LN06-ch6-AFM101s11

And and 3 the four basic financial 3 the four basic

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Unformatted text preview: sis (MD&A). and Analysis (MD&A). and and 3. The four basic financial 3. The four basic financial The The statements. statements. statements. statements. 4. Notes (footnotes). 4. Notes (footnotes). 5. IIndependent 5. Independent ndependent Independent Accountant’s Report and Accountant’s Report and tthe Report of he Report of Management Management Responsibility. Responsibility. Financial Accounting, Third Canadian Edition 6.. Recent stock price 6. Recent stock price 6 Recent Recent information. iinformation. information. nformation. 7. Summaries of the 7. Summaries of the Summaries Summaries unaudited quarterly unaudited quarterly financial data. ffinancial data. financial inancial 8. Lists of directors and 8. Lists of directors and Lists Lists officers of the company officers of the company and relevant addresses. and relevant addresses. and and 6-9 Guiding Principles for Communicating Useful Information Primary Objective of External Financial Reporting Primary Objective of External Financial Reporting Primary To provide economic information to external users To provide economic information to external users for decision making. for decision making. Primary Qualitative Characteristics Primary Qualitative Characteristics Primary Relevance: Timely and Predictive Feedback Value Relevance: Timely and Predictive Feedback Value Timely Timely Reliability: Accurate, Unbiased, and Verifiable Reliability: Accurate, Unbiased, and Verifiable Accurate, Accurate, Secondary Qualitative Characteristics Secondary Qualitative Characteristics Comparability: Across businesses Comparability: Across businesses Consistency: Over time Consistency: Over time Consistency: Over Consistency: Over The full­disclosure principle requires . . . The full­disclosure principle requires . . . 1. a complete set of financial statements, and 1. a complete set of financial statements, and 2. notes to the financial statements 2. notes to the financial statements Financial Accounting, Third Canadian Edition 6-10 Guiding Principles For Communicating Useful Information Information presented in financial repo...
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