AFM101 Chapter Notes - Chapter 1: Accounting Standards Board (Canada), International Accounting Standards Board, Financial Accounting Standards Board

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM101
• Professor: Robert Sproule

Document Summary

Afm 101 chapter 1 class notes financial statements and business decisions. Profit-oriented organizations shareholders, creditors, finance analyst, union leader. Non-for-profit organizations government, red cross, green peace, hospital, university. An imaginary entity that defines the boundary of financial statement / accounting. Legal entity is different than business entity in size. Role: to give the guidance on how to prepare financial statements (i. e. what elements do you include, and how to figure out the number). This is because they have developed over time; people have done it differently. Fasb financial accounting standards board (u. s. ) Acsb, fasb, iasb, ifrs are all sources that create gaap. In cpr annual report, the footnote indicates using canadian gaap. In cnr annual report, the footnote indicates using u. s. gaap. In order to exchange on new york stock exchange, the company has to report using u. s. gaap or reconcile into u. s. gaap. To exchange on toronto stock exchange, both canadian and u. s. gaap are accepted.