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Farm accounting standardization manual : a manual of farm accounting terminology, reporting policies, and ratios to enhance sound farm management practices PDF

116 Pages·1991·6.1 MB·English
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Preview Farm accounting standardization manual : a manual of farm accounting terminology, reporting policies, and ratios to enhance sound farm management practices

ARM ACCOUNTING DARDIZATIOM MAMUA A MANUAL OF F. ACCOUNTING TERMINOLOGY REPORTING POLICIES, ,/VD RATIt The Farm Accounting Standardization Review Committee F ARM ACCOUNTING STANDARDIZATION MANUAL A MANUAL OF FARM ACCOUNTING TERMINOLOGY, REPORTING POLICIES, AND RATIOS The Farm Accounting Standardization Review Committee Catalogue Number CC213-5/1991E ISBN 0-662-18883-7 Published by the Farm Accounting Standardization Review Committee do Research and Planning Division Farm Credit Corporation 434 Queen Street Ottawa, Ontario Canada K1P6J9 Telephone (613) 996-6606 Fax (613) 943-8681 Numero de catalogue CC213-5/1991F ISBN 0-662-96903-0 Public par le Comite d*uniformisation de la comptabilite agricole a/s la Division de la recherche et de la planification Societe du credit agricole 434, rue Queen Ottawa (Ontario) Canada K1P6J9 Telephone (613) 996-6606 Fax (613) 943-8681 FARM ACCOUNTING STANDARDIZATION MANUAL A MANUAL OF FARM ACCOUNTING TERMINOLOGY, REPORTING POLICIES, AND RATIOS TO ENHANCE SOUND FARM MANAGEMENT PRACTICES Prepared By DELOITTE & TOUCHE Prepared for FARM ACCOUNTING STANDARDIZATION REVIEW COMMITTEE May, 1991 TABLE OF CONTENTS FOREWORD 1 INTRODUCTION 3 1.0 FINANCIAL STATEMENTS 9 Introduction 9 1 .1 1 .2 Importance of Financial Statements 9 1 .3 The Financial Reporting Entity 9 1 .4 Types of Financial Statements 10 Balance Sheet 10 1 .4.1 1 .4.2 Statement of Income 11 1 .4.3 Statement of Owner's Equity 12 1 .4.4 Statement of Changes in Financial Position 16 1 .5 Relationship of Financial Statements 16 2.0 DEFINITIONS 19 3.0 REPORTING POLICIES 45 4.0 RATIOS 61 APPENDICES Appendix - Example Financial Statements I Appendix II - Projected Cash Flow Statement Appendix III - Key Participants Appendix IV - List of Additional Reference Sources Index - Alphabetical and Functional Farm Accounting Standardization Manual Acknowledgements ACKNOWLEDGEMENTS The authors would like to thank those whose contribution of time and effort helped We create this manual. are particularly grateful to the 120 key participants across Canada who diligently worked alongside us providing insight and ideas. The organizations these individuals represented are listed in Appendix III. We would also like to acknowledge the sponsor, Employment and Immigration, Canada and the study administrators, Ontario Ministry of Agriculture and Food and Farm Credit Corporation. Special thanks is extended to two groups in particular who supported us behind the scenes in an administrative role. Wendy Kardash and Diane Adshead in Edmonton for their patience and perseverance throughout. And Diane Decoste and her staff in Montreal for their exemplary work in translating our words and thoughts to French. & Deloitte Touche Farm Accounting Standardization Manual Foreword FOREWORD Generally accepted accounting principles in Canada are formulated by the Accounting Standards Committee of the Canadian Institute of Chartered Accountants. In developing principles, the Committee recognizes that no rule of general application can be phrased to suit all circumstances and that professional judgement must be exercised in the determination of what constitutes fair presentation or good practice in particular cases. This Farm Accounting Standardization Manual has been developed to provide practical and professional interpretations of accounting principles as they apply to agricultural producers in Canada. Guidance is provided on a wide range of accounting topics that are of specific interest to the agricultural industry. It should be noted, however, that certain conclusions of this manual are not in accordance with generally accepted accounting principles. These deviations have been appropriately identified in the introduction to the manual. The initiative in developing this comprehensive guidance is welcomed as a major contribution to enhancing the quality of financial reporting for this important industry sector. John H. Denman, CA Director, Accounting Standards The Canadian Institute of Chartered Accountants March, 1991

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