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320 Lesson 1b - BUS320 MaureenFizzell Office:WMX3369Burnaby...

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BUS 320 
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Maureen Fizzell Office:  WMX 3369 Burnaby      Email:  [email protected] Phone:  778.782.8899 Burnaby   Office hours:  Wed. 10:00 to 12:00   Thurs. 2:30 to 4:30
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Course Outline Questions – in class and homework Term report groups of 3 – sign up sheet companies - analysis of financial health of a company - not on the  void list  posted on my door - publically traded - must be using IFRS - no banks, insurance co. or trusts - Global 500 – good source of companies
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Additional readings: Global standards , Stephen Bernhut, CAMagazine , April 2008, pages 1 to 6. Private matters , Jeff Buckstein, CAMagazine , May 2009. Find on the camagazine website
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International Financial Reporting Standards Adopted in Canada as of Jan. 1, 2011 All publically traded companies Private companies can opt for IFRS or Private  Entity GAAP Canada has already adopted some IFRS standards   but there are still differences
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Conceptual Framework The Framework ’ under IFRS Objectives: Provide information about the financial position, performance, and changes in financial position useful to a wide range of users in making resource allocation decisions. General purpose financial statements True and fair view/ fair view
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Fundamental Qualitative Characteristics Relevance Faithful representation Completeness Neutrality Freedom from material error/bias
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Relevance Capable of making a difference in a decision Predictive value Confirmatory / feedback value
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