assurance roles.” ...CAs enjoy a very strong starting position in achieving this vision but bold action is required in four areas — branding, education, member relations and the public trust.”

(Read the CICA report Strategic Crossroads for the CA Profession and the related Appendices, published in October 2004.)

Report of the Commission to Study the Public’s Expectations of Audits - June 1988

2011-08-02T15:38:00.004-04:00

The Report of the Commission to Study the Public’s Expectations of Audits (Macdonald Commission Report) was released by the Canadian Institute of Chartered Accountants (CICA) in June 1988. The Commission had a threefold mandate: (1) to study the public’s expectations of audits; (2) to determine whether there is a gap between what the public expects or needs from auditors and what auditors can reasonably expect to accomplish; (3) to the extent there is an identifiable gap, to make suggestions as to how the gap might be narrowed.

The Macdonald Commission Report made numerous recommendations regarding: strengthening the audit environment; accounting standards; extensions of financial disclosure; valuations and estimates; disclosure outside financial statements; exercise of auditor’s judgment; additional auditor responsibilities; clarification of financial reporting responsibilities; professional self-regulation; public input to auditing standards; employee fraud; management fraud; illegal acts; changes of auditors; communication with regulators; accounting standards for financial institutions; auditor reporting on internal control; and, auditor’s knowledge of the business.

A listing of the report’s 50 recommendations is provided in Appendix A (pages 139-146) of the report.

History of the FATF (1990-2010)

2011-07-26T09:10:00.012-04:00

In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.

Recognizing the threat posed to the banking system and to financial institutions, the G-7 Heads of State or Government and President of the European Commission convened the Task Force from the G-7 member States, the European Commission and eight other countries.

The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering. In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering.

In 2001, the development of standards in the fight against terrorist financing was added to the mission of the FATF. In October 2001, the FATF issued the Eight Special Recommendations to deal with the issue of terrorist financing. The continued evolution of money laundering techniques led the FATF to revise the FATF standards comprehensively in June 2003. In October 2004, the FATF published a Ninth Special Recommendation, further strengthening the agreed international standards for combating money laundering and terrorist financing - the 40+9 Recommendations.

To learn more, read the publication 20 Years of the FATF Recommendations 1990-2010.

CCAF-FCVI – 25th Anniversary Journal 2005

2011-07-19T09:02:00.024-04:00

The CCAF was originally called the Canadian Comprehensive Auditing Foundation but, in recent years, the name was contracted to CCAF-FCVI. The CCAF is a national non-profit foundation, established in 1980. Its primary activities are research and education. Established as a public-private sector partnership, the CCAF is funded by the federal and provincial governments and the private sector. Its vision is the achievement of excellence in public sector governance, management and accountability.

The CCAF focus is on public sector organizations that operate in an environment of complex accountability relationships. These include governments, institutions and organizations that create, deliver or regulate activities that support the health, educational, social and economic well-being of Canadians.

To mark its 25^th anniversary in 2005, the CCAF published CCAF-FCVI – 25th Anniversary Journal. The Journal includes articles from various senior officials focusing on their own experiences and activities in the areas of public sector accountability, audit, management and governance. It also includes a brief history of the CCAF's research program over the last 25 years (pages 95-106).

Historical Notes on the Accounting Hall of Fame

2011-07-12T09:07:00.024-04:00

Election to the Accounting Hall of Fame is perhaps the only longstanding national award for accountants -- and probably the only international one as well -- in which both academic and practicing accountants vie for the same award. The Accounting Hall of Fame was established at The Ohio State University in 1950 for the purpose of honoring accountants who have made or are making significant contributions to the advancement of accounting since the beginning of the twentieth century. Through 2008, 85 leading accountants from the United States and other countries have been elected to the Hall of Fame.

While selection to the Hall of Fame is intended to honor the people so chosen, it is also intended to be a recognition of distinguished service contributions to the progress of accounting in any of its various fields. Evidence of such service includes contributions to accounting research and literature, significant service to professional accounting organizations, wide recognition as an authority in some field of accounting, advancement of accounting education, and public service. A member must have reached a position of eminence from which the nature of his or her contributions may be judged.

Evolution of US Generally Accepted Accounting Principles - 1930 to 2004

2011-07-05T11:52:00.000-04:00

The accounting history paper Evolution of US Generally Accepted Accounting Principles (GAAP) was prepared by Stephen A. Zeff, Rice University. The paper outlines noteworthy developments in US GAAP from 1930 to 2004. The focus is deliberately on those incidents that represented important changes in practice or in the way that accounting principles or standards were set. These incidents are typically ones for which interesting ‘stories’ can be told about the underlying factors that led to the developments. Many of these stories involve efforts by the preparers of financial statements, or by a branch of government, to engage in ‘political’ lobbying in order to promote their narrow interests; for example, to present a more favourable earnings picture or to promote the effectiveness of government fiscal policy. Yet many US accounting standards have been issued that truly reflect the application of sound concepts, undiluted by ‘political’ lobbying. Because these principled standards have emerged in a natural progression from the underlying concepts, their stories are not as ‘interesting’ as those that were driven by ‘political’ lobbying. (Stephen A. Zeff was inducted into the Accounting Hall of Fame in 2002.)

Remembering Ross Skinner (1923-2003)

2011-06-29T09:07:00.011-04:00

Saskatoon-born Ross MacGregor Skinner, FCA, had a significant impact on Canadian accounting standards. His 31-year Clarkson Gordon career began in 1945. A partner by 1954, he became national accounting standards director in 1962.

Among his numerous committee posts at the Canadian Institute of Chartered Accountants (CICA) were 5 years of service on its Committee on Accounting and Auditing Research (1959-64), including a term as its chair, and 5 years on its Standards Advisory Board (1990-95). He chaired the Auditor General’s Independent Committee on Government Accounting and Auditing (1975-78) and, in the same period, was influential in the CICA’s decision to form its Public Sector Accounting Board.

He served two five-year terms on the Financial Disclosure Advisory Board of the Ontario Securities Commission (1974-79 and 1990-95) including three years as its chair. He was a consultant to the Commission to Study the Public's Expectations of Audits (the Macdonald Commission, 1987-88) and, working closely with the Commission, was the principal author of its report. He also served as a vice-president of the American Accounting Association, on the Board of Governors of Havergal College (Toronto), and on the editorial boards of Contemporary Accounting Research, Accounting Horizons, and the Accounting Historians Journal.

In 1962, he was elected a Fellow of the Institute of Chartered Accountants of Ontario (FCA) and, in 1984, he was one of the first five recipients of the Institute’s Award of Outstanding Merit. His many honours and awards also include an honourary doctorate of laws from Brock University, the Canadian Institute of Chartered Accountants’ Distinguished Service Award, and the Canadian Academic Accounting Association’s Haim Falk Award for Distinguished Contribution to Accounting Thought.

Apart from his work on committees of professional bodies and institutes, he wrote several influential books. His first, Analytical Auditing, co-authored with R.J. Anderson, was translated into four languages. His most well-known work, Accounting Principles: A Canadian Viewpoint is highly regarded in the accounting world, as is the book Accounting Standards in Evolution, co-authored with J. Alex Milburn.

