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BUSI 2150U (15)
Lecture

Financial Accounting BUSI 2150U Lecture 2

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School
Department
Business
Course
BUSI 2150U
Professor
Michael Konopaski
Semester
Winter

Description
Financial Accounting Lecture 2Who prepares financial statements y Public companies y Private companies y Government entities y Notforprofit organizationsTypes of financial statements y Balance Sheet y Income Statement and Statement of Comprehensive Income y Statement of Changes in Equity or Statement of Retained Earnings y Statement of Cash Flows y Notes to the Financial StatementsGeneral Purpose Financial Statement GPFS y Intended for all users y In accordance with GAAP and IFRS y Prepared at least once per yearUnderlying Issues y Consolidated statements y Comparative years y Fiscal period is identified y RoundingMateriality y Represents the significance of financial information to stakeholders y Information is material if its omis
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