Tax Specialists North Vancouver

Tax Specialists North Vancouver

Small business accounting

IT professionals might miss out on deductions for home office setups or continuing education. Our goal is to be more than just your accountant; we aim to be a trusted partner in your business's success. Learn more about Tax Specialists North Vancouver here You're likely aware of common deductions, but our expertise lies in finding those less obvious ones that can make a significant difference in your return. Our proactive approach ensures you're not just meeting your tax obligations but are also strategically planning for your financial future. That's why we provide strategic tax planning services designed to align with your personal and business goals.
They don't just process your taxes; they strategize with you, offering tailored advice to maximize your savings and benefits. Learn more about IBB Accounting & Tax Services here. With IBB Accounting by your side, you'll approach tax season with confidence, secure in the knowledge that your tax affairs are managed with unparalleled expertise. Whether you're employed, self-employed, or have multiple income streams, there's always an opportunity to optimize. Next, assess their communication skills. Tax resolution services
They don't just stop at tax preparation; their service is ongoing. You're operating in a sphere where every decision impacts your tax obligations and overall financial health. They'll help you identify which expenses are fully deductible, partially deductible, or not deductible at all, ensuring you don't miss out on valuable tax-saving opportunities. Especially in volatile markets, having multiple income streams can buffer your business against downturns.
Whether you're a freelancer, a startup, or an established small business, IBB Accounting is dedicated to serving as your partner in all things tax-related. From choosing the right business structure to planning for significant expenditures or investments, IBB's team has the expertise to guide you. To optimize your business's financial health, it's crucial to tailor tax planning strategies to your specific industry and operations. Firstly, you've got to distinguish between initial franchise fees and ongoing royalties.

Understanding the nuances of tax laws can be the difference between saving thousands and paying more than you need to. While IBB Accounting excels in crafting tailored tax solutions, their expertise doesn't stop with ensuring compliance. They recognize the importance of securing your financial future while you focus on your practice.

Tax Specialists North Vancouver - Forensic accounting

  1. Financial risk management
  2. Tax resolution services
  3. Investment accounting
  4. Payroll processing
  5. Tax compliance
  6. Accounting automation
  7. Financial data analysis
  8. Financial risk management
  9. Tax resolution services
  10. Investment accounting
  11. Payroll processing
  12. Tax compliance
  13. Accounting automation
  14. Financial data analysis
  15. Financial risk management
  16. Tax resolution services
  17. Investment accounting
  18. Payroll processing
  19. Tax compliance
  20. Accounting automation
Choosing IBB Accounting for your small business means entrusting your finances to a team dedicated to transparency, efficiency, and personalized service.

Let's focus on the finances, so you can concentrate on what you do best in your field. Let IBB Accounting & Tax Services be your partner in achieving financial success. What sets IBB Accounting apart is their personalized approach.

Guidance on mergers, acquisitions, investment strategies, and succession planning ensures the longevity of your firm. Their team dives deep into the specifics of your business model, tailoring their advice to suit your needs. They're all about turning the complex into the manageable, ensuring your business thrives in Tax Specialists North Vancouver's competitive market.

Moreover, IBB Accounting stays abreast of the latest tax laws and regulations, ensuring that your filings aren't only compliant but optimized for your benefit.

Tax Specialists North Vancouver - Accounting automation

  • Financial risk management
  • Financial budgeting
  • Business valuation
  • Financial planning
  • Business accounting
  • Tax filing deadlines
  • Accounting and consulting
  • Tax advice for small businesses
  • Accounting software support
  • Accounting process improvement
  • Accounting risk assessment
  • Audit preparation
  • Management accounting
  • Financial reporting
  • Payroll processing
  • Tax deduction maximization
This level of care and attention translates into not only accurate tax filings but also potential savings and smarter financial planning for you. IBB Accounting's deep understanding of Canadian tax law ensures you're always in compliance, making tax season worry-free.

Personal Tax Services 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

Personal Tax Accountant North Vancouver

The City of North Vancouver is a city on the north shore of Burrard Inlet, British Columbia, Canada. It is a suburb of Vancouver. It is the smallest in area and the most urbanized of the North Shore municipalities, although 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.

Citations and other links

Tax Specialists North Vancouver Tax Solutions for Professionals

Their team is equipped to handle all your tax needs, from straightforward personal returns to more complicated business filings. Whether you're looking for tax advice, accounting services, or simply have a question about your financial situation, we're here to help. Whether you're grappling with complex tax legislation, looking for ways to optimize your tax liabilities, or need guidance on financial growth strategies, we're on your side, armed with the expertise and tools necessary to make a significant impact. Understanding your unique needs is at the heart of our client-centric approach.

