Explain the role of accounting standards.

Indicators for this outcome
(a) Recognize that accounting handbooks exist to ensure accounting practices reflect current standards.
(b) List examples of accounting principles (e.g., Canadian Generally Accepted Accounting Principles [GAAPs]; business identity, going concern, accounting period cycle, objective evidence, unit of measurement, realization of revenue, matching expenses with revenue, historical cost, adequate disclosure, consistent reporting).
(c) Relate accounting standards to examples found in the community (e.g., local business, First Nations governance authorities, not-for-profit organizations, public sector entities).
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