Data quality, concepts and methodology: Accounting concepts, definitions and practices
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The concepts and definitions for most industries are based on the guidelines of the Canadian Institute of Chartered Accountants. However, regulated industries may follow practices and definitions determined by the regulators. These practices are usually similar to the Generally Accepted Accounting Principles (GAAP) of the Canadian Institute of Chartered Accountants. Starting on January 1, 2011, the Canadian Institute of Chartered Accountants Accounting Handbook contains both International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE).
Scope
The financial items presented in this publication are those included in the following accounts or statements:
- Balance Sheet
- Income Statement
- The Statement of Changes in Financial Position
Although they are not included in this publication, additional financial items are available for some industries upon request on a cost recovery basis.
Financial classification and presentation
There is no widely accepted standard classification of financial items. Accordingly, it was necessary to devise one in order to present information in a homogeneous way for all enterprises. The financial item presentation in this publication has been condensed somewhat to allow for a homogeneous presentation across industries. Additional financial detail is available upon request on a cost recovery basis.
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