As IBB Accounting gears up for the future, they're rolling out innovative strategies to further enhance the tax services offered to Tax Specialists North Vancouver businesses. This digital transformation is aimed at saving you time and reducing paperwork, so you can focus on what you do best-running your business.

Tax Specialists North Vancouver - Tax compliance

  1. Small business accounting
  2. Accounting software training
  3. Tax planning
  4. Financial risk management
  5. Tax resolution services
  6. Investment accounting
  7. Payroll processing
  8. Tax compliance
  9. Accounting automation
  10. Financial data analysis
  11. Accounting software training
  12. Tax planning
  13. Financial risk management
  14. Tax resolution services
  15. Investment accounting
  16. Payroll processing
They don't wait for you to run into an issue or for tax season to loom overhead.

Their approach is comprehensive. Tax reporting requirements We understand that tax planning is crucial for minimizing liabilities and enhancing financial health. Let's explore how their unmatched expertise and dedication to client success make them the cornerstone of financial management in Tax Specialists North Vancouver.

Their commitment to transparency means you're always in the loop, equipped with the knowledge to make informed financial decisions. You're not just another file on our desk. We delve into industry-specific deductions that many overlook.

Tax Specialists North Vancouver - Accounting software training

  • Tax compliance audits
  • Tax forms assistance
  • Tax audit representation
  • Nonprofit accounting
  • Financial controls
  • Financial auditing
  • Payroll tax compliance
  • Bookkeeping services
  • Accounting standards
  • Tax refund claims
  • Bookkeeping accuracy
  • Accounting compliance
  • Accounting review
  • Tax refund services
  • Accounting software training
  • International tax accounting
  • Tax deductions and credits
  • Tax preparation software
  • Budgeting and forecasting
  • QuickBooks accounting


Tax Specialists North Vancouver Tax Solutions for Professionals
Tax Document Preparation Tax Specialists North Vancouver

Tax Document Preparation Tax Specialists North Vancouver

In essence, leveraging these specialized services in Tax Specialists North Vancouver means you're not just meeting the bare minimum for compliance and risk management; you're setting your firm up for sustained success and stability in an unpredictable financial landscape. Lastly, don't underestimate the power of financial forecasting. With a proven track record and a commitment to excellence, IBB stands out as a beacon of reliability in the financial sector. We're constantly updating our knowledge base to include the latest tax incentives, deductions, and credits that apply to your profession. How does your Tax Specialists North Vancouver tax accountant ensure your business remains compliant while also preparing for potential audits?

That's where IBB Accounting steps in, offering services crafted specifically for your unique needs.

Tax Specialists North Vancouver - Small business accounting

    Your trust is important to us, and we work hard to earn it. They delve deep into your business model, financial landscape, and long-term objectives to develop strategies that align precisely with what you're striving to achieve. Moreover, IBB Accounting understands the unique financial challenges and opportunities within your industry.

    Tax Specialists North Vancouver - Financial data analysis

    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    • Financial data analysis
    Tax compliance Payroll processing

    Every dollar saved is a dollar earned. With IBB Accounting by your side, you'll find a trusted partner ready to guide you through the complexities of your financial landscape. IBB Accounting is your year-round partner, offering ongoing support and advice to help you make informed decisions. Whether it's navigating through complex tax regulations, leveraging tax incentives, or planning for future growth, IBB Accounting is equipped to guide you every step of the way.

    Moreover, IBB Accounting doesn't just set you up and step away. Our team of experts employs a hands-on approach, ensuring that we're always available to answer your questions and provide guidance tailored to your situation. Firstly, we'll assess your financial statements with a fine-tooth comb, identifying opportunities for cost reduction and revenue maximization. They tailor their approach to fit your unique business context, recognizing that one size doesn't fit all when it comes to tax compliance.

    Professional Tax Preparation Tax Specialists North Vancouver

    You're not just looking for someone to crunch numbers; you want a partner who understands the complexities of your profession, whether you're a doctor, an IT professional, or a contractor. Understanding this, they've tailored their tax services to meet your specific needs. Moreover, IBB Accounting's proactive approach means they'll handle the paperwork and deadlines, freeing you up to focus on what you do best. We also stay abreast of the latest tax laws and regulations, which means you can trust us to offer up-to-date advice that accurately reflects the current tax landscape.
    Imagine having a partner who's as invested in your financial health as you are, whether it's managing your personal finances or ensuring your business's financial practices are optimized for growth and sustainability. We're here to make sense of the numbers, ensuring you're not only compliant but also maximizing your returns. Our team delves deep into the specifics of your profession, leveraging regulations and loopholes that benefit you the most.
    Moreover, advisory services extend to strategic business planning, including identifying new market opportunities, optimizing operational efficiency, and enhancing profitability. They'll also offer insights into cash flow management, helping you to maintain a healthy balance between your receivables and payables. Financial risk management For businesses looking to expand or streamline operations, IBB Accounting & Tax Services offers consulting services that cover everything from financial analysis to management advice. Read more about Tax Specialists North Vancouver here
    Cost control is another critical area.

