ABSTRACT
In 1946, however, the Canadian Institute of Chartered Accountants authorised its Committee on Accounting and Auditing Research to study matters of interest to the profession and to issue bulletins from time to time to the membership. Further, the independent accountant who is required to attach his certificate to the registration statement becomes responsible not only for the integrity and fairness of the accounting statement but also for the assurance that no related information is omitted the inclusion of which is required to make the statements not misleading. The two main accounting statements are largely conditioned by this endeavour. To a considerable extent the statement of financial position consistently reflects incurred costs that are designed to be deducted from revenues which it is hoped will be subsequently realised. Some countries may be assisting that strongly, but they are at the first stage and find that the accounting information given is rather sparse in its content.
