Non-Profit Accountant North Vancouver

Non-Profit Accountant North Vancouver

Accounting for Airbnb hosts

We'll guide you through the complexities of new tax laws, ensuring you're always maximizing your returns and minimizing your liabilities. Learn more about IBB Accounting & Tax Services here. Learn more about Non-Profit Accountant North Vancouver here Their experts are always up-to-date on the latest payroll practices and technologies, ensuring your payroll operations are as efficient as possible.

Non-Profit Accountant North Vancouver - Financial consulting

  1. Tax accounting
  2. Virtual accounting services
  3. Income tax strategies
  4. CRA audit help
  5. Tax consulting
  6. Accounting for nonprofit organizations
  7. Sole proprietorship accounting
  8. Accounting for startups
  9. Accounting training
  10. Corporation tax filing
  11. Accounting for independent contractors
  12. Accounting for realtors
  13. Tax compliance
  14. Accounting for legal professionals
  15. Personal finance consulting
  16. Construction accounting
Every enterprise in Non-Profit Accountant North Vancouver has its own set of challenges and goals, making a one-size-fits-all approach to bookkeeping ineffective. It's surprising how many businesses bleed money through unnecessary costs. By leveraging their expertise, you ensure that your bookkeeping not only meets compliance standards but also propels your business forward.
We start by assessing your specific risk factors, including market volatility, industry-specific hazards, and personal financial vulnerabilities. This proactive approach to accounting means you can anticipate challenges and seize opportunities as they arise, keeping you one step ahead in the dynamic Non-Profit Accountant North Vancouver business landscape. This means you're not just prepared; you're empowered with knowledge and strategies to enhance your financial practices going forward. You've also got to tighten up on receivables.
Stay tuned to uncover how they can transform your financial management approach, leveraging their industry-specific services and success stories as a beacon for what's possible for your business. Understanding your financial future is crucial, and that's where our expert financial planning advice comes in to guide you every step of the way. Understanding these dynamics is crucial for anyone looking to thrive in Non-Profit Accountant North Vancouver's vibrant business community. Our team works closely with you to identify potential financial risks and opportunities, ensuring that you're always a step ahead.
At IBB Accounting & Tax Services, we offer tailored solutions designed to meet the unique challenges of various industries.

Non-Profit Accountant North Vancouver - Tax resolution services

  1. Accounting for artists
  2. Financial planning
  3. Partnership accounting
  4. Business valuation
  5. Certified public accountant (CPA)
  6. QuickBooks accounting
  7. Certified accountants
  8. Financial reporting
  9. Estate and trust tax planning
  10. Payroll processing
  11. Accounting for consultants
  12. Accounting for medical professionals
  13. HST/GST tax filing
  14. Bookkeeping services
  15. Online tax filing
  16. Accounting for freelancers
Their history is not just a timeline of excellence but a testament to their commitment to staying ahead of regulations and adapting to the ever-changing financial landscape. From tax preparation and planning to ensure you're maximizing your deductions and credits, to bookkeeping services that keep your financial records in impeccable order, they're there to support your financial health every step of the way. Think of us as your financial navigator, guiding you through the complexities of cash flow management, budgeting, and forecasting.



Non-Profit Accountant North Vancouver - Outsourced accounting services

  1. HST/GST tax filing
  2. Bookkeeping services
  3. Online tax filing
  4. Accounting for freelancers
  5. Tax specialist services
  6. Accounting for home-based businesses
  7. Accounting for rental properties
  8. Debt management
  9. Business tax return preparation
  10. Business growth consulting
  11. CFO services
  12. Year-end financial statements
  13. Digital accounting
  14. Tax accounting
  15. Virtual accounting services

They've seen it all, from the simplest tax returns to the most complex financial puzzles, ensuring that whatever your financial needs, they've got you covered. Our team's expertise spans across various domains, ensuring you receive comprehensive support whether you're navigating tax planning, financial forecasting, or bookkeeping challenges. As you delve into this transformation, you'll notice the diverse sectors that have flourished, ranging from tech startups to traditional manufacturing firms. It's about adding value where it matters most to your business.

