AFM291 Lecture Notes - Lecture 1: Conceptual Framework, Impaired Asset, Fiduciary

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM291
• Professor: Forbes Burkowski

Document Summary

Conceptual framework: a plan for the supply of accounting information to meet the demands of potential users. Publicly accountable entity : canadian companies that have to report to ifrs. A canadian company has to be specific what gaap they are following. While us gaap is highly rules regulated and political. Sec is part of the us treasury that gets oversight from the congress. Politicians will be adamant to p(cid:396)ote(cid:272)t (cid:272)o(cid:373)pa(cid:374)y"s i(cid:374) thei(cid:396) ju(cid:396)isdi(cid:272)tio(cid:374). Us congress person do not want to surrender the authority over the accounting standards. Primary users of financial statements of private enterprise are financial institutions. Elements of financial statements that are part of conceptual framework. How those elements are going to o be reported. There are four sections on the cpa handbook. You can no longer cut out sections of the ifrs and us gaap. If you adopt ifrs, it has to be.