Chapter 1 Slides - ACC 414 Intermediate Accounting Volume 1...

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1 ACC 414 Intermediate Accounting Volume 1
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2 Chapter 1 The Canadian Financial Reporting Environment
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3 Accounting and its Characteristics: A process of (1) identification, measurement, and communication of financial information about (2) economic entities to (3) interested persons .
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4 Financial Accounting vs. Managerial Accounting External vs. internal users General-purpose information vs. specific-purpose information Historical in nature vs. future oriented Difference in timeliness
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5 Major Financial Statements and Other Forms of Financial Reporting Balance Sheet Income Statement Statement of Cash Flows Statement of Owners’/Shareholders’ Equity Note Disclosures Others: Letters from the President; MD&A; Management forecasts; News releases; etc. Example: annual/quarterly reports under http://micro.newswire.ca/80460-2.html
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6 Objectives of Financial Reporting “The objective of financial statements is to communicate information that is useful to ……
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