Better information - guaranteed

Article Abstract:

The Canadian Institute of Chartered Accountants (CICA) has issued a new section that would clarify issues related to the accounting of loan guarantees. Section Public Sector 3310 of the CICA Handbook provides that losses are to be recognized in the financial statements if it is ascertained that they will probably occur. Once its likeliness is determined, its disclosure as a contingent liability in the notes and schedules will no longer be enough.

Accounting and auditing, Loans, Government lending, Canadian Institute of Chartered Accountants, Government guaranteed loans

Adding value to VFM audits

Article Abstract:

The Public Sector Accounting and Auditing Committee has released three guidelines on value-for-money auditing will elaborate on the general standards it had set for the practice. The new guidelines cover the following areas: audit planning, gathering of data essential to the plan and use of experts. The guidelines can be used in auditing nonprofit, public and private entities. A discussion of the guidelines is presented.

Accounting, auditing, & bookkeeping, Laws, regulations and rules, Auditing, Economic policy, Auditors

Reading the fine print

Article Abstract:

The Public Sector Accounting Board has been examining the hidden costs of a growing number of government projects that involve complex negotiations to reduce cost, improve service delivery and avoid risk. Guidelines for entering complex contractual arrangements have been developed by some governments in which inclusion of the costs, risks and benefits of options being considered in business reports is required.

Canada, Accounting Methods, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Finance, Accounting, Accounting services, Public contracts, Government contracts, Accounting law