BU127 Study Guide - Midterm Guide: International Accounting Standards Board, International Financial Reporting Standards, Ontario Securities Commission

• School: WLU
• Department: Business
• Course: BU127
• Professor: John Young

Document Summary

Accounting- a system that collects and processes financial information about an organization and reports it to decision makers. Statement of financial position (balance sheet)- reports the financial position (a, l, se) of an accounting entity at a point in time. Statement of comprehensive income- (cid:396)epo(cid:396)ts the (cid:272)ha(cid:374)ge i(cid:374) sha(cid:396)eholde(cid:396)s" e(cid:395)uity du(cid:396)i(cid:374)g a period from business activities, excluding exchanges with shareholder. Statement of earnings- reports the revenues and expenses of the accounting period. Statement of changes in equity- reports all (cid:272)ha(cid:374)ges to sha(cid:396)eholde(cid:396)s" equity during the accounting period. Retained earnings- reflect the net earnings that have been generated since the creation of the company but not distributed yet to shareholders as dividends. Statement of cash flows- reports cash inflows and outflows that are related to operating investing, and financing activities during the accounting period. Notes- provide supplemental information about the financial condition of a company, without which the financial statements could not be fully understood.