Ross Skinner retired in 1983. In 1987 he joined the University of Toronto as adjunct professor and director of its Centre for Accounting Studies, positions he held until 1990. In 1999, he received an honourary Doctor of Laws from Brock University. In 2000, he was inducted to the Accounting Hall of Fame (refer to the article “A Rare Induction to Fame” in CAmagazine online). He passed away in 2003.

IBM’s 100 Icons of Progress

2011-06-23T08:56:00.002-04:00

"In the span of a century, IBM has evolved from a small business that made scales, time clocks and tabulating machines to a globally integrated enterprise with more than 400,000 employees and a strong vision for the future. The stories that have emerged throughout our history are complex tales of big risks, lessons learned and discoveries that have transformed the way we work and live. These 100 iconic moments—these Icons of Progress—demonstrate our faith in science, our pursuit of knowledge and our belief that together we can make the world work better."

"In the late-1980s, IBM helped create a network of supercomputer centers dubbed NSFNET (the National Science Foundation Network), one of the first networks to use TCP/IP. The project essentially gave birth to the Internet—and business and life around the world changed forever. Before the Internet, scientists and researchers had to travel—often out of the country—for computing resources and to collaborate on major projects. By the early 1980s, an early Internet had begun to emerge: a primitive, regional telecommunications network linking several national laboratories and supercomputing centers that could be accessed only by trained experts. It was complicated, unfriendly and slow. But it was an important first step to the worldwide establishment of the Internet."

IBM celebrates 100 years

2011-06-20T09:00:00.003-04:00

“Of the top 25 industrial corporations in the United States in 1900, only two remained on that list at the start of the 1960s. And of the top 25 companies on the Fortune 500 in 1961, only six remain there today. Some of the leaders of those companies that vanished were dealt a hand of bad luck. Others made poor choices. But the demise of most came about because they were unable simultaneously to manage their business of the day and to build their business of tomorrow. As you read this, IBM begins its 101st year. Today we take a moment to step back and view the longer arc of history. We’d like to share some of what we have learned—sometimes in humbling ways—on our journey so far.” Read the full essay on the IBM 100 website. Explore an evolving collection of stories about the 100 IBM innovations that helped shape the last century. Celebrate IBM’s 100-year history with commemorative memorabilia designed exclusively for IBMers, families and friends.

A History of the Bar Code

2011-06-15T12:02:00.001-04:00

In 1949, a young graduate student was wrestling with the concept of automatically capturing information about a product. He believed that the dots and dashes of Morse code would be a good model, but he could not figure out how to use those familiar patterns to solve his problem. Then, one day as he relaxed at the beach, he idly drew dots and dashes in the sand. As his fingers elongated the dashes he looked at the result and said, "Hey, I've got it." Three years later that graduate student, Joseph Woodland, and his partner received a patent on what began as lines in the sand, and the linear bar code was born. Today, the best-known and most widespread use of bar codes has been on consumer products. The Universal Product Code, or U.P.C., is unique because the user community developed it. Most technological innovations are first invented and then a need is found for the invention. The U.P.C. is a response to a business need first identified by the US grocery industry in the early 1970s. (For more information, see “A History of the Bar Code” at the Economic History Association online and "How UPC Bar Codes Work" at How Stuff Works online.

Canadian income tax, then and now

2011-06-10T09:03:00.003-04:00

It has been almost 40 years since Canada overhauled its tax system, eliminating estate duties and bringing in capital gains tax. Since 1972, we have seen no less than 49 editions of the Income Tax Act. Its length has increased enormously and the complexity exponentially. Changes in technology have aided the Canada Revenue Agency in the selection and audit of taxpayers. Ever-changing legislation, powerful audit tools, information exchange agreements and anti-avoidance rules have made tax planning harder, tax compliance more challenging and tax enforcement easier with key changes over the past 40 years and challenges presented to the accounting profession. (Read the article “Income tax, then and now” in the June-July 2011 issue of CAmagazine online.)

CICA Corporate Reporting Awards celebrate 60 years of excellence

2011-06-09T09:07:00.001-04:00

This year marks the diamond anniversary of the Chartered Accountants of Canada’s Corporate Reporting Awards. Since 1941 the program has been centre stage in Canada’s evolution to best practice reporting models. By providing important recognition for those committed to advancing business reporting, the program has helped drive the development of best practices in financial reporting, corporate governance disclosure, electronic disclosure and sustainable development reporting, all of which are now regarded as essential components of the corporate reporting model. Judging organizations include the Canadian Institute of Chartered Accountants (CICA), PricewaterhouseCoopers, Ernst & Young, Deloitte, International Institute for Sustainable Development, Canadian Investor Relations Institute, and Toronto CFA Society. (Read the article “Corporate Reporting Awards celebrate 60 years of excellence” in the June-July 2011 issue of CAmagazine online.)

A century of CAmagazine

2011-06-08T09:11:00.007-04:00

Small beginnings are no indication of ultimate results,” noted the foreword to the first issue of The Canadian Chartered Accountant in July 1911. Launched from temporary offices in Toronto with the slogan “Of the Profession; by the Profession; for the Profession,” the 32-page quarterly magazine was an effort to knit the far-flung members of the Dominion Association of Chartered Accountants (DACA) into a cohesive fraternity. At the time, there were only seven provincial accounting organizations, with Alberta having formed its institute the previous year. In September 1911 at the national convention in Montreal, the magazine received its first and most important review: “Let it be printed,” members voted. (Read the article “A century of CAmagazine” in the June-July 2011 issue of CAmagazine online.)

CAmagazine - 100-year overview

2011-06-07T09:05:00.002-04:00

When The Canadian Chartered Accountant began publishing 100 years ago, editors said its pages would be “open for discussions, for news and for any other purposes tending to bring the members more closely in touch with one another.” Sensibly, they made no claim for how the magazine would strengthen the community and instead focused on reporting and offering insight on events and issues critical to CAs. For a century, the magazine has acted as the profession’s adviser, referee, historian and, occasionally, conscience. The article “100-year overview” in the June-July 2011 issue of CAmagazine celebrates those who built, sustained and helped CAmagazine prosper. Happy birthday!

The Canadian Chartered Accountant – July 1921

2011-06-06T09:00:00.002-04:00

On page 1 of this 10^th anniversary issue, a Note by the Publication Committee stated “The Canadian Chartered Accountant enters upon its eleventh year of publication with this issue. Hitherto a quarterly, it becomes, in response to demands from an appreciative constituency, a bi-monthly publication, at however, an increased price, rendered necessary by the steadily advancing costs of everything entering into its make-up, excepting Editorial services and it is felt that the time has arrived when that painstaking and uncomplaining person, the Editor, should be remembered also.”

The Note goes on to say that “Concurrently, it has been decided that no further advertising will be accepted by the Magazine, excepting from the Institutes or affiliated sources, the intention being to preserve its character and limit its use to matters of purely professional and technical interest. Our advertisers during the past ten years are extended our best thanks for the patronage and encouragement they have given us, and we trust that the publicity that the Magazine has given them may not have been wholly without benefit to them. We bespeak the goodwill and assistance of our readers, with the objects of making the Magazine more valuable and interesting, and of enlarging its list of subscribers to the point of being self-sustaining. Nothing beyond that is desired.”

