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Chapter 1 - Financial reporting and accounting standards. After completing this chapter you should be able to: Identify the major financial statements and other means of financial reporting; explain how accounting assists in the efficient use of scarce resources, describe some of the challenges facing accounting;. | C H A P T E R 1 FINANCIAL REPORTING AND ACCOUNTING STANDARDS Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield Identify the major financial statements and other means of financial reporting. Explain how accounting assists in the efficient use of scarce resources. Explain the need for high-quality standards. Identify the objective of financial reporting. Identify the major policy-setting bodies and their role in the standard-setting process. Explain the meaning of IFRS. Describe the challenges facing financial reporting. Learning Objectives General-purpose financial statements Capital providers Entity perspective Decision-usefulness Global Markets Objective of Financial Reporting Standard-Setting Organizations Financial Reporting Challenges Financial statements and financial reporting Accounting and capital allocation High-quality standards IOSCO IASB Hierarchy of IFRS Political environment Expectations gap Significant financial reporting issues Ethics International convergence Financial Reporting and Accounting Standards Global Markets World markets are becoming increasingly intertwined. Top 20 Global Companies In Terms Of Sales Global Markets Significant number of foreign companies are found on national exchanges. Illustration 1-2 International Exchange Statistics LO 1 Identify the major financial statements and other means of financial reporting. Global Markets Financial Statements and Financial Reporting Characteristics of accounting are: the identification, measurement, and communication of financial information about economic entities to interested parties. Financial Information Accounting? Identify and Measure and Communicate Statement of Financial Position Income Statement or Statement of Comprehensive Income Statement of Cash Flows Statement of Changes in Equity Note Disclosures President’s letter Prospectuses Reports filed with governmental agencies News releases Forecasts Environmental impact statements Etc. Financial Statements . | C H A P T E R 1 FINANCIAL REPORTING AND ACCOUNTING STANDARDS Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield Identify the major financial statements and other means of financial reporting. Explain how accounting assists in the efficient use of scarce resources. Explain the need for high-quality standards. Identify the objective of financial reporting. Identify the major policy-setting bodies and their role in the standard-setting process. Explain the meaning of IFRS. Describe the challenges facing financial reporting. Learning Objectives General-purpose financial statements Capital providers Entity perspective Decision-usefulness Global Markets Objective of Financial Reporting Standard-Setting Organizations Financial Reporting Challenges Financial statements and financial reporting Accounting and capital allocation High-quality standards IOSCO IASB Hierarchy of IFRS Political environment Expectations gap Significant financial reporting issues Ethics International .
