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Chapter 2 & 3 Psutka F11_1

Chapter 2 & 3 Psutka F11_1 - Deloitte Tax...

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Deloitte Tax Scholarship offered at University of Waterloo Who can apply? All students enrolled in a September 2011 program offered through the School of Accounting and Finance at the University of Waterloo who have not previously received the award. What’s the award? $2,500 one-time award. Up to eight awards in total When: Applications are due on Wednesday October 12, 2011 Where: Office of the School of Accounting and Finance, SAF Building Hagey Hall or by email to [email protected] For more details, pick up a brochure or visit www.accounting.uwaterloo.ca/current.html Contact Rayna Laiken , Deloitte, at 416-643-8756 or [email protected]
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Academic Coaching For  First Year AFM Courses – 2011 For  Accou nting  Any   stude nt  taking 
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ACCOUNTING AND FINANCIAL MANAGEMENT TUTORING IN RESIDENCE You’re an elite student – what are YOU doing to up your game? The best athletes, surgeons and musicians in the world have one  thing in common – practice. Tutoring in Residence gives you the  opportunity to practice your academic skills. Tutoring is offered for AFM 101, 123 & 131 Come up your game,  Mondays from 6pm – 9pm in the  V1 Multi Purpose Room
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Chapters 2 & 3 The Statement of Financial  Position & the Income  Statement
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Need for Conceptual Framework To apply IFRS’s and ASPE’s to the preparation of financial statements ( preparers ) To solve new and emerging problems ( preparers and standard setters) To interpret financial statements ( users) Form opinion on financial statements (auditors)
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Learning Outcomes Define and apply the principles of the financial  reporting framework Recognize the role of professional judgement in  financial statement preparation 6
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Conceptual Framework for Financial Reporting Foundational Principles, Assumptions & Constraints 3rd Level: Answers the ‘How’ Question Elements Qualitative characteristics Objectives 2nd Level: The ‘Bridge’ 1st Level: Answers the ‘Why’ Question
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Conceptual Framework–Objectives “The Why” To provide useful economic information to external users for decision making (for assessing future cash flows). making resource allocation decisions focus on investors and creditors useful in assessing management stewardship
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Conceptual Framework– Basic Elements Standards define elements directly related to the measurement of financial position (assets, liabilities, shareholders equity ) and the elements directly related to the measurement of performance (income and expenses) These elements can be traced to the Statement of Financial Position and Income Statement
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