BSM 100 Chapter Notes - Chapter 7: International Financial Reporting Standards, Financial Statement, Pension

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Singh Ranjita

Document Summary

Accounting: who needs it and who does it. Accounting: system for recognizing, organizing, analyzing, and reporting information about the financial transactions that affect an organization. Goal is to provide users w relevant timely info allowing them to make better econ decisions. Many accountants work in org, prepare reports, and analyze financial info specific to org. These accountants do many tasks including cost management, asset management, and budget development. Other accountants provide broad range of accounting/consulting services to clients on fee basis. Clients may be individuals, corps, nfp, gov agencies. Typical services: tax prep, external auditing and consultation. Another group of accountants work for variety of gov agencies at local/provincial/federal levels. They work to ensure gov agencies properly manage + account for public funds used. Branch of accounting that preps financial statements for use by owners, creditors, suppliers, and other external stakeholders. These stakeholders interested in financial performance on firm as whole.