Pages 4-11 of this issue of The Canadian Chartered Accountant include the Dominion Association of Chartered Accountants (DACA, now the Canadian Institute of Chartered Accountants) Act of Incorporation (assented to May 15, 1902), bylaws, List of Past Presidents and Secretaries (1902-1920) and the officers and council for 1920-1921.

(Read The Canadian Chartered Accountant, July 1921. Also, refer to the first edition of The Canadian Chartered Accountant, July1911.)

Remembering Professor Edward Stamp (1928-1986)

2011-05-25T09:03:00.009-04:00

As a scholar and professional of truly international renown, Professor Edward Stamp was a British subject by birth and a Canadian citizen by naturalization. He took his degree from Cambridge in Natural Sciences and in 1950 was a Fulbright Scholar. In 1951, he came to Canada joining the public accounting firm of Clarkson Gordon & Co., where he qualified as a Chartered Accountant. He was admitted to partnership in the firm in 1959 and practiced in both Toronto and Montreal. In 1976, he was given the rare honour of Fellowship by the Ontario Institute of Chartered Accountants.

His academic teaching interests began in 1957 when he was a Special Lecturer at the Osgoode Hall Law School in Toronto. His first full-time academic appointment was in 1962 at Victoria University of Wellington in New Zealand where he was later appointed Professor of Accountancy. In 1967, he was appointed Professor and Head of the Department of Accounting and Business Method in the University of Edinburgh, Scotland - positions which he held until his appointment as Professor of Accounting Theory and Head of the Department of Accounting and Finance at the University of Lancaster in 1971. In 1975 he was named the Endowed Research Professor at the University of Lancaster. He founded the International Centre for Research in Accounting at that University in 1971 and was appointed as the Director of the Centre.

Professor Stamp's research interests are particularly broad, covering financial accounting and reporting, accounting theory, international accounting and auditing, and public accounting and auditing. He is the co-author of the basic document of the British conceptual accounting framework (The Corporate Report, 1975) and the author of the counterpart document for Canada (Corporate Reporting - Its Future Evolution, 1980).

One of the particular achievements of Professor Stamp is bridging the gap between academe and practice. His continual and articulate urging of the profession to respond to the new findings and direction emanating from the universities prompted much professional progress. His professional experience as a partner in an international public accounting firm and his senior academic appointments provide a uniquely rich background for these endeavours.

Among many of Professor Stamp's achievements and honours are: Advisor to Her Majesty's Treasury; Distinguished International Visiting Lecturer of the American Accounting Association; and Visiting professorships in Europe, Africa, the United States, Canada, Australia, New Zealand and Japan He was an executive member of the European Accounting Association and a Founding Member of the International Association for Accounting Education and Research in Japan. Professor Stamp was awarded the degree of Doctor of Laws at the University of Saskatchewan in 1984. He continued as the Endowed Research Professor and Director of the International Centre for Research in Accounting at the University of Lancaster, England, until he passed away on January 10, 1986 in Toronto.

Welcome to the AAA Digital Library!

2011-05-13T09:45:00.022-04:00

The mission of the American Accounting Association (AAA) is to promote worldwide excellence in accounting education, research and practice. Founded in 1916 as the American Association of University Instructors in Accounting, its present name was adopted in 1936. The Association is a voluntary organization of persons interested in accounting education and research. The AAA Digital Library includes the following publications: The Accounting Review; Issues in Accounting Education; Accounting Horizons; Accounting and the Public Interest; The ATA Journal of Legal Tax Research; AUDITING: A Journal of Practice & Theory; Behavioral Research in Accounting; Current Issues in Auditing; Journal of Emerging Technologies in Accounting; Journal of Information Systems; Journal of International Accounting Research; Journal of Management Accounting Research; and Journal of the American Taxation Association. All full-text papers are provided in PDF format and are searchable using the Find utility in Adobe Acrobat Reader. All full-text papers provide links to references, as available. The AAA Newsletter, Accounting Education News, as well as the AAA Section Newsletters are also available online, some dating back to 1995.

That's Summa Story! The History of Accounting

2011-05-11T09:15:00.031-04:00

"Accountants are generally recognized as making a valuable contribution to society, by providing the information that allows entrepreneurship to flourish, business to operate efficiently, stakeholders’ interests to be protected, shares to be fairly priced, and taxation and audit requirements to be satisfied. Accounting, however, has not always enjoyed such an established position, and today there is often a tendency to take our profession’s status for granted. It is interesting, therefore, to examine the factors that have brought accounting to the preeminent place that it occupies today." To learn more about the history of accounting, read the article "That's Summa Story! From the Caves to Café Pacioli" by Derry Cotter, FCA. To access the full text of this article, see the Digital Edition of Accountancy Ireland, February 2011, (pages 50-53). Also, visit the magazine's digital archives from 2007 and other archives dating back to 1998.

Canada's CAs symbolized by new logo

2011-05-04T11:21:00.001-04:00

On June 1, 2007, Canada’s Chartered Accountants (CAs) got a new look as the profession unveiled a dynamic and modern redesigned logo. Updated for the first time since the early 1990s, the new CA logo reflects the leadership and value provided by the more than 72,000 CAs and 10,000 CA students in Canada and Bermuda. (See the CICA press release "Canada's CAs symbolized by new logo" issued on June 12, 2007. Also see the CICA Annual Report 2006-2007 "Inspiring Confidence" - article on page 7.)

Journal of Accountancy - archives from 1997

2011-04-28T09:11:00.024-04:00

The Journal of Accountancy archives are available online dating from January 1997. Back issues can be selected using the "Browse By Cover" link or the "Select from Menu" link in the ISSUE ARCHIVE section of the homepage. A search feature is also available that allows users to "SEARCH - 1997 to Present."

Tax blast from the past

2011-04-26T09:06:00.003-04:00

The total tax bill of the average Canadian family has increased by 1,624% since 1961 — a faster increase than any other single household expenditure — according to a study by the Fraser Institute. In contrast, expenditures on housing increased by 1,198%, food by 559% and clothing by 526% from 1961 to 2009. (See "Tax blast from the past" in CAmagazine online.

Digital Art Project by Google

2011-04-20T09:05:00.005-04:00

Google's Art Project is a unique collaboration with some of the world’s most acclaimed art museums to enable people to discover and view more than a thousand artworks online in extraordinary detail. Visitors can explore museums from around the world, discover and view hundreds of artworks at incredible zoom levels, and even create and share personal collections of masterpieces. Simply select a museum from the homepage and then either choose ‘Explore the museum’ or ‘View Artwork.’ Once you are in the main site, use the drop-down menus or the side info bar to navigate between artworks and museums. To learn more about this project, view the videos on Visitor's Guide and Behind the Scenes. Also, check out more videos on the Art Project’s YouTube Channel.

