ACCO 310 Chapter Notes - Chapter 4: Dividend, Deferred Tax, Order Of Newfoundland And Labrador
Document Summary
This chapter deals with performance, i. e. the income statement (aspe) and statement of. The overall objective is to provide relevant information (specifically feedback value and predictive value) by: Assessing risk (it is important to know where profits come from) you want them to come mostly from operations, which is the bread and butter of the business. Statements that successfully meet the above criteria are said to have high earnings quality. Then have an idea how the numbers got there (notes and problems). ** be prepared to crtitique an existing set of financial statements and/or prepare a statement of comprehensive income from data given to you. Let"s use ifrs as the basis for our discussion, since it is more involved than aspe: Net income (loss): (multi-step or single-step expenses by nature or function) Non-operating (other revenues gains/losses (not central to operations) these include infrequent and unusual items (see next pages). B: discontinued operations: see next pages - important.
