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Chapter 3
Fundamental Accounting Concepts
From: Financial Skills for Professionals
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Topics covered in this chapter are divided into eight sections: Basic Concepts which covers topics such as judgements and estimates, Business Assumptions such as going concern, constant dollars, and historical costs, Timing Assumptions, Matching Principle, Consistency, Modifying Principles, Fair Value Accounting, and Misconceptions about Accounting.
Contributors
Vern Krishna
Vern Krishna, CM, QC, FRSC, FCPA, has earned a B Comm (Manchester), MBA, LLB (Alberta), DCL (Cambridge), and LLM (Harvard). He is now a Professor of Law at the University of Ottawa. He is also Of Counsel, Tax Chambers LLP (Toronto). Professor Krishna is Queen’s Counsel, a member of the Order of Canada, a recipient of the Queen’s Diamond Jubilee Medal, the Governor General’s 125th Anniversary Medal, and a Fellow of the Royal Society (Canada). He has been a Bencher of the Law Society of Upper Canada since 1991 and served as its Treasurer from 2001–03. Professor Krishna is the author of seventeen texts in law, including, most recently, Volumes 1 (Personal) and 2 (Corporate) of The Fundamentals of Canadian Income Tax, Income Tax Law (2012), three volumes on general taxation, corporate taxation, and international taxation in Halsbury’s Laws of Canada, and the Editor of Canada’s Tax Treaties. He is listed in Who’s Who, and Lexpert has recognized him in Best Lawyers in Canada in Tax Law, Estates and Trusts, and Appellate Advocacy.
