The accounting system: accounting system, financial accounting reports periodic financial statements and related disclosures. Has all to do with reporting financial results. Must declare what these statements are coming from (following accounting standards on these financial statements): external decision makers investors, creditors, suppliers, customers, etc, managerial accounting reports detailed plans and continuous performance reports. Financial analysis, helping managers manage finances and make decisions. Not all decisions are based on finances, other factors must be considered. Internal decision makers managers throughout the organization. The ontario securities commission (osc) has been given broad powers to determine measurement rules for financial statements in canada. If everyone has their own terms of gaap, they are not comparable because of their different guidelines. Types of financial statements: balance sheet ifrs: statement of financial position, cash flow statement ifrs: statement of cash flow, notes to the financial statement ifrs: notes to the financial statements.