week 9 - School of Accounting ACCT 1501 Accounting and...

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School of Accounting ACCT 1501: Accounting and Financial Management 1A Week 9 Contents of Annual Reports in Australia, introduction to Cash Flow (Interpretation) Statements, Auditor’s Reports, Corporate Governance Student Handout Contents: 1. Introduction 2. Tutorial questions – Week 10 3. Supplementary reading –Week 10 4. Lecture slides Lecturer: Dr. Yang Li School of Accounting UNSW [email protected] Blackboard: http://elearning.unsw.edu.au
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1. Introduction In this week’s lectures, first, we will introduce you some basic accounting concepts and principles, which are used to guide accountants in preparing financial statements. We will look at generally accepted accounting principles (GAAP), a phrase that used for describing the accounting’s concept structure. In Australia, the main GAAP consists of accounting standards and the conceptual framework. We will concentrate on the framework, which includes the coverage of the objectives of financial reporting, the underlying assumptions of financial reports, the qualitative characteristics of financial reports, the definition of assets, liabilities, equity, income and expenses, and the recognition and measurement of these elements of financial statements. Then, we will take a look at the statement of Cash Flows, which is the third important statement of financial reports. The statement of Cash flows focuses on actual inflows and outflows of cash. We will learn how to classify those cash inflows and outflows into three major categories i.e., operating, inventing and financing. We will also show you two of the other important components of a company’s annual report: audit report and corporate governance. In the wake of contemporary corporate collapses, accounting scandals and legislation implementation around the world, the quality of audit and the practices of good corporate governance have become very important issues. We will learn some basics about audit report, such as types of audit opinion, and talk about some recommendations for good corporate governance. Learning objectives At the end of this topic, you should be able to: 1. Explain the principles that govern and characteristics of accounting information 2. Explain why financial accounting has authorities standards and generally accepted accounting (GAAP)
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Explain the contents of cash flow statement. 4. Determine when an asset or liability is to be recognised 5. Explain the nature of audit report, and describe the types of audit reports issued. 6. Explain the function and structure of good corporate governance. 7. Discuss situations requiring judgements and ethical decisions Required readings Part 1 Trotman & Gibbins Chapter 6: pages 285-317 Part 2 Trotman & Gibbins Chapter 13: pages 564-566 Required supplementary reading Gray, Tim. Is It Time to Add a Parking Lot to Your Portfolio? The New York Times, 31 Dec 2006 2. Tutorial Questions – Week 10 Preparation Questions Tutorial Questions
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This note was uploaded on 07/25/2011 for the course ACCT 1501 taught by Professor Helen during the Three '09 term at University of New South Wales.

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week 9 - School of Accounting ACCT 1501 Accounting and...

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