BUS 251 Lecture Notes - John Wiley & Sons, International Accounting Standards Board, International Financial Reporting Standards

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 251
• Professor: Anne Mac Donald

Document Summary

Accounting: an information system in which the underlying economic conditions of organizations and individuals are recorded, summarized, reported, and understood. Financial statements: reports summarizing a company"s performance during a particular period. Annual report: reports the results of the company"s activities during the year. Shareholders" equity: initial investment in the business entity in the form of cash or property. Share: document that represents ownership in the corporation. Internal users: management, board of directors. External users: shareholders, potential investors, creditors, regulators, taxing authorities, other corporations, including competitors, security analysts, credit-rating agencies, labour unions, journalists. International financial reporting standards: set by international accounting standards board (iasb) in junction with international organization of securities commissions (iosco, canadian public companies must adopt ifrs by. Representation: substance over form, neutrality, prudence, completeness. Purchase or sale of property, plant, and equipment. Investments or sale of investments in the shares of other companies. Payments of amounts owed to suppliers amounts owed by customers.