Business Advisory North Vancouver

Business Advisory North Vancouver

Accounting consulting

This means you're always ahead of the game, whether it's capital gains tax strategies or navigating the intricacies of rental income. Learn more about Business Advisory North Vancouver here This preventive approach not only helps in passing audits with flying colors but also strengthens your financial processes, making them more efficient and reliable. Building on their commitment to customized solutions, IBB also offers strategic tax advice tailored to the unique needs of different industries. From startups to established businesses, we've guided companies through their financial challenges with a hands-on approach that's tailored to each client's unique situation. IBB Accounting & Tax Services also offers flexible consultation hours, understanding that your schedule can be hectic.
This out-of-sight, out-of-mind approach ensures you're consistently building your reserves without having to make a conscious effort every month. By focusing on customization, they're able to adapt their services for startups, mid-sized enterprises, and even large corporations, ensuring that the scale of your operations never hinders your financial clarity.

Business Advisory North Vancouver - CFO services

  1. Accounting services
  2. Personal tax services
  3. Accounting firm reviews
  4. Self-employed tax services
  5. Personal finance consulting
  6. HST/GST tax filing
  7. Construction accounting
  8. Accounting for independent contractors
  9. Budgeting and forecasting
  10. Self-employment tax preparation
  11. GST/PST filing
  12. Financial consulting
  13. Tax planning
  14. Estate and trust tax planning
  15. Certified accountants
With IBB Accounting & Tax Services, you're not just getting an accountant; you're gaining a partner who's invested in your success. Navigating the complex world of tax laws requires a strategic approach to ensure your business maximizes its savings and stays compliant.
They're not just accountants; they're advisors committed to guiding you through every financial decision, big or small.

Business Advisory North Vancouver - Personal tax services

  1. Tax deduction optimization
  2. Financial advisory services
  3. Estate planning accounting
  4. Nonprofit accounting
  5. Free consultation accounting services
  6. Small business accounting software
  7. Financial planning
  8. Tax compliance
  9. Outsourced accounting services
  10. Business growth consulting
  11. Accounting for freelancers
  12. Financial statement preparation
  13. QuickBooks accounting
  14. Accounting for home-based businesses
  15. Forensic accounting
  16. Business tax return preparation
From navigating ever-changing tax laws to understanding local market trends, you're not alone. Learn more about IBB Accounting & Tax Services here. Whether it's renegotiating contracts with suppliers, reducing energy consumption, or opting for more cost-effective marketing strategies, every little bit adds up. Instead, IBB zeroes in on the specific challenges and opportunities your industry faces.

Business Advisory North Vancouver - Certified public accountant (CPA)

  1. Accounting for import/export businesses
  2. Accounting for nonprofit organizations
  3. Sole proprietorship accounting
  4. Tax consulting
  5. Business incorporation services
  6. Professional bookkeeping
  7. Payroll processing
  8. Tax audit assistance
  9. Tax-efficient investment strategies
  10. Digital accounting
  11. Professional accounting services
  12. Accounting for realtors
  13. Best accounting software for businesses
  14. Online tax filing
  15. Cash flow management
  16. Small business tax advising
  17. Corporation tax filing
  18. Accounting for startups

Mia's precision and attention to detail ensure your financial records are impeccable, providing a solid foundation for your business decisions. With IBB, you're not just getting an accountant; you're getting a financial partner dedicated to helping your business grow. Their tax planning strategies are designed to optimize your position, taking advantage of relevant incentives while ensuring compliance. So, why not explore how their client success stories and innovative methodologies could inspire a new chapter in your business journey?

Our expertise means we're adept at identifying deductions and credits you might've overlooked. We're here to ensure your wealth works as hard as you do, paving the way for a secure financial future. Accurate financial reporting is crucial for maintaining the integrity of your business's financial health and ensuring compliance with tax regulations. Our goal is to provide a one-stop solution for all your accounting and tax needs, ensuring you're always one step ahead.

In a city like Business Advisory North Vancouver, where the financial landscape can be as dynamic as the natural one, having IBB Accounting by your side isn't just an advantage-it's a necessity.

Business Advisory North Vancouver - Corporation tax accountant

  1. Accounting for medical professionals
  2. Retail accounting
  3. Certified public accountant (CPA)
  4. Personal tax accountant
  5. Accounting services
  6. Personal tax services
  7. Accounting firm reviews
  8. Self-employed tax services
  9. Personal finance consulting
  10. HST/GST tax filing
  11. Construction accounting
  12. Accounting for independent contractors
  13. Budgeting and forecasting
  14. Self-employment tax preparation
  15. GST/PST filing
  16. Financial consulting
  17. Tax planning
  18. Estate and trust tax planning
  19. Certified accountants
Beyond their expertise in tax solutions, IBB Accounting & Tax Services also excels in strategic financial planning, ensuring your financial goals are both ambitious and achievable.

Business Advisory North Vancouver - Certified public accountant (CPA)

  1. Tax planning
  2. Estate and trust tax planning
  3. Certified accountants
  4. Year-end financial statements
  5. Real estate accounting
  6. Accounting for remote workers
  7. Chartered accountant
  8. Accounting for tech startups
  9. Hospitality industry accounting
  10. Income tax strategies
  11. E-commerce accounting
  12. Business advisory services
  13. CPA firms
  14. Best accounting services
  15. Financial reporting
  16. Cost accounting
  17. Accounting for rental properties
  18. Accounting training
Understanding your financial health is crucial, and that's where IBB steps in.

For real estate, they might focus on capital gains strategies and property tax optimization, ensuring you're not leaving money on the table when it comes to investments or sales. Our audit strategies are as diverse as the businesses we serve, ensuring that no stone is left unturned in safeguarding your business's financial health. We take the time to understand your unique situation, providing clear, actionable advice that makes a real difference.

It's not just about saving you time and money today; it's about setting you up for success tomorrow. Whether you're a small business owner grappling with bookkeeping or an individual seeking assistance with tax preparation, they've got you covered. Navigating through the complexities of estate planning, we'll ensure your legacy is preserved and passed on exactly as you envision.

Small Business Accountant North Vancouver

Entity Name Description Source
Tax return A tax return is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes. Source
Accounting Accounting is the process of identifying, measuring, and communicating information to allow business owners to know the status of their business. It involves tracking money to see which product lines and services are the most profitable. Services include profit and loss reports, balance sheets, cash flow statements, and sales reports. Source
Estate planning Estate planning involves arranging for the management and disposal of a person's estate during their life and after death, aiming to minimize uncertainties and maximize the value of the estate by reducing taxes and other expenses. Source
Bookkeeping Bookkeeping is the process of recording financial transactions of a business, including collecting, sorting, and recording transactions such as purchases, sales, cash receipts, and payments. It serves as the foundation for the accounting process by maintaining accurate financial records. Source
Tax avoidance Tax avoidance refers to legally minimizing tax liability through careful planning and compliance with the letter, but not necessarily the spirit, of tax laws. It involves using permissible methods to take advantage of loopholes, exemptions, and deductions offered within the tax code. Source
Income tax Income tax is a tax imposed on individuals or entities based on their income or profits. It is a key source of revenue for governments and is typically calculated as a percentage of taxable income, with rates varying based on income levels and jurisdiction. Source
Property tax Property tax is a levy on property that the owner is required to pay to the government, typically based on the value of the property. It is a primary source of revenue for local governments and funds services such as education, transportation, and emergency services. Source
Risk management Risk management involves identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unforeseen events. In taxation, it includes implementing internal controls, developing tax policies, and ensuring compliance to mitigate tax-related risks. Source
Benchmarking Benchmarking is the practice of comparing business processes and performance metrics to industry bests or best practices from other companies. In taxation, it can involve comparing one's tax strategies and liabilities to those of similar organizations to identify areas for improvement and ensure competitiveness. Source