Non-Profit Accountant North Vancouver - Accounting for Airbnb hosts

  1. Corporation tax accountant
  2. Tax planning
  3. Business incorporation services
  4. International tax accounting
  5. Tax resolution services
  6. Retail accounting
  7. Accounting technology solutions
  8. Personal tax services
  9. Financial consulting
  10. Best accounting services
  11. Small business accounting
  12. Financial advisory services
  13. Budgeting and forecasting
  14. Income tax preparation
  15. Best bookkeeping services
  16. Best accounting software for businesses


We don't just stop at software selection. With IBB's strategic approach, you'll understand the implications of various investment options and how they can be optimized to support both immediate needs and future aspirations. Lastly, explore different revenue streams or adjust your pricing models to increase cash flow without necessarily increasing overhead costs.

Whether you're aiming for early retirement or planning to build a legacy, we've got the expertise to guide you every step of the way. Whether you're a startup feeling swamped by your first tax season or an established corporation looking to optimize tax strategies, IBB's got you covered. That's why we're here to help you navigate the complexities of wealth accumulation, preservation, and transfer.

They've developed systems that not only track your finances accurately but also make it easier for you to understand where your business stands financially at any given moment. Whether you're looking to streamline operations, explore new markets, or enhance your product offerings, we've got the expertise to guide you every step of the way. They're all about making connections and understanding your unique business needs.



Non-Profit Accountant North Vancouver - Tax planning

  1. Income tax strategies
  2. CRA audit help
  3. Tax consulting
  4. Accounting for nonprofit organizations
  5. Sole proprietorship accounting
  6. Accounting for startups
  7. Accounting training
  8. Corporation tax filing
  9. Accounting for independent contractors
  10. Accounting for realtors
  11. Tax compliance
  12. Accounting for legal professionals
  13. Personal finance consulting
  14. Construction accounting
  15. International tax accounting
  16. Tax resolution services

Tax Strategy 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

Tax Strategy North Vancouver

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.

Citations and other links

Corporate Financial Advisory Non-Profit Accountant North Vancouver

Moreover, accurate reports are essential for securing funding or attracting investors. This technology not only speeds up the preparation but also minimizes errors, ensuring your filings are accurate and compliant. Just as a captain navigates through tumultuous seas, so must you steer through the complex waters of financial management and tax compliance. Mastering cash flow management is key to ensuring your business stays financially healthy and ready for growth opportunities. This proactive approach can significantly reduce your tax liabilities, freeing up more resources for you to invest, save, or spend as you see fit.

We understand the importance of assurance services in establishing credibility with stakeholders, investors, and financial institutions.

Non-Profit Accountant North Vancouver - Accounting for Airbnb hosts

  1. Retail accounting
  2. Accounting technology solutions
  3. Personal tax services
  4. Financial consulting
  5. Best accounting services
  6. Small business accounting
  7. Financial advisory services
  8. Budgeting and forecasting
  9. Income tax preparation
  10. Best bookkeeping services
  11. Best accounting software for businesses
  12. Accounting for remote workers
  13. Free consultation accounting services
  14. E-commerce accounting
  15. Nonprofit accounting
  16. Accounting software setup
  17. Forensic accounting
  18. Accounting consulting
Compliance can be a headache, but it's crucial for your business's longevity. Building on their comprehensive business growth support, IBB Accounting & Tax Services also ensures your payroll management is seamless and efficient, enabling you to focus on what you do best. Let's work together to build a stronger financial future for you and your business.

Non-Profit Accountant North Vancouver - Financial consulting

  1. Best accounting software for businesses
  2. Accounting for remote workers
  3. Free consultation accounting services
  4. E-commerce accounting
  5. Nonprofit accounting
  6. Accounting software setup
  7. Forensic accounting
  8. Accounting consulting
  9. Accounting for artists
  10. Financial planning
  11. Partnership accounting
  12. Business valuation
  13. Certified public accountant (CPA)
  14. QuickBooks accounting
  15. Certified accountants
  16. Financial reporting


Take, for example, a small boutique in the heart of Non-Profit Accountant North Vancouver. They're also experts in GST/HST filings, making sure you're compliant and taking advantage of all available credits. You'll find their team readily available to answer your questions, guide you through complex tax laws, and provide insights that can save you money and avoid pitfalls. Instead, we're committed to understanding the nuances of your industry and the challenges you face.

