Provides that accounting takes place over specific time periods known as fiscal periods
What is the Time Period Concept?
100
States that all important information needed for a full understanding of the company must be included with the financial statements
What is The Full Disclosure Principle?
100
Accounting for purchases must be at the cost price to the purchaser
What is The Cost Principle?
100
Information must be understandable by its users.
What is understandability?
100
A collection of commonly followed accounting rules and standards for financial reporting
What is GAAPS?
200
Assumes that a business will continue to operate in the foreseeable future, unless it is known that it will not.
What is The Continuing (Going) Concern Concept?
200
Revenue-related expenses must be recorded in the same accounting period as the revenue it helped to earn
What is The Matching Principle?
200
Revenue must be recorded in the accounts at the time the transaction is completed.
What is The Revenue Recognition Convention?
200
Accounting information is relevant if it makes a difference in a decision.
What is relevance?
200
This replaced the previous Canadian GAAPS as acceptable accounting principles.
What is IFRS?
300
Provides that the accounting for a business or organization be kept separate from the personal affairs of its owner, or from any other business or organization
What is The Business Entity Concept?
300
States that accounting will be recorded on the basis of facts
What is The Objectivity Principle?
300
All important information must be included in a firm's financial statements
What is The Materiality Principle?
300
The information is dependable, free of error and bias.
What is reliability?
300
January 1, 2011
When was IFRS implemented in Canada?
400
All transactions must be expressed in terms of money, and the unit of measure must remain stable over time.
What is Monetary Unit Assumption?
400
Provides that accounting for a business should be fair and reasonable
What is The Principle of Conservatism?
400
A business must use the same accounting methods and procedures from period to period
What is The Consistency Principle?
400
The information should be comparable with accounting information about other enterprises.
What is comparability?
400
Supports the setting of accounting, auditing, and assurance standards for business, not-for profit organizations, governments and develops and delivers education programs.