Accounting Firm Near Me North Vancouver

Development was slow at the outset. The population of the district in the 1901 census was only 365 people. Keith joined Edwin Mahon and together they controlled North Vancouver Land & Improvement Company. Soon the pace of development around the foot of Lonsdale began to pick up. The first school was opened in 1902. The district was able to build a municipal hall in 1903 and actually have meetings in North Vancouver (instead of in Vancouver where most of the landowners lived). The first bank and first newspaper arrived in 1905. In 1906 the BC Electric Railway Company opened up a street car line that extended from the ferry wharf up Lonsdale to 12th Street. By 1911 the streetcar system extended west to the Capilano River and east to Lynn Valley.

Citations and other links

Payroll processing Business Advisory North Vancouver

At IBB Accounting & Tax Services in Business Advisory North Vancouver, we understand that every individual and business has unique financial aspirations.

Business Advisory North Vancouver - Accounting services

  1. Construction accounting
  2. Accounting for independent contractors
  3. Budgeting and forecasting
  4. Self-employment tax preparation
  5. GST/PST filing
  6. Financial consulting
  7. Tax planning
  8. Estate and trust tax planning
  9. Certified accountants
  10. Year-end financial statements
  11. Real estate accounting
  12. Accounting for remote workers
  13. Chartered accountant
  14. Accounting for tech startups
  15. Hospitality industry accounting
  16. Income tax strategies
  17. E-commerce accounting
  18. Business advisory services
  19. CPA firms
  20. Best accounting services
Their team dives deep into your financial records, ensuring accuracy and compliance with current tax laws and regulations. Don't let the stress of tax season get you down. They'll guide you through every step, ensuring your financial strategies are aligned with your business objectives. The rapid pace of technological change means you're constantly adapting, not just in your product and service offerings, but in how you manage your finances and comply with evolving tax regulations.
Strategic investment planning at IBB Accounting & Tax Services empowers you to align your financial objectives with your long-term business goals, ensuring a smoother path to growth and profitability. Having explored IBB Accounting & Tax Services' success stories, let's now examine their client service approach that makes these achievements possible. They'll keep you updated with the latest regulatory changes, so your business stays ahead, avoiding penalties and maximizing opportunities for tax savings. They're adept at navigating the complexities of business incorporation, offering valuable advice on the best structure for tax efficiency and legal protection.
We don't believe in a one-size-fits-all approach.

Business Advisory North Vancouver - Accounting consulting

  1. Year-end financial statements
  2. Real estate accounting
  3. Accounting for remote workers
  4. Chartered accountant
  5. Accounting for tech startups
  6. Hospitality industry accounting
  7. Income tax strategies
  8. E-commerce accounting
  9. Business advisory services
  10. CPA firms
  11. Best accounting services
  12. Financial reporting
  13. Cost accounting
  14. Accounting for rental properties
  15. Accounting training
  16. Accounting for import/export businesses
  17. Accounting for nonprofit organizations
  18. Sole proprietorship accounting
  19. Tax consulting
Beyond tax services, IBB Accounting & Tax Services also offers in-depth financial analysis insights to drive your business forward. You're a priority, with unique goals and challenges, and we're dedicated to helping you navigate the complexities of taxes and accounting. Through real-world examples, we'll show you how IBB Accounting & Tax Services has driven success for businesses across diverse industries.

Business Advisory North Vancouver - Accounting for medical professionals

  1. Year-end financial statements
  2. Real estate accounting
  3. Accounting for remote workers
  4. Chartered accountant
  5. Accounting for tech startups
  6. Hospitality industry accounting
  7. Income tax strategies
  8. E-commerce accounting
  9. Business advisory services
  10. CPA firms
  11. Best accounting services
  12. Financial reporting
  13. Cost accounting
  14. Accounting for rental properties
  15. Accounting training
  16. Accounting for import/export businesses
  17. Accounting for nonprofit organizations
  18. Sole proprietorship accounting
Read more about Business Advisory North Vancouver here
They'll dissect your financial statements, highlighting areas of strength and pinpointing where improvements are needed. So, you can focus on leading your business forward, knowing your financial health is in expert hands. Their team considers your company's size, industry, and specific financial goals to tailor services that align perfectly with your needs. Effective growth planning involves more than just identifying opportunities; it's about creating a sustainable path forward.

Business Advisory North Vancouver - Certified public accountant (CPA)

  1. Financial advisory services
  2. Estate planning accounting
  3. Nonprofit accounting
  4. Free consultation accounting services
  5. Small business accounting software
  6. Financial planning
  7. Tax compliance
  8. Outsourced accounting services
  9. Business growth consulting
  10. Accounting for freelancers
  11. Financial statement preparation
  12. QuickBooks accounting
  13. Accounting for home-based businesses
  14. Forensic accounting
  15. Business tax return preparation

Payroll processing Business Advisory North Vancouver
Bookkeeping for contractors Business Advisory North Vancouver

Bookkeeping for contractors Business Advisory North Vancouver

Instead, we're committed to understanding the intricacies of your business to offer services that precisely align with your objectives.

Business Advisory North Vancouver - Retail accounting

  1. Accounting consulting
  2. Debt management
  3. Bookkeeping services
  4. Tax resolution services
  5. Corporation tax accountant
  6. CRA audit help
  7. Investment accounting
  8. Accounting software setup
  9. CFO services
  10. Accounting for medical professionals
  11. Retail accounting
  12. Certified public accountant (CPA)
  13. Personal tax accountant
  14. Accounting services
  15. Personal tax services
  16. Accounting firm reviews
  17. Self-employed tax services
  18. Personal finance consulting
  19. HST/GST tax filing
At IBB Accounting & Tax Services, we excel in tax preparation, ensuring you're not only compliant but also maximizing your returns. We're committed to providing you with the tools and knowledge necessary to make informed financial decisions, every step of the way. Let's start building your secure, fulfilling future today.

Let's be your partner in navigating the complexities of business expansion, so you can focus on what you do best. You'll receive detailed reports and recommendations that not only satisfy statutory requirements but also empower you to enhance financial controls and operational efficiency. After reading these success stories, you might wonder how to embark on a similar journey with IBB for your Business Advisory North Vancouver business.

We kick things off with a comprehensive consultation to grasp your current financial standing, aspirations, and the hurdles you face. Whether it's optimizing your tax strategy, streamlining your bookkeeping processes, or providing proactive advice on financial planning, you can count on IBB to deliver solutions that are both effective and efficient. Whether you're looking to minimize your tax liability, plan for your future, or optimize your business's financial performance, we're here to help.