Or picture a tech startup, brilliant at innovation but baffled by balance sheets. This proactive strategy not only maximizes your returns but also safeguards your business against unforeseen financial downturns. Our team digs deep into your financial records, scrutinizing every transaction and balance to confirm accuracy and adherence to the latest financial regulations. This includes everything from leveraging business expenses to optimizing your retirement savings contributions.



Non-Profit Accountant North Vancouver - Small business tax advising

  1. Payroll processing
  2. Accounting for consultants
  3. Accounting for medical professionals
  4. HST/GST tax filing
  5. Bookkeeping services
  6. Online tax filing
  7. Accounting for freelancers
  8. Tax specialist services
  9. Accounting for home-based businesses
  10. Accounting for rental properties
  11. Debt management
  12. Business tax return preparation
  13. Business growth consulting
  14. CFO services
  15. Year-end financial statements
  16. Digital accounting
Corporate Financial Advisory Non-Profit Accountant North Vancouver
E-Commerce Accountant Non-Profit Accountant North Vancouver

E-Commerce Accountant Non-Profit Accountant North Vancouver

You're not just getting an accountant; you're gaining a partner dedicated to your financial success. With their unmatched expertise and comprehensive service range, they not only address this challenge but transform it into a strategic advantage for businesses. Imagine having real-time insights into your finances, where predictive analytics can help forecast future trends and financial health. James's knack for dissecting intricate tax laws means he's always ready to find ways to minimize your liabilities while maximizing your benefits. Recognizing that each individual's situation is unique, we tailor our approach to align with your specific goals, ensuring a smooth transition of your assets to your chosen beneficiaries.

Let's help you turn your financial challenges into success stories, ensuring your business thrives in today's competitive landscape. They're not just sticking to the basics; they're gearing up to offer more specialized services.

Non-Profit Accountant North Vancouver - Financial consulting

  1. Year-end financial statements
  2. Digital accounting
  3. Tax accounting
  4. Virtual accounting services
  5. Income tax strategies
  6. CRA audit help
  7. Tax consulting
  8. Accounting for nonprofit organizations
  9. Sole proprietorship accounting
  10. Accounting for startups
  11. Accounting training
  12. Corporation tax filing
  13. Accounting for independent contractors
  14. Accounting for realtors
  15. Tax compliance
  16. Accounting for legal professionals
  17. Personal finance consulting
  18. Construction accounting
  19. Accounting for tech startups
Lastly, tax planning shouldn't be overlooked. Feedback is a crucial part of our process.

Let's take the worry out of your financial decisions, giving you peace of mind and the freedom to focus on what matters most to you. IBB Accounting & Tax Services doesn't just streamline your financial management; they're also your partner in driving your business toward unparalleled success. Rather than waiting until tax season to get a handle on your finances, you can stay ahead with ongoing support and advice. A family-owned restaurant, grappling with the pandemic's challenges, found a lifeline in IBB's advisory services.

Non-Profit Accountant North Vancouver - Personal tax services

  1. Free consultation accounting services
  2. E-commerce accounting
  3. Nonprofit accounting
  4. Accounting software setup
  5. Forensic accounting
  6. Accounting consulting
  7. Accounting for artists
  8. Financial planning
  9. Partnership accounting
  10. Business valuation
  11. Certified public accountant (CPA)
  12. QuickBooks accounting
  13. Certified accountants
  14. Financial reporting
  15. Estate and trust tax planning


With IBB, you're not just getting an accountant; you're gaining a partner dedicated to your financial success.

Non-Profit Accountant North Vancouver - Retail accounting

  1. Tax specialist services
  2. Accounting for home-based businesses
  3. Accounting for rental properties
  4. Debt management
  5. Business tax return preparation
  6. Business growth consulting
  7. CFO services
  8. Year-end financial statements
  9. Digital accounting
  10. Tax accounting
  11. Virtual accounting services
  12. Income tax strategies
  13. CRA audit help
  14. Tax consulting
  15. Accounting for nonprofit organizations
  16. Sole proprietorship accounting
  17. Accounting for startups
  18. Accounting training
This forward-thinking approach means you're always one step ahead, equipped with the strategic advice you need to make informed decisions. And for manufacturers, our knowledge in cost accounting and supply chain management can be the difference between profit and loss. Nearly 75% of small business owners report feeling overwhelmed by the complexities of their financial management and tax obligations, a challenge that's particularly pronounced in the competitive landscape of Non-Profit Accountant North Vancouver.

