MGMT 1P93 Lecture Notes - Lecture 7: International Financial Reporting Standards, Earnings Before Interest And Taxes, Retained Earnings

• School: Brock University
• Department: Business - Management
• Course: MGMT 1P93
• Professor: Jacqueline Glenney

Document Summary

Example: marketing manager needs to know in terms of budget. Important to know accounting for finances and analytics of business, being able to take data and tells the story how well the business is doing. Ensure that they are compiling with regulation. Ensure that government agencies properly manage and account for the public funds they use. All these accountants have cpa and need to have it in order to practice accounting. Financial accounting: intended for those on the outside looking in. The branch of accounting that addresses the needs of external stakeholders; includes financial statements to provide broad information. Set of standards that need to be followed. Through the ifrs, accountants aim to ensure that financial statements are: Accounting standards that are used in the preparation of financial statements. They must contain information that helps the user understand the firms financial performance and condition. They must provide information that is objective, accurate, and verifiable.