Business Advisory North Vancouver - Accounting software setup

  1. Tax consulting
  2. Business incorporation services
  3. Professional bookkeeping
  4. Payroll processing
  5. Tax audit assistance
  6. Tax-efficient investment strategies
  7. Digital accounting
  8. Professional accounting services
  9. Accounting for realtors
  10. Best accounting software for businesses
  11. Online tax filing
  12. Cash flow management
  13. Small business tax advising
  14. Corporation tax filing
  15. Accounting for startups
  16. Tax deduction optimization
  17. Financial advisory services
  18. Estate planning accounting
  19. Nonprofit accounting
  20. Free consultation accounting services


In essence, IBB's tax services expansion is all about providing you with the tools and expertise you need to navigate the complexities of tax planning and compliance, freeing you to focus on what you do best – growing your business. They understand that managing cash flow can be particularly tricky in the IT world, where significant upfront investment often precedes revenue. Navigating the financial landscape of diverse industries, IBB Accounting & Tax Services stands as a lighthouse for businesses in Business Advisory North Vancouver, guiding them through the fog of fiscal responsibilities and tax intricacies.

Self-Employed Tax Accountant Business Advisory North Vancouver

Whether you're planning a major investment, looking to expand, or simply aiming to optimize your operations, having access to year-round consultation services is invaluable. Together, they form a trio that's not just proficient in their respective fields but also passionate about seeing your business succeed. This ongoing support is designed to give you peace of mind, knowing that every decision is made with your best interest at heart. Understanding that everyone's financial journey and retirement dreams differ, we dive deep into your personal goals, current financial situation, and future aspirations. We'll help you understand market trends and forecast potential growth, providing you with the insights you need to make informed decisions.

Their use of advanced accounting platforms allows for real-time tracking of your finances, enabling you to make informed decisions swiftly. Recognizing the pivotal role of technology in modern accounting, it's equally important to consider how industry-specific solutions can elevate your Business Advisory North Vancouver business to new heights. Whether you're laying the foundation in real estate or coding the future in IT services, IBB customizes its support to meet your industry's unique needs. Whether you're a startup needing guidance on financial structuring or an established enterprise looking for innovative tax strategies, their team has got you covered.

Business Advisory North Vancouver - CFO services

  1. CRA audit help
  2. Investment accounting
  3. Accounting software setup
  4. CFO services
  5. Accounting for medical professionals
  6. Retail accounting
  7. Certified public accountant (CPA)
  8. Personal tax accountant
  9. Accounting services
  10. Personal tax services
  11. Accounting firm reviews
  12. Self-employed tax services
  13. Personal finance consulting
  14. HST/GST tax filing
  15. Construction accounting
  16. Accounting for independent contractors
  17. Budgeting and forecasting
  18. Self-employment tax preparation
  19. GST/PST filing
  20. Financial consulting


They don't just crunch numbers; they craft a tailored roadmap to navigate your finances towards success. Let's simplify your payroll management together. Our commitment to accuracy and compliance means you can trust us to keep your financial affairs in order, allowing you to focus on what matters most. We're not just about keeping your books in order; we're here to help you identify areas where you can cut costs and increase profits.

We meticulously review your financial documents, ensuring every number is accurate and every transaction is correctly recorded. The advanced tax solutions and cutting-edge technology they employ further underscore their commitment to transparency and integrity. In a competitive market like Business Advisory North Vancouver, this could be the edge you need. For tech startups, we're on top of the latest in R&D tax incentives and intellectual property valuations.

Self-Employed Tax Accountant Business Advisory North Vancouver
Business Advisory North Vancouver Financial Management Services
Business Advisory North Vancouver Financial Management Services

We'll help you navigate the complexities of retirement savings, tax optimization, and estate planning, ensuring that your hard-earned money works for you. This proactive stance means you're always a step ahead, with financial strategies that align with your industry's evolving landscape. At IBB Accounting & Tax Services, you're not just getting someone to crunch numbers; you're partnering with a financial expert who brings a wealth of knowledge and experience to the table. That's why they're here to take the burden off your shoulders.

Building on their unmatched expertise, IBB Accounting & Tax Services offers a comprehensive range of services to meet all your financial needs. We'll work with you to develop a comprehensive strategy that includes financial planning, risk management, and market analysis.

Business Advisory North Vancouver - Investment accounting

  1. Corporation tax filing
  2. Accounting for startups
  3. Tax deduction optimization
  4. Financial advisory services
  5. Estate planning accounting
  6. Nonprofit accounting
  7. Free consultation accounting services
  8. Small business accounting software
  9. Financial planning
  10. Tax compliance
  11. Outsourced accounting services
  12. Business growth consulting
  13. Accounting for freelancers
  14. Financial statement preparation
  15. QuickBooks accounting
  16. Accounting for home-based businesses
  17. Forensic accounting
  18. Business tax return preparation
We'll help you set realistic financial goals and develop a clear, actionable plan to achieve them.

At IBB Accounting & Tax Services, we understand that managing your finances goes beyond just keeping books. Instead, they delve into the unique aspects of your business, understanding that what works for one mightn't work for another. You'll appreciate their proactive communication, always keeping you in the loop without overwhelming you with jargon or unnecessary details.

Moreover, our tailored tax strategies are designed to maximize your benefits and minimize liabilities. One practical step is to automate your savings. Whether you're a startup navigating initial setup complexities or an established enterprise looking to optimize tax strategies, they've got your back.



Business Advisory North Vancouver - Accounting services

  1. Small business accounting software
  2. Financial planning
  3. Tax compliance
  4. Outsourced accounting services
  5. Business growth consulting
  6. Accounting for freelancers
  7. Financial statement preparation
  8. QuickBooks accounting
  9. Accounting for home-based businesses
  10. Forensic accounting
  11. Business tax return preparation
  12. Self-employed tax services
  13. Personal finance consulting
  14. HST/GST tax filing
  15. Construction accounting
  16. Accounting for independent contractors
  17. Budgeting and forecasting
  18. Self-employment tax preparation
  19. GST/PST filing
Monthly Bookkeeping Services Business Advisory North Vancouver

We'll handle the complexities of tax planning, allowing you to focus on running your business. This initial meeting is your opportunity to discuss your business's financial situation, goals, and challenges. In the complex world of financial management, where uncertainty meets the absolute necessity for precision, IBB Accounting & Tax Services stands out as a beacon for Business Advisory North Vancouver businesses. Don't let invoices sit too long; consider early payment incentives or enforce late fees to encourage quicker turnarounds.
You can call their office directly to schedule an appointment or if you have quick questions that need immediate answers. With IBB Accounting & Tax Services, you're not just staying compliant; you're staying one step ahead, ensuring your financial planning is both effective and efficient.

Business Advisory North Vancouver - Debt management

  1. Business incorporation services
  2. Professional bookkeeping
  3. Payroll processing
  4. Tax audit assistance
  5. Tax-efficient investment strategies
  6. Digital accounting
  7. Professional accounting services
  8. Accounting for realtors
  9. Best accounting software for businesses
  10. Online tax filing
  11. Cash flow management
  12. Small business tax advising
  13. Corporation tax filing
  14. Accounting for startups
  15. Tax deduction optimization
We stay up-to-date with the latest tax codes and financial regulations, so you don't have to.
Initially, they were drowning in paperwork, missing critical tax deadlines, and struggling with cash flow management. For established businesses in Business Advisory North Vancouver, IBB Accounting & Tax Services offers a suite of strategies designed to enhance financial performance and streamline tax processes. These stories underscore our commitment to not just meet, but exceed, the expectations of our diverse clientele.

