TAILIEUCHUNG - Lecture Intermediate accounting (Volume 1, 11th Canadian edition) – Chapter 1: The Canadian financial reporting environment

After studying this chapter, you should be able to: Explain how accounting makes it possible to use scarce resources more efficiently, explain the meaning of “stakeholder” and identify key stakeholders in financial reporting, explaining what is at stake for each one, identify the objective of financial reporting,. | 1 CHAPTER 1: ThE CANADIAN FINANCIAL REPORTING ENVIRONMENT 2 2 After studying this chapter, you should be able to: Explain how accounting makes it possible to use scarce resources more efficiently. Explain the meaning of “stakeholder” and identify key stakeholders in financial reporting, explaining what is at stake for each one. Identify the objective of financial reporting. Explain how information asymmetry and bias interfere with the objective of financial reporting. Explain the need for accounting standards and identify the major entities that influence the standard setting and financial reporting. Explain the meaning of generally accepted accounting principles (GAAP) and the significance of professional judgement in applying GAAP. Discuss some of the challenges and opportunities for accounting. 3 The Canadian Financial Reporting Environment 3 The Canadian Financial Reporting Environment 4 4 Characteristics of Accounting Accounting identifies, measures, and communicates financial information to various users (decision makers) Accounting has two broad classifications: Financial accounting Managerial accounting Accounting theory and practice have evolved and will continue to evolve to meet changing demands and influences 5 5 LO1 Characteristics of Accounting Identification, measurement, and communication of financial information about; Economic entities to; Interested persons. 6 6 LO1 Financial Reporting Financial accounting results in preparation of financial reports about business activities Financial reporting is used by both internal and external users External users include such decision makers as investors, creditors, unions, and government agencies Managerial accounting is used by management (internal users only) 7 7 LO1 Financial Statements and Other Means of Financial Reporting Major financial statements include: Statement of Financial Position Income Statement Cash Flow Statement Statement of Changes in Equity + Note Disclosures 8 8 LO1 Financial .

• Kế toán - Kiểm toán
• Intermediate accounting
• Lecture Intermediate accounting
• Financial reporting
• Canadian financial reporting environment
• Characteristics of accounting
• Capital allocation process
• Financial Accounting
• Accounting process
• Accounting equation
• Accounting processing cycle
• Stock issuance
• Estimating reserves
• Liquidating dividends
• Accounting changes
• Error corrections
• Accounting choices
• Theoretical structure
• Accrual accounting
• Financial accounting environment
• Accounting for leases
• Leasing environment
• Accounting by lessee
• Special accounting problems
• Cash versus accrual accounting
• International standard setting
• Accounting standards
• Accounting assists
• The challenges facing accounting
• Income taxes
• Accounting for income taxes
• Deferred tax liabilities
• Error analysis
• Accounting policy
• Accounting estimate
• Accounting policies
• Accounting information system
• Measurement issues