Shell Canada - Celebrating 100 Years

2011-04-13T10:37:00.003-04:00

In 2011, Shell Canada celebrates 100 years of business. To celebrate this milestone, it is launching exciting programs from coast to coast to say thank you to Canadians. A lot has changed since 1911, but Shell has remained committed to innovation and leadership. It strives to leave a positive legacy for all Canadians for generations to come. Read the Anniversary Press Release and Explore 100 Years of Innovation through an Interactive Timeline.

Supreme Court of Canada - Creation and Beginnings

2011-04-06T10:42:00.002-04:00

The Supreme Court of Canada, which stands today as the final arbiter of legal disputes in the Canadian judicial system, has not always enjoyed the status of court of last resort. Its history begins more than a century after the appearance of courts in Canada and its role has evolved considerably since its creation in 1875. Learn about the Creation and Beginnings of the Court, webcasts by session (since February 2009)and This Day in History.

Social Science Research Network (SSRN)

2011-03-31T10:41:00.003-04:00

The Social Science Research Network (SSRN) is devoted to the rapid worldwide dissemination of research and comprises a number of specialized research networks. Each of SSRN's networks encourages the early distribution of research results by publishing submitted abstracts and by soliciting abstracts of top quality research papers around the world. Academic and other Cooperating Institutions provide working papers for distribution through SSRN's Electronic Library and abstracts for publication in SSRN's electronic journals. The SSRN Electronic Library consists of two parts: an Abstract Database containing abstracts on over 28,400 scholarly working papers; and an Electronic Paper Collection currently containing over 13,400 downloadable electronic documents in Adobe Acrobat PDF format.

A History of the South African Institute of Chartered Accountants (SAICA)

2011-03-29T09:08:00.013-04:00

The South African Institute of Chartered Accountants (SAICA) is the foremost accountancy body in South Africa and one of the leading Institutes in the world. It plays an influential role in a highly dynamic business sector. To learn more, see the timeline on the history of accountancy and of the Institute of Accountants and Auditors in the South African Republic, established in 1894 with 65 members. It is also noteworthy that the SAICA recently issued a request for proposal on the History of the CA Profession in South Africa.

Digital CPA Journal and archives (1989-2011)

2011-03-23T09:03:00.008-04:00

The CPA Journal is now available online in digital format (with digital archives from January 2009). The full text of the CPA Journal is also online going back to 1989. Readers can lick on one of the years in the archive to browse the issues by month or use the search engine. In addition, article indexes for 2001 to 2011 are accessible by clicking on the appropriate year. Browse the CPA Journal Archives by year.

The sixth Accounting History International Conference, Wellington, New Zealand

2011-03-18T10:35:00.001-04:00

"The Accounting History International Conference (6AHIC) series provides for conferences being held every three years. Apart from serving as an important feeder of papers to Accounting History, the conference is symbolic of the international focus of the journal. Following successful and enjoyable conferences in Melbourne, Osaka, Siena, Braga, and Banff, we are pleased to welcome delegates and their families to the sixth Accounting History International Conference in Wellington, New Zealand. The School of Accounting and Commercial Law, Victoria University of Wellington in conjunction with the Accounting History Special Interest Group of Accounting and Finance Association of Australia and New Zealand invites you to join us 18-20 August 2010."

History of the FAX Machine

2011-03-11T09:00:00.003-05:00

It once was the center of modern office technology, spitting out reams of important documents as they poured in from around the world, letting business people exchange printed information as fast as they could across the telephone lines. The FAX machine is still an important piece of office technology, despite the advances that e-mail and the Internet have brought. The FAX-machine concept dates back more than a hundred years. The technology has been in place almost as long and was heavily influenced by another technology of the day - the telegraph, the first technology that allowed humans to send information instantly to distant points via electrical wires. What is the history of the FAX machine? And, where did the term "FAX" come from anyway? To learn more, visit the website on HowStuffWorks and read the article History of the FAX Machine, including related links.

ICAEW - Accounting History Gateway (Archives)

2011-03-07T09:00:00.010-05:00

As noted in a previous posting (February 23, 2011), the Institute of Chartered Accountants in England and Wales (ICAEW) has created an Accounting History Gateway. As part of the Archives Section of the gateway, the ICAEW conducted an archive survey of member firms in 1991-1992 and the information gathered was published in Chartered accountants in England and Wales - a guide to historical records in 1994. It is a useful starting point for research into accountancy firms, with an overview of the types of records that may have been retained. Archival materials also include Accounting Standards Committee Archives (1952-1990) and Auditing Practices Committee Archives (1971-1991).

ICAEW - Timeline of the Accountancy Profession in the United Kingdom

2011-03-01T10:06:00.001-05:00

The comprehensive ICAEW Timeline explores events from ancient times through to the first half of the nineteenth century (for detailed events, click on the red titles – for example, 1853 - 1880 and 1968 - 2003. The Timeline shows when accountancy starts to take form as an organized profession, growing primarily as a result of the commercial and legal activity of bankruptcy, insolvency and the winding up of companies all the way to the current day.

ICAEW - Accounting History Gateway and Accountants’ Directory for 1877

2011-02-23T09:01:00.039-05:00

The Institute of Chartered Accountants in England and Wales (ICAEW) has created an Accounting History Gateway. The gateway was developed

as an easy access point to historical materials available from, or about, the Institute. One of these historical documents is the Accountants’ Directory for 1877 compiled by Alfred Harper and published by Williams & Strahan. The directory provides a snapshot of the membership of the first professional bodies for accountancy. Professional bodies were established in Edinburgh and Glasgow (1853) and Aberdeen (1866). These were followed by the Incorporated Society of Liverpool Accountants (1870), the Institute of Accountants (1870), Manchester Institute of Accountants (1871) and the Society of Accountants (1872). Another society was established in Sheffield during 1877, but this falls after the compilation date for this edition of the directory.

ICAS: 150 Years and still counting - A Celebration

2011-02-18T11:11:00.002-05:00

The 2004 publication ICAS: 150 Years and still counting - A Celebration marks the 150^th anniversary of The Institute of Chartered Accountants of Scotland (ICAS). It provides an appropriate and readable insight into the history and character of the Institute. The variety and format of the recollections and reflections afford the opportunity to go “behind the scenes” to see how the ICAS has developed over the years. View the Highlights (4 pages), and download the full Research Report (234 pages).

ICAS - more than 30 years of dedicated research

2011-02-16T09:05:00.002-05:00

The Institute of Chartered Accountants of Scotland (ICAS) is the world’s first professional body of accountants, receiving its Royal Charter in 1854. It was the first to adopt the designation “Chartered Accountant” and the letters CA. The ICAS is committed to supporting and encouraging high quality research that is timely, relevant and useful to the accounting profession in an international or UK perspective. Research is funded by The Scottish Accountancy Trust for Education and Research (SATER), which focuses on research that is relevant to the public interest and the accountancy profession or business. To encourage dissemination of research findings, a Publications Catalogue and the majority of Research Publications (containing research dating back to 1982) are available to download free-of-charge from the ICAS website. To be notified of new research publications, interested parties can subscribe to an e-news service by e-mail (research@icas.org.uk).

