MGTC07 Intermediate Accounting I S. Daga
Topic: THE ACCOUNTING ENVIRONMENT & CONCEPTUAL FRAMEWORK
Chapters: 1 & 2
Topic’s Learning Objectives:
1. Be familiar with the accounting environment and who the stakeholders are.
2. Understand GAAP and the conceptual framework.
3. Know why Canada moved to two sets of accounting principles (IFRS and ASPE).
A. What is accounting?
B. The Objectives of Financial Statements:
C. The Nature of the Environment in which Accounting Operates:
D. Why are ethics a crucial aspect of accounting?
E. Generally Accepted Accounting Principles (GAAP):
-see attached illustration as a reference tool
F. Who has the authority to set standards and how are they enforced? Question:
Effective on January 1, 2011, Canada has a t