Tax Return Specialist Non-Profit Accountant North Vancouver

We'll ensure your financial records are meticulous and up-to-date, providing you with a clear picture of your business's financial health. Whether you're in retail, construction, healthcare, or technology, we've got you covered.

Non-Profit Accountant North Vancouver - Business restructuring accounting

  1. Estate and trust tax planning
  2. Payroll processing
  3. Accounting for consultants
  4. Accounting for medical professionals
  5. HST/GST tax filing
  6. Bookkeeping services
  7. Online tax filing
  8. Accounting for freelancers
  9. Tax specialist services
  10. Accounting for home-based businesses
  11. Accounting for rental properties
  12. Debt management
  13. Business tax return preparation
  14. Business growth consulting
  15. CFO services
With the foundational steps of financial management in place, it's time to focus on how strategic tax planning can further strengthen your business's financial health. Moreover, IBB's expertise in tax laws and accounting standards ensures that your financial statements meet the highest standards of accuracy and compliance. Each classification comes with its own set of rules and benefits, and knowing where you stand can significantly impact your bottom line.

Our team specializes in tax preparation and filing to ensure you're not only compliant but also maximizing your returns. Another success story comes from a tech startup grappling with the complexities of tax compliance. We've got CPAs (Certified Public Accountants), recognized not just for their technical expertise, but for their ethical standards and commitment to continuous learning. This means you'll always have access to expert advice and strategies that reflect the latest financial trends and regulatory changes, ensuring your business remains ahead.

You're not just getting traditional bookkeeping; you're getting a suite of solutions powered by the latest in accounting technology. Within a year, the startup saw a revenue increase of 25%, propelling them into new markets. You'll find that their expertise isn't just about crunching numbers; it's about crafting strategies that propel businesses forward, ensuring compliance, and optimizing tax benefits.

Non-Profit Accountant North Vancouver - International tax accounting

  1. Corporation tax filing
  2. Accounting for independent contractors
  3. Accounting for realtors
  4. Tax compliance
  5. Accounting for legal professionals
  6. Personal finance consulting
  7. Construction accounting
  8. Personal tax services
  9. Financial consulting
  10. Best accounting services
  11. Small business accounting
  12. Financial advisory services
  13. Budgeting and forecasting
  14. Income tax preparation
  15. Best bookkeeping services
  16. Best accounting software for businesses
  17. Accounting for remote workers
That's the power of advanced accounting technologies.

They believe in keeping you fully informed and involved in every decision, every step of the way. With IBB Accounting & Tax Services, you're choosing a partner that stands by you, ensuring your tax preparation isn't only compliant but also optimized for your benefit. At IBB Accounting & Tax Services, we know that no two financial situations are the same. Manufacturers benefit from our expertise in cost accounting and maximizing tax incentives related to production.

Tax Return Specialist Non-Profit Accountant North Vancouver
Certified Accountant Non-Profit Accountant North Vancouver
Certified Accountant Non-Profit Accountant North Vancouver

Effective financial management is the backbone of your business's success, ensuring you have a clear picture of your financial health and the strategies needed to sustain and grow your enterprise. Moreover, IBB offers invaluable advice on business incorporation and structure, guiding you through the maze of legal and financial considerations. In essence, with IBB Accounting & Tax Services, you're not just planning for tomorrow, you're strategically investing in a prosperous future. Moreover, IBB is looking to foster stronger community ties through workshops and seminars aimed at empowering local entrepreneurs and business owners.

IBB Accounting & Tax Services in Non-Profit Accountant North Vancouver brings you to the forefront of financial management by integrating the latest accounting software solutions into your business framework. IBB's team doesn't wait for you to ask the right questions.

Non-Profit Accountant North Vancouver - Small business tax advising

  1. Accounting for Airbnb hosts
  2. Small business tax advising
  3. Outsourced accounting services
  4. Business restructuring accounting
  5. Accounting for tech startups
  6. Corporation tax accountant
  7. Tax planning
  8. Business incorporation services
  9. International tax accounting
  10. Tax resolution services
  11. Retail accounting
  12. Accounting technology solutions
  13. Personal tax services
  14. Financial consulting
  15. Best accounting services
  16. Small business accounting
  17. Financial advisory services
  18. Budgeting and forecasting
  19. Income tax preparation
  20. Best bookkeeping services
Let IBB take the hassle out of your bookkeeping, so you can focus on what you do best – growing your business.