Business Advisory North Vancouver - Accounting firm reviews

  1. Financial reporting
  2. Cost accounting
  3. Accounting for rental properties
  4. Accounting training
  5. Accounting for import/export businesses
  6. Accounting for nonprofit organizations
  7. Sole proprietorship accounting
  8. Tax consulting
  9. Business incorporation services
  10. Professional bookkeeping
  11. Payroll processing
  12. Tax audit assistance
  13. Tax-efficient investment strategies
  14. Digital accounting
  15. Professional accounting services
  16. Accounting for realtors
  17. Best accounting software for businesses
  18. Online tax filing
  19. Cash flow management
  20. Small business tax advising

With their support, you're not just surviving the tax season; you're thriving throughout the year. Navigating financial planning can seem daunting, but we're here to guide you through every step, ensuring your financial goals are within reach. Whether you're looking to expand, invest in new technology, or simply streamline your operations, our financial management solutions are here to guide you every step of the way.

Explore Business Advisory North Vancouver here
Monthly Bookkeeping Services Business Advisory North Vancouver

 

North Vancouver
The Corporation of the City of North Vancouver
Nickname: 
North Van
Location of the City of North Vancouver in Metro Vancouver
Location of the City of North Vancouver in Metro Vancouver
Coordinates: 49°19′N 123°4′W / 49.317°N 123.067°W / 49.317; -123.067
Country Canada
Province British Columbia
Regional district Metro Vancouver
Incorporated May 13, 1907[1]
Seat North Vancouver City Hall
Government
 • Type Mayor-council government
 • Mayor Linda Buchanan
 • Council
List of councillors
 • MP Jonathan Wilkinson (Liberal)
 • MLA Bowinn Ma (BC NDP)
Area
 • Land 11.83 km2 (4.57 sq mi)
Elevation
 
80 m (260 ft)
Population
 (2021)[3]
 • Total
58,120
 • Estimate 
(2023)[4]
64,847
 • Density 4,913.0/km2 (12,725/sq mi)
Demonym North Vancouverite
Time zone UTC-8 (PST)
 • Summer (DST) UTC-7 (PDT)
Forward sortation area
Area codes 604, 778, 236, 672
Website cnv.org Edit this at Wikidata

The City of North Vancouver is a city municipality on the North Shore of the Burrard Inlet, in British Columbia, Canada. Anchored by the downtown town centre of Lonsdale, with which its urban core is largely synonymous, it consists of the smallest and most urbanized of the communities situated north of the city of Vancouver, and is part of the Metro Vancouver regional district, though it has significant industry of its own – including shipping, chemical production, and film production. The city is served by the Royal Canadian Mounted Police, British Columbia Ambulance Service, and the North Vancouver City Fire Department.

History

[edit]

In the 1880s, Arthur Heywood-Lonsdale and a relation James Pemberton Fell, made substantial investments through their company, Lonsdale Estates, and in 1882 he financed the Moodyville investments. Several locations in the North Vancouver area are named after Lonsdale and his family.[5]

Not long after the District of North Vancouver was formed, an early land developer and second reeve of the new council, James Cooper Keith, personally underwrote a loan[6] to commence construction of a road which undulated from West Vancouver to Deep Cove amid the slashed sidehills, swamps, and burnt stumps. The road, sometimes under different names and not always contiguous, is still one of the most important east-west thoroughfare carrying traffic across the North Shore.

Development was slow at the outset. The population of the district in the 1901 census was only 365 people.[6] Keith joined Edwin Mahon and together they controlled North Vancouver Land & Improvement Company. Soon the pace of development around the foot of Lonsdale began to pick up. The first school was opened in 1902. The district was able to build a municipal hall in 1903 and actually have meetings in North Vancouver (instead of in Vancouver where most of the landowners lived).[citation needed] The first bank and first newspaper arrived in 1905. In 1906 the BC Electric Railway Company opened up a street car line that extended from the ferry wharf up Lonsdale to 12th Street. By 1911 the streetcar system extended west to the Capilano River and east to Lynn Valley.[citation needed]

The owners of businesses who operated on Lonsdale, as part of an initiative led by Keith and Mahon, brought a petition to the district council in 1905, calling for a new, compact city to be carved out of the unwieldy district.[citation needed]

During the ensuing two years there was much and sometimes heated debate. Some thought the new city should have a new name such as Northport, Hillmont or Parkhill. Burrard became the favourite of the new names but majority view was that North Vancouver remain in order to remain associated with the rising credibility of Vancouver in financial markets and as a place to attract immigrants.[7]

Some thought the boundary of the new city should reflect geography and extend from Lynn Creek or Seymour River west to the Capilano River and extend three miles up the mountainside.[citation needed] That the boundary of the city which came into existence in 1907 just happened to match that of the lands owned by the North Vancouver Land & Improvement Company and Lonsdale Estate was no accident. Since the motivation for creating the city was to reserve local tax revenue for the work of putting in services for the property owned by the major developers, there was little reason to take on any of the burden beyond the extent of their holdings.[citation needed]

Residents in west part of the District of North Vancouver now had less reason to be connected with what remained and they petitioned to create the District of West Vancouver (the west part of the North Shore, not the west side of Vancouver) in 1912.[citation needed] The eastern boundary of that new municipality is for the most part the Capilano River and a community that is easily distinguished from the two North Vancouvers has since developed.

Keith Road looking west, with Hollyburn Mtn in the distance

The City of North Vancouver continued to grow around the foot of Lonsdale Avenue. Serviced by the North Vancouver Ferries, it proved a popular area. Commuters used the ferries to work in Vancouver. Street cars and early land speculation, spurred interest in the area. Streets, city blocks and houses were slowly built around lower Lonsdale. Wallace Shipyards, and the Pacific Great Eastern Railway provided an industrial base, although, the late arrival of the Second Narrows railway bridge in 1925 controlled development.

City of North Vancouver as seen from Upper Lonsdale

The Depression again bankrupted the city, while the Second World War turned North Vancouver into the Clydeside of Canada with a large shipbuilding program. Housing the shipyard workers provided a new building boom, which continued on through the post-war years. By that time, North Vancouver became a popular housing area.

Geography

[edit]
Main thoroughfare Lonsdale Avenue with Mount Fromme in the background

The City of North Vancouver is separated from Vancouver by the Burrard Inlet, and it is surrounded on three sides by the District of North Vancouver. The city has much in common with the district and with West Vancouver; together, the three are commonly referred to as the North Shore.

The City of North Vancouver is relatively densely populated with a number of residential high-rise buildings in the Central Lonsdale and Lower Lonsdale areas.

The North Shore mountains have many drainages: Capilano River, MacKay, Mosquito, and Lynn Creeks, and Seymour River.

Climate

[edit]

North Vancouver has an oceanic climate (Köppen Cfb) with cool, rainy winters and dry, warm summers.

