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Unformatted text preview: Chapter 1 Corporate Reporting 1. Financial Accounting 2. Key Financial Statements Accounting: is the process of identifying, measuring, recording, classifying, summarizing, interpreting and communicating the information on business activities. Users of accounting information I nternal: • Management: make business decisions, expanding operations, production planning, and performance evaluation. = managerial accounting External: • Investors: to make investment decisions, assess effectiveness of firms management • Creditors: (banks, credit unions etc.) to assess firm’s credit risk, make lending decisions. • Auditors: verify whether it conforms to financial accounting and reporting regulations (Canada and US: GAAP, Europe: IFRS which Canada will adopt in 2011) • Tax authorities: CRA, to assess the amount of tax to be paid • Financial analysts: make investment recommendations What is good accounting information?...
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This note was uploaded on 09/13/2011 for the course ADM 2340 taught by Professor Perper during the Fall '07 term at University of Ottawa.
- Fall '07