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Generally Accepted Accounting Principles (GAAP) [a] of Canada provided the framework of broad guidelines, conventions, rules and procedures of accounting.In early 2006, the AcSB decided to completely converge Canadian GAAP with international GAAP, i.e. International Financial Reporting Standards (IFRS), as set by the International Accounting Standards Board (IASB), for most entities that must ...
The idea of convergence has roots in the 1950s, and was a response to greater economic integration and international capital flows after World War II. Before the 1990s, convergence took the form of harmonization, the reduction of differences between the various accounting standards used internationally. [2]
Sokoloff and Engerman explained this convergence in their article "History Lessons: Institutions, Factor Endowments, and Paths of Development in the New World." They explained that the United States and Canada started out as two of the poorest colonies in the New World but grew faster than other countries due to their soil qualities.
In 2001, the International Accounting Standards Board (IASB) replaced the IASC with a remit to bring about convergence between national accounting standards through the development of global accounting standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs).
Based on this law, the government issued a public accounting regulation for central government entities in 2006 and established a Public Accounting Standards Board. In 2006 this Board decided to adopt IPSAS 1 through IPSAS 21 in a 6-year period (deadline is 2012). By 2011 17 standards have been adopted.
Concentration of media ownership, also known as media consolidation or media convergence, is a process wherein fewer individuals or organizations control shares of the mass media. [1] Research in the 1990s and early 2000s suggested then-increasing levels of consolidation, with many media industries already highly concentrated where a few ...
The Agreement was a significant step towards the US formalising its commitment to the convergence of US GAAP and International Financial Reporting Standards. In the Press Release that announced the Agreement, Robert H. Herz, chairman of the FASB commented “The FASB is committed to working toward the goal of producing high quality reporting ...
The Sustainability Accounting Standards Board (SASB) is a non-profit organization, founded in 2011 by Jean Rogers [1] to develop sustainability accounting standards. Investors, lenders, insurance underwriters, and other providers of financial capital are increasingly attuned to the impact of environmental, social, and governance (ESG) factors on the financial performance of companies, driving ...