Climate data for North Vancouver (N Vancouver 2ND Narrows) (Elevation: 4m) 1981−2010
Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
Average precipitation mm (inches) 262.2
(10.32)
172.3
(6.78)
168.4
(6.63)
136.3
(5.37)
103.3
(4.07)
82.5
(3.25)
53.2
(2.09)
54.9
(2.16)
76.8
(3.02)
189.0
(7.44)
293.4
(11.55)
238.6
(9.39)
1,830.8
(72.08)
Average rainfall mm (inches) 255.3
(10.05)
167.7
(6.60)
166.8
(6.57)
136.1
(5.36)
103.3
(4.07)
82.5
(3.25)
53.2
(2.09)
54.9
(2.16)
76.8
(3.02)
189.0
(7.44)
290.2
(11.43)
229.9
(9.05)
1,805.6
(71.09)
Average snowfall cm (inches) 6.9
(2.7)
5.2
(2.0)
1.6
(0.6)
0.2
(0.1)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.1
(0.0)
2.3
(0.9)
8.7
(3.4)
24.9
(9.8)
Average precipitation days (≥ 0.2 mm) 20.5 15.5 18.0 15.4 13.8 11.7 7.4 6.7 9.6 16.1 20.9 20.3 175.9
Average rainy days (≥ 0.2 mm) 19.7 15.1 17.9 15.4 13.8 11.7 7.4 6.7 9.6 16.0 20.7 19.6 173.5
Average snowy days (≥ 0.2 cm) 1.7 0.92 0.54 0.12 0.0 0.0 0.0 0.0 0.0 0.08 0.72 2.2 6.2
Source: Environment Canada (normals, 1981−2010)[8]

Politics

[edit]
Mayor Linda Buchanan (2018, 2022)
Councillors Holly Back (2018, 2022), Don Bell (2011, 2014, 2018, 2022), Angela Girard (2018, 2022), Jessica McIlroy (2018, 2022), Tony Valente (2018, 2022), Shervin Shahriari (2022)
Provincial MLA Bowinn Ma (North Vancouver-Lonsdale)
MP Jonathan Wilkinson (North Vancouver)

Sites of interest

[edit]

The area around lower Lonsdale Avenue features several open community spaces, including Waterfront Park, Lonsdale Quay, Ship Builders Square and the Burrard Dry Dock Pier.

Other sites of interest in the city include:[9][10][11]

  • Centennial Theatre, 2300 Lonsdale Avenue
  • First Church of Christ, Scientist, a local heritage site
  • The Museum and Archives of North Vancouver
  • The Polygon Gallery
  • Presentation House Theatre, 333 Chesterfield Avenue
  • St. Edmund's Church, 535 Mahon Avenue, a local heritage site
  • Trans Canada Trail Pavilion, Waterfront Park
  • The Shipyards, near Lonsdale Quay, which includes Ship Builders Square and the Burrard Dry Dock Pier, on the site of the old Wallace Shipyard
  • Lonsdale Quay Market, easily accessible from the Seabus. The Quay has a view of Vancouver's skyline and is locally owned and operated.

Transportation

[edit]
Lonsdale Avenue at 13th Street is a major intersection of Central Lonsdale.

The City of North Vancouver is connected to Vancouver by two highway bridges (the Lions Gate Bridge and the Ironworkers Memorial Second Narrows Crossing) and by a passenger ferry, the SeaBus. That system and the bus system in North Vancouver is operated by Coast Mountain Bus Company, an operating company of TransLink. The hub of the bus system is Lonsdale Quay, the location of the SeaBus terminal. Currently, there is no rail transit service on the North Shore.

The main street in the city is Lonsdale Avenue, which begins at Lonsdale Quay and goes north to 29th Street, where it continues in the District of North Vancouver, ending at Rockland Road.

Highway 1, the Trans-Canada Highway (often referred to as the "Upper Levels Highway") passes through the northern portion of the city. It is a freeway for its entire length within the City of North Vancouver. There are six interchanges on Highway 1 within the City of North Vancouver:

  • Main Street/Dollarton Highway (Exit 23)
  • Mountain Highway and Mt Seymour Parkway (Exit 21/22)
  • Lynn Valley Road (Exit 19)
  • Lonsdale Avenue (Exit 18)
  • Westview Drive (Exit 17)
  • Capilano Road (Exit 14)

Education

[edit]

Public schools are managed by the North Vancouver School District, which operates 8 high schools and 30 elementary schools shared by the city and the District of North Vancouver.

The Conseil scolaire francophone de la Colombie-Britannique operates one Francophone school in that city: école André-Piolat, which has both primary and secondary levels.[12]

There are also several independent private elementary and high schools in the area, including Bodwell High School and Lions Gate Christian Academy.

Post-secondary education is available at Capilano University in the district, as well as at Simon Fraser University and the University of British Columbia in neighbouring communities.

Demographics

[edit]
Historical populations
Year Pop. ±%
1911 8,196 —    
1921 7,652 −6.6%
1931 8,510 +11.2%
1941 8,914 +4.7%
1951 15,687 +76.0%
1961 23,656 +50.8%
1971 31,847 +34.6%
1981 33,640 +5.6%
1991 41,475 +23.3%
2001 44,303 +6.8%
2006 45,165 +1.9%
2011 48,196 +6.7%
2016 52,898 +9.8%
2021 58,120 +9.9%

In the 2021 Census of Population conducted by Statistics Canada, North Vancouver had a population of 58,120 living in 27,293 of its 29,021 total private dwellings, a change of 9.9% from its 2016 population of 52,898. With a land area of 11.83 km2 (4.57 sq mi), it had a population density of 4,912.9/km2 (12,724.4/sq mi) in 2021.[3]

As of the 2011 census, the median age was 41.2 years old, which is a bit higher than the national median age at 40.6 years old. There are 24,206 private dwellings with an occupancy rate of 94.1%. According to the 2011 National Household Survey, the median value of a dwelling in North Vancouver is $599,985 which is significantly higher than the national average at $280,552. The median household income (after-taxes) in North Vancouver is $52,794, a bit lower than the national average at $54,089.

Ethnicity

[edit]

North Vancouver has one of the highest Middle Eastern[a] population ratios for any Canadian city at 11.3% as of 2021, with the vast majority being Persian.[13]

Panethnic groups in the City of North Vancouver (2001−2021)
Panethnic
group
2021[13] 2016[14] 2011[15] 2006[16] 2001[17]
Pop. % Pop. % Pop. % Pop. % Pop. %
European[b] 35,420 61.59% 34,695 66.48% 32,800 68.78% 32,160 71.69% 32,960 75.03%
Middle Eastern[a] 6,510 11.32% 4,575 8.77% 3,655 7.66% 3,155 7.03% 3,015 6.86%
East Asian[c] 5,195 9.03% 4,260 8.16% 3,775 7.92% 3,995 8.91% 3,255 7.41%
Southeast Asian[d] 4,220 7.34% 3,715 7.12% 3,470 7.28% 2,150 4.79% 1,650 3.76%
South Asian 2,100 3.65% 1,840 3.53% 1,475 3.09% 1,340 2.99% 980 2.23%
Indigenous 1,230 2.14% 1,150 2.2% 970 2.03% 925 2.06% 1,015 2.31%
Latin American 1,210 2.1% 840 1.61% 585 1.23% 430 0.96% 470 1.07%
African 550 0.96% 485 0.93% 390 0.82% 315 0.7% 315 0.72%
Other[e] 1,075 1.87% 630 1.21% 575 1.21% 385 0.86% 275 0.63%
Total responses 57,505 98.94% 52,185 98.65% 47,685 98.94% 44,860 99.32% 43,930 99.16%
Total population 58,120 100% 52,898 100% 48,196 100% 45,165 100% 44,303 100%
  • Note: Totals greater than 100% due to multiple origin responses.
 

