Lecture 1

Lecture 1 - LECTURE 1 Corporate Financial Reporting 9/13/11...

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Click to edit Master subtitle style 9/13/11 LECTURE 1 Corporate Financial Reporting
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9/13/11 Overview of Corporate Financial Reporting CHAPTER 1
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9/13/11 Forms of Business Easy to establish Harder to Non-Legally Corporation
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9/13/11 Users of Financial Statements Manageme nt of Corporation (Issue FS) Board of Directors Divisio ns A Divisio n B Divisio n C Employees Shareh olders & Potenti al Investo rs Credito rs & Regulat ors
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9/13/11 Financial Statements Set of documents generally issued quarterly that provide portrait of the financial position of the company. The financial statements are composed of l A balance sheet l An income statement l A statement of shareholder’s equity l A cash flow l A statement of Other Comprehensive
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9/13/11 Accounting Standards How can we go about to summarize all the transactions that occurred during the period? Accounting Standards are generally accepted standards that provide companies with guidelines to report the various transactions that occurred.
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9/13/11 Accounting Standards Accounting standards are different depending on country l Canada: IFRS (public company or private company) Or ASPE (private company) l US: US GAAP l Europe: IFRS
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9/13/11 Accounting Standards Remember that guidelines are nothing more than guidelines. They do not cover all situations and therefore, you will often have to use judgment when deciding on how to account for a certain transaction.
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9/13/11 Accounting Information Understandability Relevance l Timeliness l Predictive value Reliability l Verifiability, neutrality, conservatism and
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This note was uploaded on 09/12/2011 for the course MGCR 211 taught by Professor La rocca during the Fall '08 term at McGill.

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Lecture 1 - LECTURE 1 Corporate Financial Reporting 9/13/11...

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