ch06-AFM101w2012

ch06-AFM101w2012 - Financial Accounting 6-1 PowerPoint...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Financial Accounting 6-1 PowerPoint Author: Robert G. Ducharme, MAcc, CA University of Waterloo, School of Accounting and Finance FINANCIAL ACCOUNTING Fourth Canadian Edition LIBBY, LIBBY, SHORT, KANAAN, GOWING Communicating and Interpreting Accounting Information Chapter 6 6-2 Financial Accounting Players in the Accounting Communication Process LO 1 6-3 Financial Accounting 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. LO 1 6-4 Financial Accounting Managers 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. LO 1 6-5 Financial Accounting 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....
View Full Document

Page1 / 32

ch06-AFM101w2012 - Financial Accounting 6-1 PowerPoint...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online