Languages

[edit]

Mother languages as reported by each person:

Canada 2021 Census[13]
Mother language Population % of Total Population % of Non-official language Population
English 35,520 61.4% N/A
Persian 5,760 10.0% 31.1%
Tagalog 1,675 2.9% 9.0%
Chinese Languages 1,670 2.9% 9.0%
Spanish 1,245 2.2% 6.7%
Korean 1,135 6.1% 6.1%
French 980 1.7% N/A
German 575 1.0% 3.1%

3.1% of North Vancouver residents listed both English and a non-official language as mother tongues.

Religion

[edit]

According to the 2021 census, religious groups in North Vancouver included:[13]

Notes

[edit]
  1. ^ a b Statistic includes total responses of "West Asian" and "Arab" under visible minority section on census.
  2. ^ Statistic includes all persons that did not make up part of a visible minority or an indigenous identity.
  3. ^ Statistic includes total responses of "Chinese", "Korean", and "Japanese" under visible minority section on census.
  4. ^ Statistic includes total responses of "Filipino" and "Southeast Asian" under visible minority section on census.
  5. ^ Statistic includes total responses of "Visible minority, n.i.e." and "Multiple visible minorities" under visible minority section on census.

References

[edit]
  1. ^ "CivicInfo BC | Municipality: North Vancouver (City)". www.civicinfo.bc.ca. Archived from the original on 25 September 2022. Retrieved 19 August 2022.
  2. ^ "Mayor & Council | City of North Vancouver". www.cnv.org. Archived from the original on 19 August 2022. Retrieved 19 August 2022.
  3. ^ a b c "Profile table, Census Profile, 2021 Census of Population - North Vancouver, City (CY) [Census subdivision], British Columbia". Statistics Canada. 17 August 2022. Retrieved 21 August 2022.
  4. ^ Services, Ministry of Citizens'. "Population Estimates - Province of British Columbia". www2.gov.bc.ca. Archived from the original on 3 July 2024. Retrieved 4 July 2024.
  5. ^ Canada North Shore News
  6. ^ a b Francis, Daniel (2016). Where Mountains Meet the Sea. Harbour Publishing Co. P.O. Box 219, Madeira Park, BC V0N 2H0: Harbour Publishing. p. 77. ISBN 978-1-55017-751-0.cite book: CS1 maint: location (link)
  7. ^ Sommer, Warren (2007). The Ambitious City: A History of the City of North Vancouver. Madeira Park, BC V0N 2H0: Harbour Publishing. pp. 64, 83, 93, 94. ISBN 978-1-55017-411-3.cite book: CS1 maint: location (link)
  8. ^ "N VANCOUVER 2ND NARROWS]". Canadian Climate Normals 1981−2010. 25 September 2013. Archived from the original on 27 March 2018. Retrieved 26 March 2018.
  9. ^ "HistoricPlaces.ca - Recherche". www.historicplaces.ca. Archived from the original on 27 November 2021. Retrieved 19 August 2022.
  10. ^ "Attractions in North Vancouver". Archived from the original on 23 July 2012. Retrieved 25 May 2009.
  11. ^ "Primary Buildings". Archived from the original on 19 August 2007.
  12. ^ "Carte des écoles Archived 17 August 2015 at the Wayback Machine." Conseil scolaire francophone de la Colombie-Britannique. Retrieved on 22 January 2015.
  13. ^ a b c d Government of Canada, Statistics Canada (26 October 2022). "Census Profile, 2021 Census of Population". www12.statcan.gc.ca. Archived from the original on 10 November 2022. Retrieved 9 November 2022.
  14. ^ Government of Canada, Statistics Canada (27 October 2021). "Census Profile, 2016 Census". www12.statcan.gc.ca. Archived from the original on 27 December 2022. Retrieved 26 December 2022.
  15. ^ Government of Canada, Statistics Canada (27 November 2015). "NHS Profile". www12.statcan.gc.ca. Archived from the original on 27 December 2022. Retrieved 26 December 2022.
  16. ^ Government of Canada, Statistics Canada (20 August 2019). "2006 Community Profiles". www12.statcan.gc.ca. Archived from the original on 27 December 2022. Retrieved 26 December 2022.
  17. ^ Government of Canada, Statistics Canada (2 July 2019). "2001 Community Profiles". www12.statcan.gc.ca. Archived from the original on 27 December 2022. Retrieved 26 December 2022.
[edit]

 

 

Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations.[1][2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators.[3] Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used interchangeably.[4]

Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting.[5] Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers.[6] Management accounting focuses on the measurement, analysis and reporting of information for internal use by management to enhance business operations.[1][6] The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.[7] Accounting information systems are designed to support accounting functions and related activities.

Accounting has existed in various forms and levels of sophistication throughout human history. The double-entry accounting system in use today was developed in medieval Europe, particularly in Venice, and is usually attributed to the Italian mathematician and Franciscan friar Luca Pacioli.[8] Today, accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are usually audited by accounting firms,[9] and are prepared in accordance with generally accepted accounting principles (GAAP).[6] GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States[1] and the Financial Reporting Council in the United Kingdom. As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS).[10][11]

History

[edit]
Portrait of Luca Pacioli, painted by Jacopo de' Barbari, 1495 (Museo di Capodimonte)

Accounting is thousands of years old and can be traced to ancient civilizations.[12][13][14] One early development of accounting dates back to ancient Mesopotamia and is closely related to developments in writing, counting and money;[12] there is also evidence of early forms of bookkeeping in ancient Iran,[15][16] and early auditing systems by the ancient Egyptians and Babylonians.[13] By the time of Emperor Augustus, the Roman government had access to detailed financial information.[17]

Many concepts related to today's accounting seem to be initiated in medieval's Middle East. For example, Jewish communities used double-entry bookkeeping in the early-medieval period[18][19] and Muslim societies, at least since the 10th century also used many modern accounting concepts.[20]

The spread of the use of Arabic numerals, instead of the Roman numbers historically used in Europe, increased efficiency of accounting procedures among Mediterranean merchants,[21] who further refined accounting in medieval Europe.[22] With the development of joint-stock companies, accounting split into financial accounting and management accounting.

