Lecture 1 Introduction to Corporate Financial Reporting

Lecture 1 Introduction to Corporate Financial Reporting -...

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1 Diane Mayorga Lecturer – Topics 1, 2, 11 and 12 Consultation Hours: Monday 11:00 to 1:00pm Locations: Quad, Level 3, Room 3070 Please note: I will not respond to questions about lecture topic content via email. Please seek help during consultation. All administration queries should be directed to Jeffrey Knapp. Welcome to ACCT 2542 Lecture Topic 1 Introduction to Corporate Financial Reporting Session 2 - 2011
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2 Reference Readings Picker et al, Chapters 1 and 2 - REQUIRED Conceptual Framework – SACs 1-2 and AASB Fk Rd d Framework - Recommended available for download on AASB’s website ( www.aasb.com.au ) Lecture Notes – Use as a guide for Picker et al. Topic 1 - Learning Objectives ( Introduction to Corporate Financial Reporting) Understand and appreciate: Purpose of external financial reporting Regulatory framework and reporting requirements of Australian companies Role of accounting standards in financial reporting Role of IASB and AASB in accounting standard setting Role of a conceptual framework of accounting What is the purpose of external financial accounting?
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3 Financial Accounting Defined Financial accounting is a process involving the collection and processing of financial information to assist the decision-making needs of parties external to the organisation Contrasted with management accounting: focuses on providing information for decision- making by parties within the organisation is largely unregulated External financial reporting objectives Provide true and fair presentation of the company’s business transactions Provide users with relevant and reliable information to assist in making and evaluating business decisions Allow managers to discharge their accountability General- vs. special-purpose reports General-purpose financial reports Comply with the AASB Framework and accounting standards Meet the information needs common to users who are unable to command the preparation of reports tailored to satisfy, specifically, all their information needs Represent financial statements and supporting notes included within an annual report presented to shareholders at a company’s annual general meeting Special-purpose financial reports Designed to meet the needs of a specific group or to satisfy a specific purpose Example: Bank demanding as part of a loan agreement that borrowing entity provide information about projected cash flows
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4 Regulatory Structure Corporate General- Purpose Financial Reports Treasurer FRC MB IASCF Treasure r IASB AASB IFRIC UIG (now disbanded. ..AASB taken over responsibilities) ASIC ASX Report Oversight International Accounting Standards Australian Accounting Standards External financial reporting regulation Five main bodies formulate and/or enforce accounting regulations in Australia: 1.
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This note was uploaded on 09/23/2011 for the course ACCT 2542 taught by Professor Knapp during the One '11 term at University of New South Wales.

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Lecture 1 Introduction to Corporate Financial Reporting -...

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