COMMERCE 3AB3 Study Guide - Midterm Guide: Ontario Securities Commission, Xbrl, Public Company Accounting Oversight Board

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 3AB3
• Professor: Tony Kang

Document Summary

Financial statements: principal way of communicating financial information: most commonly used statements, statement of financial positon (balance sheet, statement on income/comprehensive income, statement of cash flows, statement of changes in equity. Stakeholders: parties who have something as risk in the financial reporting environment (i. e. their job, salary, investment, reputation: anyone who prepares, relies on, reviews, audits, or monitors financial information. Information asymmetry: all stakeholders do not have equal access to all relevant information. Ideally you would want information symmetry in order to facilitate the flow of capital in the most efficient and effective manner. Ifrs must be used by public companies in canada: private enterprises have an option of using ifrs, financial accounting standards board (fasb) and u. s. securities and. If above sources do not specifically apply, other sources may be considered: pronouncements of other standard-setting bodies, other accounting literature, accepted industry practices.