They ensure you're never in the dark, providing regular updates and being available to answer your questions whenever you need. Their expertise doesn't stop at straightforward tax preparation; they're adept at handling intricate tax issues, from international tax implications for businesses expanding overseas to sophisticated estate and trust planning for individuals. You're witnessing a shift where local businesses are increasingly tapping into global markets, leveraging the city's logistical advantages.

We continuously monitor and adjust your strategy to reflect changes in your business, the economic environment, or tax legislation. You'll find our approach is tailored to your unique situation. While we've highlighted the significant benefits of advanced accounting technologies, it's our clients' success stories that truly showcase their impact.

Accountant Non-Profit Accountant North Vancouver

Hospitality businesses, on the other hand, face their own set of challenges, such as fluctuating demand and high operating costs. Moreover, IBB's proactive planning methods mean you're always ahead of the curve. Explore Non-Profit Accountant North Vancouver here We'll work with you to understand your industry's challenges and tailor strategies that leverage your strengths. You've seen them go above and beyond to ensure your financial success, making them an integral part of the Non-Profit Accountant North Vancouver community. Moreover, IBB's commitment to technology means they're always ahead in tax planning strategies.
While embracing technology enhances efficiency and accuracy, it's equally vital to ensure that every financial transaction is handled with the utmost transparency and integrity.

Non-Profit Accountant North Vancouver - Tax resolution services

  1. Accounting for remote workers
  2. Free consultation accounting services
  3. E-commerce accounting
  4. Nonprofit accounting
  5. Accounting software setup
  6. Forensic accounting
  7. Accounting consulting
  8. Accounting for artists
  9. Financial planning
  10. Partnership accounting
  11. Business valuation
  12. Certified public accountant (CPA)
  13. QuickBooks accounting
  14. Certified accountants
  15. Financial reporting
  16. Estate and trust tax planning
  17. Payroll processing
  18. Accounting for consultants
  19. Accounting for medical professionals
In the bustling economic landscape of Non-Profit Accountant North Vancouver, IBB Accounting & Tax Services stands out as a beacon of reliability and professionalism, offering top-rated financial management solutions that cater to a diverse clientele. You'll find their approach to be refreshingly straightforward. You're no longer bound to traditional methods of bookkeeping and tax preparation.

Non-Profit Accountant North Vancouver - Business restructuring accounting

  1. Financial advisory services
  2. Budgeting and forecasting
  3. Income tax preparation
  4. Best bookkeeping services
  5. Best accounting software for businesses
  6. Accounting for remote workers
  7. Free consultation accounting services
  8. E-commerce accounting
  9. Nonprofit accounting
  10. Accounting software setup
  11. Forensic accounting
  12. Accounting consulting
  13. Accounting for artists
  14. Financial planning
  15. Partnership accounting

Moreover, their commitment to transparency means you're always in the loop. Read more about Non-Profit Accountant North Vancouver here Let IBB Accounting & Tax Services be your partner in navigating the complexities of investment and growth planning. Their expertise isn't just about having the right qualifications; it's about how they apply their knowledge to benefit you. Their expertise becomes your advantage, empowering you to navigate your industry's challenges with confidence.
With IBB Accounting & Tax Services in Non-Profit Accountant North Vancouver, you've got a partner who understands the intricacies of financial planning, tax strategies, and compliance requirements. At IBB Accounting & Tax Services, we understand that determining where and how to invest your resources can significantly impact your future. With IBB Accounting & Tax Services, you're not just getting tax and bookkeeping help; you're gaining an ally equipped with the knowledge and tools to help your business thrive in its unique environment. With IBB, you're not just getting an accountant; you're getting a specialized ally in the real estate world.

Accountant Non-Profit Accountant 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
  15. ^ کشاورزی, کیخسرو (1980). تاریخ ایران از زمان باستان تا امروز (Translated from Russian by Grantovsky, E.A.) (in Persian). pp. 39–40.
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