The first published work on a double-entry bookkeeping system was the Summa de arithmetica, published in Italy in 1494 by Luca Pacioli (the "Father of Accounting").[23][24] Accounting began to transition into an organized profession in the nineteenth century,[25][26] with local professional bodies in England merging to form the Institute of Chartered Accountants in England and Wales in 1880.[27]

Etymology

[edit]
Early 19th-century ledger

Both the words "accounting" and "accountancy" were in use in Great Britain by the mid-1800s and are derived from the words accompting and accountantship used in the 18th century.[28] In Middle English (used roughly between the 12th and the late 15th century), the verb "to account" had the form accounten, which was derived from the Old French word aconter,[29] which is in turn related to the Vulgar Latin word computare, meaning "to reckon". The base of computare is putare, which "variously meant to prune, to purify, to correct an account, hence, to count or calculate, as well as to think".[29]

The word "accountant" is derived from the French word compter, which is also derived from the Italian and Latin word computare. The word was formerly written in English as "accomptant", but in process of time the word, which was always pronounced by dropping the "p", became gradually changed both in pronunciation and in orthography to its present form.[30]

Terminology

[edit]

Accounting has variously been defined as the keeping or preparation of the financial records of transactions of the firm, the analysis, verification and reporting of such records and "the principles and procedures of accounting"; it also refers to the job of being an accountant.[31][32][33]

Accountancy refers to the occupation or profession of an accountant,[34][35][36] particularly in British English.[31][32]

Topics

[edit]

Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems.[5]

Financial accounting

[edit]

Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors. It calculates and records business transactions and prepares financial statements for the external users in accordance with generally accepted accounting principles (GAAP).[6] GAAP, in turn, arises from the wide agreement between accounting theory and practice, and changes over time to meet the needs of decision-makers.[1]

Financial accounting produces past-oriented reports—for example financial statements are often published six to ten months after the end of the accounting period—on an annual or quarterly basis, generally about the organization as a whole.[6]

Management accounting

[edit]

Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfill the goals of an organization. In management accounting, internal measures and reports are based on cost–benefit analysis, and are not required to follow the generally accepted accounting principle (GAAP).[6] In 2014 CIMA created the Global Management Accounting Principles (GMAPs). The result of research from across 20 countries in five continents, the principles aim to guide best practice in the discipline.[37]

Management accounting produces past-oriented reports with time spans that vary widely, but it also encompasses future-oriented reports such as budgets. Management accounting reports often include financial and non financial information, and may, for example, focus on specific products and departments.[6]

Intercompany accounting

[edit]

Intercompany accounting focuses on the measurement, analysis and reporting of information between separate entities that are related, such as a parent company and its subsidiary companies. Intercompany accounting concerns record keeping of transactions between companies that have common ownership such as a parent company and a partially or wholly owned subsidiary. Intercompany transactions are also recorded in accounting when business is transacted between companies with a common parent company (subsidiaries).[38][39]

Auditing

[edit]

Auditing is the verification of assertions made by others regarding a payoff,[40] and in the context of accounting it is the "unbiased examination and evaluation of the financial statements of an organization".[41] Audit is a professional service that is systematic and conventional.[42]

An audit of financial statements aims to express or disclaim an independent opinion on the financial statements. The auditor expresses an independent opinion on the fairness with which the financial statements presents the financial position, results of operations, and cash flows of an entity, in accordance with the generally accepted accounting principles (GAAP) and "in all material respects". An auditor is also required to identify circumstances in which the generally accepted accounting principles (GAAP) have not been consistently observed.[43]

Information systems

[edit]

An accounting information system is a part of an organization's information system used for processing accounting data.[44] Many corporations use artificial intelligence-based information systems. The banking and finance industry uses AI in fraud detection. The retail industry uses AI for customer services. AI is also used in the cybersecurity industry. It involves computer hardware and software systems using statistics and modeling.[45]

Many accounting practices have been simplified with the help of accounting computer-based software. An enterprise resource planning (ERP) system is commonly used for a large organisation and it provides a comprehensive, centralized, integrated source of information that companies can use to manage all major business processes, from purchasing to manufacturing to human resources. These systems can be cloud based and available on demand via application or browser, or available as software installed on specific computers or local servers, often referred to as on-premise.

Tax accounting

[edit]

Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting.[46] U.S. tax law covers four basic forms of business ownership: sole proprietorship, partnership, corporation, and limited liability company. Corporate and personal income are taxed at different rates, both varying according to income levels and including varying marginal rates (taxed on each additional dollar of income) and average rates (set as a percentage of overall income).[46]

Forensic accounting

[edit]

Forensic accounting is a specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation.[47] "Forensic" means "suitable for use in a court of law", and it is to that standard and potential outcome that forensic accountants generally have to work.

Political campaign accounting

[edit]

Political campaign accounting deals with the development and implementation of financial systems and the accounting of financial transactions in compliance with laws governing political campaign operations. This branch of accounting was first formally introduced in the March 1976 issue of The Journal of Accountancy.[48]

Organizations

[edit]

Professional bodies

[edit]

Professional accounting bodies include the American Institute of Certified Public Accountants (AICPA) and the other 179 members of the International Federation of Accountants (IFAC),[49] including Institute of Chartered Accountants of Scotland (ICAS), Institute of Chartered Accountants of Pakistan (ICAP), CPA Australia, Institute of Chartered Accountants of India, Association of Chartered Certified Accountants (ACCA) and Institute of Chartered Accountants in England and Wales (ICAEW). Some countries have a single professional accounting body and, in some other countries, professional bodies for subfields of the accounting professions also exist, for example the Chartered Institute of Management Accountants (CIMA) in the UK and Institute of management accountants in the United States.[50] Many of these professional bodies offer education and training including qualification and administration for various accounting designations, such as certified public accountant (AICPA) and chartered accountant.[51][52]

Firms

[edit]

Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms.[9]

Accounting firms grew in the United States and Europe in the late nineteenth and early twentieth century, and through several mergers there were large international accounting firms by the mid-twentieth century. Further large mergers in the late twentieth century led to the dominance of the auditing market by the "Big Five" accounting firms: Arthur Andersen, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers.[53] The demise of Arthur Andersen following the Enron scandal reduced the Big Five to the Big Four.[54]

Standard-setters

[edit]

Generally accepted accounting principles (GAAP) are accounting standards issued by national regulatory bodies. In addition, the International Accounting Standards Board (IASB) issues the International Financial Reporting Standards (IFRS) implemented by 147 countries.[1] Standards for international audit and assurance, ethics, education, and public sector accounting are all set by independent standard settings boards supported by IFAC. The International Auditing and Assurance Standards Board sets international standards for auditing, assurance, and quality control; the International Ethics Standards Board for Accountants (IESBA)[55] sets the internationally appropriate principles-based Code of Ethics for Professional Accountants; the International Accounting Education Standards Board (IAESB) sets professional accounting education standards;[56] and International Public Sector Accounting Standards Board (IPSASB) sets accrual-based international public sector accounting standards.[57][4]

Organizations in individual countries may issue accounting standards unique to the countries. For example, in Australia, the Australian Accounting Standards Board manages the issuance of the accounting standards in line with IFRS. In the United States the Financial Accounting Standards Board (FASB) issues the Statements of Financial Accounting Standards, which form the basis of US GAAP,[1] and in the United Kingdom the Financial Reporting Council (FRC) sets accounting standards.[58] However, as of 2012 "all major economies" have plans to converge towards or adopt the IFRS.[10]

Education, training and qualifications

[edit]

Degrees

[edit]

