Finance and Accounts are the discipline of accounting that deals with the reporting, analysis and interpretation of financial transactions associated with a company. It includes the preparation of accounting reports available to the public for viewing and download. All companies engage in some form of finance and accounts activity to manage their financial matters. There are three major areas involved in the study of finance and accounts, budgeting and financing, and the measurement of risk. The objective of the accountant is to provide objective and reliable information about the financial matters of a company to help meet its objectives.
In Canada, all companies must have a registered professional accountant or a licensed stockbroker to manage their finances and accounts. The first step to take when you start your own business is to register your business name with the provincial securities regulator. This includes a statement of account, which will detail the activities and result of the business each month, the previous year and the projected income for the upcoming year. Your accountant or stockbroker will then prepare your yearly return, which details your expenses and revenue for the previous year. All financial accounting records of other transactions must be documented in accordance with generally accepted accounting principles (GAAP).
Once you have registered with the province, you will need to obtain authorization from the provincial securities regulators to perform the various financial management activities necessary to maintain the books of your business. This includes: obtaining permits and certifications, registering the name of your business, paying the prescribed taxes, and preparing your financial reports and statements in accordance with generally accepted accounting principles (GAAP). You will also be required to provide a recommendation to your company’s senior management as to how changes in the accounting policies affect the management and control of the company. A person who is not a qualified professional stock broker may be appointed as the company’s accounting officer, or as the company’s deputy director and controller, if you choose to employ someone that is not a stockbroker my company.
The purpose of the Federation of Professional Stock Brokers of British Columbia (FPSBC) is to regulate the activities of brokerage firms and assist them in providing sound brokerage services. The provincial government has created the Financial Activities Regulations (FARs) to ensure the proper handling of the financial transactions of members of the public. The FARs contain a detailed description of the various duties and responsibilities of the accountant and the office, including the formulation and updating of the accountant-to-client guidelines and the establishment of the internal control measures. The provincial government requires all licensed agents to register with the provincial securities regulatory office and pay the prescribed tax on behalf of their clients. Furthermore, members of the public may obtain certification from the provincial securities regulatory office.
The members of the board of directors of the corporation (the “budget office”) are appointed by the shareholders of the corporation. Each member serves a four-year term. The scope of the work of the budget office is to prepare the financial reports required by the Federation of Professional Stock Brokers of British Columbia for submission to the shareholders. The incumbent accountant is expected to maintain the books of the firm, maintain records of the day-to-day financial activities of the corporation, and keep accurate journals. The accountant is also responsible to submit to the provincial securities regulatory office all information required by the regulations to the finance and accounts department of the corporation you can try this out.
Finance and Accounts are an extraordinary committee of the Board of Directors of the Society of Independent Living Canada located in Vancouver British Columbia. The responsibilities of the Finance and Accounts are many and include preparation of a complete and comprehensive annual financial report setting out the operations of the organization for the previous year, a review of the organization’s budget implementation, the formulation of operating agreements and policies, development of a corporate income statement, the preparation of statements of account, preparing the statutory and accrual financial reports, the maintenance of the minutes of the Board of Directors meeting, and supervision of all appointments, both temporary and permanent. The function of the deputy director is to assist the members of the board in matters relating to the management of the business. Finance and Accounts also have a mandate to implement, monitor, and control the internal control measures of the organization, with respect to the management of the financial records of the corporation. It is the duty of Finance and Accounts, to provide advice to the Board of Directors and to ensure that all of the Corporation’s policies and procedures are carrying full compliance with applicable laws, including the provisions of the Memorandum and Articles of Association.