PricewaterhouseCoopers - A Firm History

2011-02-07T09:00:00.034-05:00

PricewaterhouseCoopers (PwC), one of the world’s largest accountancy firms, was created in 1998 through the merger of two firms, Price Waterhouse and Coopers & Lybrand. Each firm has historical roots going back about 150 years to 19th century Great Britain (explore PwC's First 100 Years in Canada). The collection of PwC archival materials, donated to Columbia University in August 2000, traces the rise of both firms to become major worldwide professional services powerhouses through mergers and business expansion. To learn more about these extensive archives, visit the Archival Collections at the Columbia University (in the City of New York) Rare Book and Manuscript Library online. The Archival Collections provide access to descriptions and finding aids for more than 3,500 archival collections in six Columbia University Libraries repositories. These collections include personal papers, institutional records, corporate archives, architectural drawings and much more.

CAmagazine - 100th anniversary 1911-2011

2011-01-26T11:48:00.002-05:00

This year marks the 100th anniversary of The Canadian Chartered Accountant which was first published in July 1911. The journal was the "Official Organ of the Dominion Association of Chartered Accountants" (now The Canadian Institute of Chartered Accountants). The journal continues to live on as CAmagazine, the leading accounting publication and preferred information source for Canadian chartered accountants (CAs) and financial executives. It provides a forum for discussion and debate on professional, financial and other business issues. The magazine is published in English and French 10 times a year (with combined issues in January/February and June/July) by The Canadian Institute of Chartered Accountants. CAmagazine.com acts as a complement to the print edition, providing web-only articles and news of interest to CAs, digital archives and a search function.

Insolvency then and now

2011-01-19T16:00:00.001-05:00

Bankruptcy figures have been climbing. At June 30, 2010, 145,233 Canadians had filed for bankruptcy or a consumer proposal in the previous 12 months. While last year’s figures represent an increase of 33.7%, bankruptcy numbers have grown from less than 1,000 in the 1960s to 2,700 in 1971 and 19,000 in 1980. This has raised the profile for insolvency practitioners in the accounting profession. Read "Insolvency then and now" in the January/February 2011 CAmagazine online.

About the past, present and future of the Internet

2011-01-13T11:00:00.004-05:00

It's the year 2000, and the Internet "is making the world a very different place for us," says Canadian Internet expert Jim Carroll. In this January 23, 2000 episode of Mansbridge One on One, Peter Mansbridge interviews Carroll about the past, present and future of the net. The typically optimistic Carroll does express a few fears. He worries the current Internet business boom could soon crash in a big way. "There's something massive going on here, but it doesn't mean we need to throw out our collective sanity." View the interview at CBC Digital Archives. Also read about current perspectives in Jim Carroll's regular column in CAmagazine online.

Canada Says Hello: The First Century of the Telephone

2011-01-06T09:08:00.004-05:00

If the telephone wasn’t born in Canada, it was certainly conceived here. In 1874, in Brantford, Ontario, inventor Alexander Graham Bell first described the scientific principle that would convey the human voice over wires. By the Second World War, Canadians led the world in talking by telephone. Later they reached out to each other and around the globe with long distance calling, transatlantic connections and predictions for the future. Read the online features, watch television clips (including “Telephones go transatlantic” originally broadcast on January 14, 1957) and listen to numerous historical radio clips at the CBC Digital Archives.

Canadian corporate archives - The Canadian Tire Heritage Collection

2010-12-30T09:09:00.007-05:00

At the D.B. Weldon Library on the campus of the University of Western Ontario, an expression of Canadian culture like no other quietly sits waiting to be uncovered. This incredible collection of materials is known as The Canadian Tire Heritage Collection. It's a treasure trove that includes hundreds of catalogues dating back to the early 1930s, internal newsletters, annual reports, 39,000 photographs, various versions of Canadian Tire money and hundreds of audio and visual files including some now-famous television ads. To learn more, read the article “Canadian Tire archives - treasure trove” in Western News (November 22, 2007 Vol. 43 No. 32) which is also available online.

Canada's History and the Hudson's Bay Company

2010-12-22T10:52:00.001-05:00

In 1994, the Hudson's Bay Company donated its corporate archives to what is now the Archives of Manitoba, and its museum collection to The Manitoba Museum, both public institutions. These gifts earned a substantial tax saving, most of which was put to work in the name of history by establishing the Hudson's Bay Company History Foundation. The Foundation, in turn, provides core funding to ensure the maintenance of the Company's gifts and to support the initiatives of Canada's History. Canada’s History operates independently of the Foundation and realizes additional funding through memberships, donations and sponsorships. As a registered charity, it can accept donations and issue receipts for income tax purposes.

CICA - Setting the standard

2010-12-15T16:56:00.001-05:00

It may come as a surprise to some people that an influential body, such as the Canadian Institute of Chartered Accountants (CICA), had rather inauspicious beginnings. This, however, is what makes its history a matter of prime interest.

The CICA has grown from nothing into a powerful national organization that is consulted by governments – a body with power to set standards that are incorporated into law. Read the article “Setting the standard” in CAmagazine (May 2002).

Canada's tax system - 2020 Vision

2010-12-08T09:00:00.006-05:00

What will Canada’s tax system look like 10 years from now? Tax reformists hope to see one that encourages work and fosters productivity and competitiveness. There is no better time than December to look at the year and the decade ahead. CAmagazine asked a range of experts what they think Canada's tax system will look like 10 years from now. To find out what they had to say, see the article "2020 Vision" in the December 2010 CAmagazine online.

Corporate Governance and the New York Stock Exchange

2010-11-30T11:26:00.001-05:00

The New York Stock Exchange (NYSE) has long been a leading proponent for the highest standards of corporate governance and ethical behaviour. Its listing standards have included governance rules for approximately 150 years. It was the NYSE that first required companies to issue regular financial statements, as well as to provide quarterly earnings announcements and conduct independent audits of financial statements, all of which were included as part of the NYSE’s listing standards before any of the federal securities legislation coming out of the Great Depression. The leadership role of the NYSE on governance matters continued during the middle of the 20th century, when the NYSE pioneered such developments as required proxy statement distribution, a minimum number of outside directors, and audit committees made up entirely of independent directors. To learn more about the NYSE and governance, read the Report of the New York Stock Exchange Commission on Corporate Governance (September 23, 2010). The report contains a summary of significant corporate governance developments since 2000 (pages 10-23).

History of the CICA Corporate Reporting Awards

2010-11-17T09:00:00.014-05:00

The CICA Corporate Reporting Awards (CRA) began in the early 1950s. Originally, they were based on hardcopy annual reports (from 1951-1992). Today, the awards have expanded beyond the annual reports to include sustainable development awards (introduced in 1993), MD&A (introduced in 1995), corporate governance awards (introduced in 1996), electronic financial reporting (introduced in 2001) and scorecards (introduced in the late 1990s). Now, the major federal crown corporations are also included (introduced in 2007). For a brief history of the Corporate Reporting Awards, refer to the March 2010 research paper “Corporate Reporting Awards and Financial Reporting Quality” by Tim Bauer (tdbauer@uwaterloo.ca) and J. Efrim Boritz (jeboritz@uwaterloo.ca) – pages 6-12 and Appendix B).