At least a bachelor's degree in accounting or a related field is required for most accountant and auditor job positions, and some employers prefer applicants with a master's degree.[59] A degree in accounting may also be required for, or may be used to fulfill the requirements for, membership to professional accounting bodies. For example, the education during an accounting degree can be used to fulfill the American Institute of CPA's (AICPA) 150 semester hour requirement,[60] and associate membership with the Certified Public Accountants Association of the UK is available after gaining a degree in finance or accounting.[61]

A doctorate is required in order to pursue a career in accounting academia, for example, to work as a university professor in accounting.[62][63] The Doctor of Philosophy (PhD) and the Doctor of Business Administration (DBA) are the most popular degrees. The PhD is the most common degree for those wishing to pursue a career in academia, while DBA programs generally focus on equipping business executives for business or public careers requiring research skills and qualifications.[62]

Professional qualifications

[edit]

Professional accounting qualifications include the chartered accountant designations and other qualifications including certificates and diplomas.[64] In Scotland, chartered accountants of ICAS undergo Continuous Professional Development and abide by the ICAS code of ethics.[65] In England and Wales, chartered accountants of the ICAEW undergo annual training, and are bound by the ICAEW's code of ethics and subject to its disciplinary procedures.[66]

In the United States, the requirements for joining the AICPA as a Certified Public Accountant are set by the Board of Accountancy of each state, and members agree to abide by the AICPA's Code of Professional Conduct and Bylaws.

The ACCA is the largest global accountancy body with over 320,000 members, and the organisation provides an 'IFRS stream' and a 'UK stream'. Students must pass a total of 14 exams, which are arranged across three levels.[67]

Research

[edit]

Accounting research is research in the effects of economic events on the process of accounting, the effects of reported information on economic events, and the roles of accounting in organizations and society.[68][69] It encompasses a broad range of research areas including financial accounting, management accounting, auditing and taxation.[70]

Accounting research is carried out both by academic researchers and practicing accountants. Methodologies in academic accounting research include archival research, which examines "objective data collected from repositories"; experimental research, which examines data "the researcher gathered by administering treatments to subjects"; analytical research, which is "based on the act of formally modeling theories or substantiating ideas in mathematical terms"; interpretive research, which emphasizes the role of language, interpretation and understanding in accounting practice, "highlighting the symbolic structures and taken-for-granted themes which pattern the world in distinct ways"; critical research, which emphasizes the role of power and conflict in accounting practice; case studies; computer simulation; and field research.[71][72]

Empirical studies document that leading accounting journals publish in total fewer research articles than comparable journals in economics and other business disciplines,[73] and consequently, accounting scholars[74] are relatively less successful in academic publishing than their business school peers.[75] Due to different publication rates between accounting and other business disciplines, a recent study based on academic author rankings concludes that the competitive value of a single publication in a top-ranked journal is highest in accounting and lowest in marketing.[76]

Scandals

[edit]

The year 2001 witnessed a series of financial information frauds involving Enron, auditing firm Arthur Andersen, the telecommunications company WorldCom, Qwest and Sunbeam, among other well-known corporations. These problems highlighted the need to review the effectiveness of accounting standards, auditing regulations and corporate governance principles. In some cases, management manipulated the figures shown in financial reports to indicate a better economic performance. In others, tax and regulatory incentives encouraged over-leveraging of companies and decisions to bear extraordinary and unjustified risk.[77]

The Enron scandal deeply influenced the development of new regulations to improve the reliability of financial reporting, and increased public awareness about the importance of having accounting standards that show the financial reality of companies and the objectivity and independence of auditing firms.[77]

In addition to being the largest bankruptcy reorganization in American history, the Enron scandal undoubtedly is the biggest audit failure[78] causing the dissolution of Arthur Andersen, which at the time was one of the five largest accounting firms in the world. After a series of revelations involving irregular accounting procedures conducted throughout the 1990s, Enron filed for Chapter 11 bankruptcy protection in December 2001.[79]

One consequence of these events was the passage of the Sarbanes–Oxley Act in the United States in 2002, as a result of the first admissions of fraudulent behavior made by Enron. The act significantly raises criminal penalties for securities fraud, for destroying, altering or fabricating records in federal investigations or any scheme or attempt to defraud shareholders.[80]

Fraud and error

[edit]

Accounting fraud is an intentional misstatement or omission in the accounting records by management or employees which involves the use of deception. It is a criminal act and a breach of civil tort. It may involve collusion with third parties.[81]

An accounting error is an unintentional misstatement or omission in the accounting records, for example misinterpretation of facts, mistakes in processing data, or oversights leading to incorrect estimates.[81] Acts leading to accounting errors are not criminal but may breach civil law, for example, the tort of negligence.

The primary responsibility for the prevention and detection of fraud and errors rests with the entity's management.[81]

See also

[edit]

References

[edit]
  1. ^ a b c d e f Needles, Belverd E.; Powers, Marian (2013). Principles of Financial Accounting. Financial Accounting Series (12 ed.). Cengage Learning.
  2. ^ Accounting Research Bulletins No. 7 Reports of Committee on Terminology (Report). Committee on Accounting Procedure, American Institute of Accountants. November 1940. Archived from the original on 7 January 2014. Retrieved 31 December 2013.
  3. ^ "Department of Accounting". Foster School of Business. 2013. Archived from the original on 19 March 2015. Retrieved 31 December 2013.
  4. ^ a b Schipper, Katherine (2005). "The introduction of International Accounting Standards in Europe: Implications for international convergence". European Accounting Review. 14. Taylor & Francis Online: 101–126. doi:10.1080/0963818042000338013. S2CID 153931720. Archived from the original on 3 April 2023. Retrieved 3 April 2023.
  5. ^ a b Weber, Richard P., and W. C. Stevenson. 1981. "Evaluations of Accounting Journal and Department Quality." The Accounting Review 56 (3): 596–612.
  6. ^ a b c d e f g Horngren, Charles T.; Datar, Srikant M.; Foster, George (2006), Cost Accounting: A Managerial Emphasis (12th ed.), New Jersey: Pearson Prentice Hall
  7. ^ Lung, Henry (2009). Fundamentals of Financial Accounting. Elsevier.
  8. ^ DIWAN, Jaswith. ACCOUNTING CONCEPTS & THEORIES. LONDON: MORRE. pp. 001–002. id# 94452.
  9. ^ a b "Auditors: Market concentration and their role, CHAPTER 1: Introduction". UK Parliament. House of Lords. 2011. Archived from the original on 29 July 2022. Retrieved 1 January 2014.
  10. ^ a b "The move towards global standards". ifrs.org. IFRS Foundation and International Accounting Standards Board. 2011. Archived from the original on 25 December 2011. Retrieved 27 April 2012.
  11. ^ "The importance of high quality accounting standards". Archived from the original on 3 April 2023. Retrieved 3 April 2023 – via ProQuest.
  12. ^ a b Robson, Keith. 1992. "Accounting Numbers as 'inscription': Action at a Distance and the Development of Accounting." Accounting, Organizations and Society 17 (7): 685–708.
  13. ^ a b A History of ACCOUNTANCY, New York State Society of CPAs, November 2003, archived from the original on 1 January 2015, retrieved 28 December 2013
  14. ^ The History of Accounting, University of South Australia, 30 April 2013, archived from the original on 28 December 2013, retrieved 28 December 2013
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Frequently Asked Questions

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