COMM 217 Lecture Notes - Lecture 1: Accounts Receivable, International Accounting Standards Board, Accounts Payable
17 Mar 2018
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Chapter 1 financial statements and business decisions. Aspe: accounting standards for private entities: have the choice to use ifrs. Statement of final position i. e. canadian tire reports the economic resources it owns and the sources of financing for those resources. Report the amount of assets, liabilities and shareholders" equity of an accounting entity at a particular point in time. It is like a financial snapshot, clearly stating the entity"s financial position at a specific point in time. Assets are broken down into current assets and long-term assets. Long-term assets: more than a life of one year. Liabilities are broken down into current assets and long-term assets. Current liabilities: due in less than a year. Long-term liabilities: due in more than a year. Accounting entity: an organization for which financial data are to be collected. Financial information is normally reported in the currency of the country in which the entity must legally report its financial results.