A Day of Recognition and Celebration for Quebec Chartered Accountants

2010-11-10T10:55:00.003-05:00

This year marks the 75th anniversary of the Quebec City CA Group and the 130th anniversary of the Ordre des comptables agréés du Québec (OCAQ). A day of activities under the theme "Active capital for your success!" was held in Quebec City on September 30, 2010 to celebrate these two important milestones for Quebec CAs. Read the OCAQ News Release and view the Photo Album online.

Institute of Chartered Accountants of British Columbia - Centenary Website

2010-11-03T09:00:00.004-04:00

The Institute of Chartered Accountants of British Columbia (ICABC) celebrated its 100th anniversary in 2005. It was marked with events, articles in Beyond Numbers, Centenary Artwork, an online timeline of the history of CAs in BC, and a calendar. An expanded look at these contributions is provided on the ICABC centenary website which describes the people and events that have shaped the profession in BC.

Institute of Chartered Accountants of Ontario - Innovation and Historical Milestones

2010-10-28T12:07:00.002-04:00

There are approximately 72,000 Chartered Accountants (CAs) in Canada. Nearly half (33,000) are Ontario CAs. CAs work in large and small businesses, in government and in public accounting, in the not-for-profit sector, and as professors and teachers - at home and around the world. The year 2010 marks the 131st year of the CA designation in Ontario. From the province's origins as an agricultural society to its emergence as an economic powerhouse, CAs have played a key role in shaping Ontario’s progress. Our history bridges all the major milestones… the great waves of immigration of the early 1900s, the harnessing of Niagara Falls, the birth of Ontario Hydro, the First and Second World Wars... the huge building booms of the 1950s and 1960s, and the signing of the Auto Pact, the Free Trade Agreement and NAFTA. To learn more about CA Innovation since 1879, Historical Milestones and the 125th anniversary in 2004, visit the website of the Institute of Chartered Accountants of Ontario (ICAO).

About the Ontario Securities Commission: Part 2 - The First Four Chief Accountants, 1986–1996

2010-10-20T09:00:00.015-04:00

Published in the June 2010 Accounting Perspectives journal of the Canadian Academic Accounting Association (CAAA), this research article presents Part 2 of a historical review and analysis of the Ontario Securities Commission (OSC). It describes the role played by the first four Chief Accountants in the regulation of accounting and auditing from 1986 to 1996. Part 1 dealt with the period from the 1960s to 1985. Part 3 will treat the role played by the fifth Chief Accountant, from 1996 to 2008. Prior to this series of articles, the academic and professional accounting literature was largely barren on the OSC’s evolving role in accounting and auditing.

The Role of the Ontario Securities Commission in Accounting and Auditing from the 1960s to 1985

2010-10-13T15:49:00.005-04:00

Published in the March 2010 Accounting Perspectives journal of the Canadian Academic Accounting Association (CAAA), this research article presents Part 1 of a historical review and analysis of the role played by the Ontario Securities Commission (OSC) in accounting and auditing from the 1960s to 1985. Parts 2 and 3 will review the roles played by the first five Chief Accountants, from 1986 to 2008. Prior to this article, the academic and professional accounting literature has been largely barren on the OSC’s evolving role in accounting and auditing.

Naming and Branding: Accountants and Accountancy Bodies in the British Empire and Commonwealth 1853-2003

2010-10-06T12:47:00.001-04:00

The number of professional accountancy bodies and accountants within the British Empire and Commonwealth has greatly expanded within the last 150 years. The names of these bodies have followed a formula pioneered in Britain in the 19th century and certain designations, notably "chartered accountant" have evolved as brand names. Access to and use of these brands has spread not with colonization but with decolonization of the settler colonies and then the nonsettler colonies. This reserach paper charts these developments, noting the apparent paradoxes of the proliferation of royal charters in an increasingly non-monarchical UK, charters in republics, and how each country’s experience has been different. It concludes with a look at branded accountants in a global economy. Read the preliminary draft paper “Naming and Branding: Accountants and Accountancy Bodies in the British Empire and Commonwealth 1853-2003” by R.H.Parker, University of Exeter, UK. (References to developments in Canada are on pages 12-14)

CICA - Information Technology Advisory Committee

2010-09-29T10:57:00.001-04:00

The Information Technology Advisory Committee (ITAC) of the Canadian Institute of Chartered Accountants (CICA) was established in 1991 by the CICA's Research Studies Department. A four-person committee was set up to help the CICA Studies and Standards Group keep abreast of the potential impact of technological developments on Canadian accounting and auditing standards, practices and methodologies. Throughout the 1990s, ITAC's focus was assisting the auditing profession, since technology had made it possible for auditors to implement procedures not possible previously, because of time constraints and costs. Today, ITAC is made up of representatives from accounting firms, financial institutions, government and academe. They meet four times a year for a one-day meeting and conference calls are scheduled as needed. ITAC’s focus is broader than advising on national accounting and auditing standards (see About ITAC). Notably, it provides advice and prepares guidance on information technology matters affecting the CA profession and the business community (see ITAC Recent Activities and ITAC Publications). A history of ITAC is provided in the CAmagazine article, "Behind the Committee" published in January/February 2004.

About Web 2.0 and Social Media

2010-09-22T09:00:00.001-04:00

Recently, corporate Internet communication strategies have begun to include Web 2.0 technologies and applications, as well as social media tools, because they are rapidly changing the way companies conduct business and communicate business performance. Although the term "social media" is widely used, there are different points of view about what it actually means. Put simply, the Internet of the 1990s was about static, information-based content and a clear separation between content provider and end user. Web 2.0 and social media offer richer content based on collaboration and information sharing, encouraging end users to be more interactive with the content they access and more proactive about producing their own Web content. For an in-depth review, refer to the Trebor Scholz presentations, “How the Social Web Came to Be (part 1),” covering the years from 1945 to 2001, and “How the Social Web Came to Be (part 2),” covering the period from 2002 to 2007. Also refer to the June 2010 discussion draft "Practical Guidance for Managing Web 2.0 and Social Media" which is available on the CICA website as part of the research project "Using the Internet in Corporate Reporting."

Archive-It web archiving and preservation

2010-09-15T09:00:00.002-04:00

Archive-It, a web archiving and preservation service, allows institutions to build and preserve collections of digital content. It is used by a number of Canadian universities, such as the University of Toronto and the University of Waterloo. Through a user-friendly web application, Archive-It partners can harvest, catalog, manage and browse their archived collections. Collections are hosted at the Internet Archive data center and are accessible to the public with full-text search.

Bank of Canada - Celebrating 75 years

2010-09-08T10:13:00.005-04:00

The Bank of Canada opened its doors in Ottawa on March 11, 1935, during the Great Depression. Its role was set out in the Bank of Canada Act of 1934: "to promote the economic and financial welfare of Canada." Shares of the privately-owned bank cost $50 but, in 1938, the Canadian government bought out shareholders and nationalized the bank. Today, the bank operates accounts only for the Canadian government, other central banks and commercial banks. To mark its 75th anniversary, the Currency Museum of the Bank of Canada has inaugurated a new exhibition which looks at the Bank and its history from the perspective of outside observers - journalists, cartoonists, headline writers, economists, politicians, government-appointed commissions, and the public at large. Visit the online exhibit By All Accounts: 75 Years of Central Banking.

