LECTURE 2 WebCT financial

LECTURE 2 WebCT financial - LECTURE 2 Corporate Financial...

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Click to edit Master subtitle style 9/18/11 LECTURE 2 Corporate Financial Reporting
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9/18/11 Forms of Business Easy to establish Harder to Non-Legally Corporation
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9/18/11 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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9/18/11 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 Statement of financial position (balance sheet) l Statement of comprehensive income (income statement) l Statement of changes in equity
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9/18/11 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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9/18/11 Accounting Standards Accounting standards are different depending on country l Canada: International Financial Reporting Standards (IFRS) l US: Financial Accounting Standard Board (FASB) l Europe: International Financial Reporting Standards (IFRS)
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9/18/11 Accounting Standards
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LECTURE 2 WebCT financial - LECTURE 2 Corporate Financial...

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