    Tax Specialists North Vancouver - Tax resolution services

    • Tax law expertise
    • Tax compliance
    • Cash flow management
    • Accounting automation
    • Audit and assurance
    • Bookkeeping and payroll
    • Tax planning for individuals
    • Income tax services
    • Accounting training
    • Accounting ethics
    • Payroll services
    • Tax penalty mitigation
    • Tax strategy
    • Tax document preparation
    • Tax dispute resolution
    • Tax payment assistance
    • Financial accounting analysis
    They're not just about numbers and tax returns; they're deeply embedded in the local fabric, supporting small businesses and startups that are the heartbeat of the community. It's all about simplifying compliance so you can focus on what you do best – running your business.

    Professional Tax Preparation Tax Specialists North Vancouver
    Personal Tax Services Tax Specialists North Vancouver
    Personal Tax Services Tax Specialists North Vancouver

    They don't just crunch numbers; they become your strategic partner, ensuring you leverage every possible tax advantage. Look for testimonials or case studies that demonstrate their expertise and success in handling complex financial scenarios similar to yours. From expanding your business to passing it on to the next generation, each step has tax ramifications that could either save you money or cost you more in the long run. That's why we don't use a one-size-fits-all approach. Whether it's managing invoices, reconciling bank accounts, or preparing your books for tax season, they've got you covered.

    Understanding your unique financial situation, we craft tax strategies tailored specifically to your needs, ensuring you never pay more than necessary. Our team not only navigated the intricate tax laws for them but also restructured their financial reporting to highlight the company's strengths. They don't just crunch numbers; they tailor their strategies to fit your unique financial landscape, ensuring you're always on the right path. Lastly, their transparent pricing structure ensures there are no surprises.

    Expect timely updates, reminders about key filing dates, and clear explanations of what's needed from you. IBB Accounting isn't just any tax service; they're specialists who've honed their skills in these high-income sectors. Stick around, and you'll uncover the difference that personal attention and professional expertise can make in navigating tax season with confidence. Then, they tailor a strategy that aligns with your specific needs and objectives. Tax return preparation Investment accounting

    We dive deep into the nuances of your real estate, franchise, or retail business to ensure our advice and strategies are custom-fitted to your situation. Another success story involves a tech startup facing complex tax regulations and needing financial direction to attract investors. With IBB Accounting & Tax Services, you're not just receiving a service; you're gaining a partner committed to your financial well-being. They'll handle the nitty-gritty details of payroll, from calculating deductions to filing the necessary payroll taxes.

    Accounting and Compliance Tax Specialists North Vancouver

    They understand that as a doctor, IT professional, or contractor, your financial landscape is unique. Our approach involves using the latest accounting technology to ensure precision and efficiency. This technology allows us to streamline data entry, calculate your tax obligations accurately, and identify potential deductions to maximize your return or minimize your liability. They'll help you understand the tax treatments for different types of currency transactions, ensuring you're not paying more than you need to. You'll have access to up-to-date financial reports whenever you need them, making it easier for you to make informed decisions.
    With IBB, you're not just getting a tax accountant; you're gaining a partner in your financial success. These events aren't only about tax tips; they're about creating a community where everyone's contribution to Tax Specialists North Vancouver's economy is valued and nurtured. Their impact on the local community is palpable, fostering an environment where businesses thrive together. That's why our team dives deep into understanding what makes your situation special, so we can offer advice that's not just sound but also incredibly relevant to you.
    As we explore what this expansion means for Tax Specialists North Vancouver and its businesses, you'll discover how IBB Accounting's commitment to personalized service can transform the financial health and success of your business. They serve as an early warning system for regulatory shifts, offering strategies to mitigate associated risks. You're not just calculating hours worked; you're navigating a labyrinth of tax withholdings, benefits deductions, and compliance with both federal and provincial laws. Plus, with their proactive approach to tax planning, you'll avoid surprises and capitalize on potential tax advantages.
    As a Tax Specialists North Vancouver tax accountant specializing in real estate, franchises, and retail businesses, it's my aim to guide you through strategies that'll enhance your profitability. Accounting software training This means they'll break down the jargon into plain language, ensuring you're informed and confident about your filings. They're all about making sure your wealth grows, optimizing your assets in a way that supports both your immediate needs and your long-term aspirations. IBB Accounting steps in to provide proactive financial guidance, ensuring you're always one step ahead in your financial journey.

    Explore Tax Specialists North Vancouver here
    Accounting and Compliance Tax Specialists 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]
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    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.
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    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
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