COMMERCE 1BA3 Lecture Notes - Net Income, International Accounting Standards Committee, Cash Flow Statement

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There are two groups of primary users of financial statements emphasized in this text. Managers - they interpret the information in financial statements to make business decisions. Investors and creditors - they analyze financial statements to determine resource allocations of funds for companies in the form of investments that can take the form of equity (shares in the company) or debt. In addition various government agencies require financial reporting as part of the regulatory environment that entities conduct their operations. Reports results of operations for a prescribed period of time. Title: income statement (is), statement of earnings, or profit & Date: for a specified time period ended on the balance sheet date (an accounting period). Unit of measure: canadian dollars, u. s. dollars, mexican pesos, etc. , in thousands, millions of dollars, pesos, etc. These are inflows of net assets from the sale of goods or services in the normal course of business.

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