RSM220 - Topic 1 - Intro and GAAP - Slides

RSM220 - Topic 1 - Intro and GAAP - Slides - RSM220 RSM220...

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RSM220 RSM220 INTRODUCTION TO FINANCIAL REPORTING AND GAAP KIESO: Ch. 1 WIECEK: Ch. 1 CICA HB: s1100
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Overview: Financial Reporting Overview: Financial Reporting (FR) (FR) 1. What is FR? 2. Why do we need FR? 3. What is GAAP? 4. Canadian GAAP 5. IFRS
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1. What is FR? 1. What is FR? Accounting (in general) identifies, measures , and communicates financial information about economic entities to interested parties (such as investors, creditors, unions and governmental agencies, etc).
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Financial reports are used by internal and external parties Contrasted with managerial accounting, which uses financial information used by management (internal users only) Financial reporting provides historical information 1. What is FR? 1. What is FR?
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Financial statements, including statement of financial position as at end of period (B/S) statement of comprehensive income for the period (I/S) statement of changes in equity for the period statement of cash flows for the period
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RSM220 - Topic 1 - Intro and GAAP - Slides - RSM220 RSM220...

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