COMMERCE 1AA3 Midterm: 1AA3 Midterm Review
Document Summary
Comm 1aa3: accounting review chapters 1, 2, 3, 4, 5 & 12. Chapter 1: the financial statements: financial statements: which are business documents that companies use to report the results of their activities to various user groups. They specify the standards for how accountants must record, measure and report financial information: cica handbook, is the official source. In canada, the canadian institute of chartered accountants (cica), establish gaap. International financial reporting standards (ifrs): one of the many challenges of conducting global business is the adopted accounting standard that different countries have adopted for their business transactions makes it difficult for comparison. Therefore, they developed the international financial reporting standards (ifrs), which is being used by most countries around the world: the international accounting standards board (iasb) was set up in 2001 to issue ifrs. To be useful information it must have the fundamental qualitative characteristics.
