ADMS 2500 Lecture Notes - Lecture 1: International Financial Reporting Standards, Historical Cost, Accounting Information System

• School: York University
• Department: Administrative Studies
• Course: ADMS 2500
• Professor: Mary M A

Document Summary

Week 1 provides a general review of accounting topics that were discussed in your. It covers topics such as accounting standards, the ifrs conceptual framework for financial reporting (and the aspe framework), accounting information systems, financial statements, ethics, and the accounting cycle. Accounting standards in canada (3 main): separate accounting strategies for entities" different needs, cpa canada handbook - 5 parts. **4 & 5 are not as commonly used: public sector accounting handbook. Federal, provincial, territorial and local governments: governments have different objectives than regular businesses, those specific objectives are reflected in this handbook. Who has to use which set of standards: Ifrs: aspe, disclosed basis of accounting (dba) Not-for-profit organizations (nfpos) - have a choice between: Ifrs: aspe and accounting standards for nfpos (combination) Acsb has the authority to set gaap in canada. Users of financial reporting: primary users are investors and creditors (present and future) Internal users would be managers of the organization.