AFM101 Study Guide - Midterm Guide: International Accounting Standards Board, Ontario Securities Commission, U.S. Securities And Exchange Commission
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AFM101 Full Course Notes
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Statement of financial position (balance sheet: reports assets, liabilities, shareholder"s equity at a particular point in time. Statement of comprehensive income: reports the change in shareholders" equity during a period from business activities, excluding exchanges with shareholders, statement of earnings (income statement) Notes provide supplemental information about the financial condition of a company, without which the financial statements cannot be fully understood. Accounting entity: the organization for which financial data are to be collected. Basic accounting equation: assets = liabilities + shareholders" equity: assets. Economic resources controlled by the entity, which will help obtain future benefits. Measured at the total cost incurred to acquire it. Listed by maturity (due date: shareholder"s equity. Amount of financing provided by owners of the business, and earnings. International financial reporting standards (ifrs: guidelines for the measurement rules used to develop the information in financial statements, prevents managers from manipulating statements that serve their personal interests.