Chapter_6_Lecture_Notes_4th_edition_Libby_Student_Version

Chapter_6_Lecture_Notes_4th_edition_Libby_Student_Version -...

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Unformatted text preview: Chapter 6 12/29/11 1 Communicating and Interpreting Accounting Information Learning Objectives 1. Recognize the people involved in the accounting communication process, the roles in the process and the guidance they receive from legal and professional standards 2. Identify the steps in the communication process 3. Recognize and apply the different financial statement and disclosure formats used by companies in practice 12/29/11 2 After studying this chapter, you should be able to: Players in the Accounting Communication Process 12/29/11 3 Regulators Canadian Securities Administrators (CSA) Primary Responsibility Primary Responsibility Protect investors and maintain the integrity of the securities market. Corporate Governance Standards (Stock Exchanges) Primary Responsibility Primary Responsibility Along with provincial governments, set overall corporate governance Along with provincial governments, set overall corporate governance standards. standards. (The most prominent is the Ontario Securities Commission). (The most prominent is the Ontario Securities Commission). Financial Accounting Standards Board Primary Responsibility Primary Responsibility Set Generally Accepted Accounting Standards (GAAP). Canadian Public Accountability Board Primary Responsibility Primary Responsibility Federal agency which oversees Canadian accounting firms (independent auditors) that perform auditing engagements of public companies. 12/29/11 4 Management Management Primary Responsibility Responsible for the information in the financial statements and disclosures. Chief Executive Officer (CEO): highest officer of the company Chief Financial Officer (CFO): highest officer associated with the financial and accounting side of the business Accounting Staff: prepare the details of the reports and bear professional responsibility for the accuracy of the information. Management Primary Responsibility Responsible for the information in the financial statements and disclosures. Chief Executive Officer (CEO) : highest officer of the company Chief Financial Officer (CFO) : highest officer associated with the financial and accounting side of the business Accounting Staff : prepare the details of the reports and bear professional responsibility for the accuracy of the information. 12/29/11 5 Board of Directors (Audit Committee) Board of Directors Board of Directors Primary Responsibility Primary Responsibility Responsible for ensuring that processes are in place for maintaining the integrity of the companys accounting, financial statement preparation, and financial reporting. Board of Directors Board of Directors Primary Responsibility Primary Responsibility Responsible for ensuring that processes are in place for maintaining the integrity of the companys accounting, financial statement preparation, and financial reporting....
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This note was uploaded on 12/29/2011 for the course MANAGEMENT MGTB05 taught by Professor Georgequanfun during the Fall '11 term at University of Toronto- Toronto.

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Chapter_6_Lecture_Notes_4th_edition_Libby_Student_Version -...

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