ADMS 3510 Study Guide - Midterm Guide: Management Accounting, Financial Accounting, Financial Statement

• School: York University
• Department: Administrative Studies
• Course: ADMS 3510
• Professor: Roberto Umana

Document Summary

1 1 management accounting measures, analyzes, and reports financial and nonfinancial information to internal managers making internal decisions to improve performance. The reporting and analyses are not restricted by generally accepted accounting principles (gaap) based on either ifrs or canadian accounting standards. Financial accounting measures, analyzes, and reports primarily financial information to external parties who own the corporate assets, such as investors, government agencies, and banks. Methods of identification and classification of business transactions, measurement of their economic effect, analyses, and reporting in financial statements must comply with standards set by the canadian institute of. The cica participates in the production of ifrs standards and has the option to amend rather than adopt these standards. Other differences include (1) management accounting emphasizes the future (not the past), and (2) management accounting is designed specifically to influence the behaviour of managers and other employees (rather than primarily reporting economic events). Companies listed on stock exchanges must comply with.