CICA - Auditing and Assurance Research

2010-08-10T09:01:00.003-04:00

Since 1980, the Canadian Institute of Chartered Accountants (CICA) has published a number of research studies on auditing and assurance. Most are available as PDF downloads free-of-charge. To view and/or download selected publications, visit the CICA website.

CICA - Performance and Environmental Reporting Research

2010-08-03T09:09:00.011-04:00

Since 1980, the Canadian Institute of Chartered Accountants (CICA) has published a number of research studies on performance and environmental reporting. Most are available as PDF downloads free-of-charge. To view and/or download selected publications, visit the CICA website.

CICA - Accounting and Financial Reporting Research

2010-07-27T09:08:00.004-04:00

Over the last 30 years, the Canadian Institute of Chartered Accountants (CICA) has published many research studies on accounting and financial reporting. Most are available as PDF downloads free-of-charge. To view and/or download selected publications, visit the CICA website.

About the Ontario Securities Commission (OSC)

2010-07-20T09:09:00.003-04:00

The Ontario Securities Commission (OSC) was established by the Securities Act (Ontario) and the Commodity Futures Act (Ontario). It is a self-funded Crown corporation, accountable to the Ontario Legislature through the Minister of Finance. The OSC's mandate is to provide protection to investors from unfair, improper and fraudulent practices, and to foster fair and efficient capital markets and confidence in capital markets. (Access the digital archives on Notices and News Releases as well as Speeches and Events dating back to 2005.)

About the Canadian Securities Administrators (CSA)

2010-07-13T09:05:00.003-04:00

The Canadian Securities Administrators (CSA) is a voluntary umbrella organization of Canada’s provincial and territorial securities regulators whose objective is to improve, coordinate and harmonize regulation of the Canadian capital markets. It aims to achieve consensus on policy decisions which affect our capital market and its participants. It also aims to work collaboratively in the delivery of regulatory programs across Canada, such as the review of continuous disclosure and prospectus filings. (Read the Introduction to CSA and access the What’s New digital archives dating back to 2001.)

About the US Securities and Exchange Commission (SEC)

2010-07-06T09:00:00.002-04:00

The mission of the US Securities and Exchange Commission (SEC) is to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation. Before the Great Crash of 1929, there was little support for federal regulation of the securities markets. This was particularly true during the post-World War I surge of securities activity. Proposals that the federal government require financial disclosure and prevent the fraudulent sale of stock were never seriously pursued. During the peak year of the Depression, Congress passed the Securities Act of 1933. This law, together with the Securities Exchange Act of 1934, which created the SEC, was designed to restore investor confidence in capital markets by providing investors and the markets with more reliable information and clear rules of honest dealing. President Franklin Delano Roosevelt appointed Joseph P. Kennedy (President John F. Kennedy's father) to serve as the first Chairman of the SEC. (Read the SEC’s What We Do and access digital archives from 1929 to 2010 containing Commission Speeches and Public Statements on a wide range of topics concerning the state of the markets and the regulatory agenda.)

Opening the Door to Financial Regulatory History

2010-07-02T09:00:00.009-04:00

At a time when financial regulatory reform is capturing headlines, an online museum administered by the SEC Historical Society is granting users equal access to resources, relics and research material. The online galleries preserve eyewitness accounts, oral histories, correspondences, research papers and photographs. An interactive timeline features hundreds of digital artifacts. Interviews and round-table discussions cast light on current topics. (Read the article "Opening the Door to Financial Regulatory History" in the June 2010 Journal of Accountancy online.)

Corporate Reporting: Its Future Evolution (1980)

2010-06-28T15:41:00.001-04:00

In 1980, the Canadian Institute of Chartered Accountants (CICA) published a landmark research study called Corporate Reporting: Its Future Evolution. "The study is directed to all those who are interested or concerned with the publication and the use of corporate financial information in Canada and elsewhere. It should be of particular interest to accounting standard setters, but the analysis, argument and conclusions are equally important to all of the other groups of people interested in financial accounting." Chapter 10 of the study offers a proposed evolutionary solution to the problem of establishing accounting standards.

International Public Sector Accounting Standards Board - Update 1 (2005)

2010-06-15T09:06:00.003-04:00

The International Public Sector Accounting Standards Board (IPSASB) met in Oslo, Norway on March 14-17, 2005. This was the first meeting of the IPSASB since the International Federation of Accountants (IFAC) reconstituted the Public Sector Committee (PSC) as the IPSASB in November 2004. The IPSASB Update 1 bulletin (April 2005) describes the work program, lists the members and observers, and identifies International Public Sector Accounting Standards at that time. Information on IPSASB meetings (from 2001), exposure drafts and comment letters (from 2005) and other digital archives are available on the IFAC website.

Digital Archive - Australian Accounting Standards Board

2010-06-08T20:52:00.002-04:00

The Australian Accounting Standards Board (AASB) is an independent accounting standard-setter based in Melbourne, Australia. The AASB maintains a digital archive on its website that provides access to a range of superseded archival records including post-2005 documents and pre-2005 standards. The archive also includes general documents comprising: (1) Policy statements – these described various operating policies of the AASB; (2) Statements of accounting concepts – archived conceptual framework documents; and Publications – archived technical articles and other publications.

International Convergence of Accounting Standards—A Brief History

2010-06-01T09:05:00.002-04:00

International convergence of accounting standards is not a new idea. The concept of convergence first arose in the late 1950s in response to post World War II economic integration and related increases in cross-border capital flows. Initial efforts focused on harmonization—reducing differences among the accounting principles used in the world’s major capital markets. By the 1990s, the idea of harmonizing accounting standards was replaced by the concept of convergence—the development of a single set of high-quality, international accounting standards that would be used in at least all major capital markets. (Refer to the FASB website for a chronology of some of the key events in the evolution of the international convergence of accounting standards.)

History of the AICPA

2010-05-25T11:31:00.001-04:00

Professional Judgment and the Auditor (1995)

2010-05-17T16:03:00.002-04:00

The 1995 CICA Research Report Professional Judgment and the Auditor discusses the nature and practice of professional judgment in auditing. The Report considers professional judgment in the context of a financial statement audit but, because judgment must be applied in any type of engagement an auditor undertakes, the findings may be equally applicable to other assurance engagements. The Report focuses on concepts and principles of professional judgment rather than prescriptive rules because rules, by their very nature, cannot state the most that is expected of an auditor but simply the least. Rules can only define a minimum level of acceptable professional conduct; they can neither pre-empt nor usurp auditor judgment.

Professional Judgment in Financial Reporting (1988)

2010-05-17T15:44:00.003-04:00

The 1988 CICA research study Professional Judgment in Financial Reporting examines the nature and practice of professional judgment on accounting measurement, presentation and disclosure issues. The focus is on the responsibilities of both preparers and auditors. Such professional judgment is shown to be, at its best, a systematic and analytical process of reaching objective conclusions about issues that may be difficult and complex. Impediments to quality in this process are identified and recommendations are directed to removing or reducing such impediments. The close relationship between professional judgment and professional standards is given particular attention, as are such aspects of professionalism as integrity, knowledge and consultation. The study analyzes practices and standards in Canada, the US, UK and International accounting standards. Most recommendations will be relevant to standard-setters, professional accountants and others in all countries.

