BUS-A 100 Lecture Notes - Lecture 1: Pricewaterhousecoopers, Kpmg, Form 10-Q

• School: IU
• Department: Business
• Course: BUS-A 100
• Professor: Vivian Winston

Document Summary

Debt investors: creditors of the business, expect principal and interest payments. Requires of public companies: form 10-k (annually, form 10-q (quarterly, audited fi(cid:374)a(cid:374)(cid:272)ial state(cid:373)e(cid:374)ts (cid:271)y a(cid:374) (cid:862)i(cid:374)depe(cid:374)de(cid:374)t audito(cid:396)(cid:863) (cid:894)a(cid:374)(cid:374)ually(cid:895) Prepared at regular time intervals: always annually. Prepared by management and go to outside parties. Examine financial statements that management has prepared. Issue an opinion to stockholders, creditors, and other interested parties on their stance on safety/return on investment. The accounting standard that companies in the us are required to use. Give statements credibility and allow reports of different companies to be compared. Responsibility of financial accounting standards board (fasb) Accounting standards used in more that 100 other countries. Responsibility of international accounting standards board (iasb) According to gaap and ifrs, every company must present four financial statements. Assets = liabilities + equity: assets are what you own, liabilities are what you owe, e(cid:395)uity (cid:396)ep(cid:396)ese(cid:374)ts o(cid:449)(cid:374)e(cid:396)s" i(cid:374)te(cid:396)est i(cid:374) the assets.