Digital Archives - Canadian Enterprises Gallery

2010-05-11T09:00:00.011-04:00

The Canadian Enterprises Gallery states "The heritage of Canada as a nation is inextricably interwoven with the growth and development of a diverse spectrum of Canadian enterprises. From the small family business to the large multi-national corporation, Canada has largely been built on the foundations laid by a broad range of private as well as public institutions." A 2001 posting notes "One of the leading and largest professional accounting bodies in the world, the Canadian Institute of Chartered Accountants (CICA, as it is more commonly known) received its federal charter in 1902. Since then, it has been the pre-eminent accounting organization in Canada and has kept pace with the growth of Canada's economy. The mission of CICA is to serve the interests of society and the CA profession by providing leadership to uphold the professional integrity, standards and pre-eminence of Canada's Chartered Accountants, nationally and internationally."

Learn more at the Canadian Heritage Gallery, the most extensive collection of historical Canadiana on the Internet.

Going digital - Global Accounting Alliance

2010-05-06T09:00:00.008-04:00

The Global Accounting Alliance (GAA) comprises the world's leading professional accountancy institutes. It promotes quality services, shares information and collaborates on important international issues. As part of this effort, the GAA publishes an online journal to which its member organizations, including the Canadian Institute of Chartered Accountants (CICA), contribute articles. The April 2010 issue of GAA Accounting is available online and as a Digital Edition. Digital archives date back to June 2008.

Going digital - Canada's CAmagazine

2010-05-04T09:00:00.011-04:00

Canada's CAmagazine has an online digital edition. Depending on user preferences and computer system attributes, a reader can choose between the Rich Interactive Digital Edition and the Digital Anywhere version. Digital Anywhere is a high-quality, user-friendly version with interactive features such as Share, Bookmarking and RSS feeds. It also enables readers with older computers to view the full digital edition content. Digital archives are available from April 2009.

Using social and digital media to get more from Accountancy Ireland

2010-04-30T09:00:00.002-04:00

Fast, accessible and inexpensive new channels of communication are revolutionizing how the world communicates. For Accountancy Ireland these new media channels open the way to enhanced engagement with readers and bring with them the ability to deliver added value across a variety of platforms. For example, when the new digital edition of Accountancy Ireland was launched, the magazine staff was able to engage directly with readers to find out how it was displaying on their screens, how intuitive it was, whether they could operate the plug-ins like the embedded sound and video files, whether they wanted to print or download, or just read the issue online. These channels provide a direct, effective and inexpensive means of engagement with readers and communities. They make it easy for readers to talk back. It’s quick, it’s easy and, best of all, it’s fun! And, of course, it means that Chartered Accountants around the world have much more immediate access to events than was previously possible.

A History of KPMG in Canada

2010-04-26T09:04:00.002-04:00

In Canada, KPMG's roots date back to 1840. Since that date, more than 115 firms in communities across Canada have joined forces to create KPMG. Each of these has played a vital role in the growth of KPMG in Canada. For an overview of predecessor firms Thorne Riddell, Ernst & Whinney, Stevenson Kellogg Ernst & Whinney, and Peat Marwick, visit the KPMG Canada website. (A history of KPMG International dating from 1897 is also available online.)

A History of BDO Canada LLP

2010-04-19T09:00:00.001-04:00

BDO Canada LLP is both new and old on the scene. In January 1992, the Canadian accounting firms, Dunwoody & Company and BDO Ward Mallette ― each with approximately 70 years of history ― merged with BDO Guenette Chaput in Winnipeg and BDO Frazer Matthews in Edmonton to form one unified firm. Formerly known as BDO Dunwoody, the Canadian member firm of BDO International changed its name again in 2010 with the rest of BDO’s firms around the world to become known as, simply, BDO. (Read about the history of Dunwoody & Company and BDO Ward Mallette on the BDO Canada LLP website.)

The Canadian Chartered Accountant - First Edition, July 1911

2010-04-12T09:03:00.008-04:00

The Canadian Chartered Accountant was first published in July 1911. The journal was the "Official Organ of the Dominion Association of Chartered Accountants" (now The Canadian Institute of Chartered Accountants). The editorial (page 16) notes that "At the last Annual Meeting of the Dominion Association, instruction was given in no uncertain tone to the Council for the publication of a journal. This is our excuse for being. Having been born, we shall live so long as any fight remains in us, and we believe that means a long time, and then some." For easy access, a digital version of the First Edition (Vol.1, No. 1) can be viewed below.

The Canadian Chartered Accountant, July 1911 -

Almost 100 years have passed and the journal continues to live on as CAmagazine. CAmagazine is the leading accounting publication and preferred information source for Canadian chartered accountants (CAs) and financial executives. It provides a forum for discussion and debate on professional, financial and other business issues. The magazine is published in English and French 10 times a year (with combined issues in January/February and June/July) by The Canadian Institute of Chartered Accountants. CAmagazine.com acts as a complement to the print edition, providing web-only articles and news of interest to CAs, digital archives and a search function.

Deloitte in Canada - 150 years and counting...

2010-04-05T09:01:00.005-04:00

The history of Deloitte not only records the development of accounting in Canada, it is also a study in the evolution of professional services – from the days when bookkeepers in “public practice” focused mainly on estates, trusts and liquidations, to the diverse service offerings of today in which auditors, tax specialists, management consultants and financial advisors routinely assist organizations in addressing a wide range of financial, operational, regulatory and other matters. (Read highlights of The history of Deloitte in Canada and the booklet Deloitte 150 years of excellence and innovation in professional services. Also, view an interactive timeline that tracks the evolution of the firm since 1858, along with the growth of Canada and the CA profession.

SEC Historical Society virtual museum

2010-03-29T23:20:00.010-04:00

The SEC Historical Society's virtual museum and archive is an open door to the history of the regulation of the capital market system from the 20th century to the present. Its collection is built and exhibited independent of any oversight from the U.S. Securities and Exchange Commission (SEC). Founded in 1999, the SEC Historical Society is a non-profit organization and receives no funding from the public sector. Read the Society's most recent Annual Report.

The museum and archive's comprehensive collection includes:

Timeline: Linking regulatory developments against U.S. and world events from 1930 to the present.
Galleries: A unique search function within the museum, providing an alternate way to access all museum material on a particular subject. Current Galleries look at insider trading, international financial regulation and eras in SEC history.
Papers: Letters, speeches, memos, telegrams and reports, many not accessible through other online sources.
Photos: Historic and current images of people significant to financial regulation.
Oral Histories: Remembrances, available in audio, MP3 and edited transcript formats, from people who helped create and continue to shape the financial regulatory system.
Programs: A variety of original programs - including Fireside Chats, the Society's Annual Meeting, The Best of NERA, etc. - offering historic perspective on current regulatory issues. Broadcast live on www.sechistorical.org, and preserved in audio, MP3 and edited transcript formats.