AFM131 Chapter Notes - Chapter 16: International Financial Reporting Standards, Chartered Professional Accountant, Chartered Accountant

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AFM131 Full Course Notes
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AFM131 Full Course Notes
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Accounting: the recording, classifying, summarizing, and interpreting of financial events and transactions in an organization; provides management and other interested parties with financial info needed for decision making. Managerial accounting: provides info and analyses to managers inside the organization to help them with decision making. Financial accounting: provides info and analyses prepared for people outside the organization. Annual report: yearly statement of financial condition, progress, and expectations of an organization. Private accountant: (cid:449)o(cid:396)ks fo(cid:396) a si(cid:374)gle fi(cid:396)(cid:373), go(cid:448)"t age(cid:374)(cid:272)(cid:455), o(cid:396) (cid:374)ot-for-profit organization. Public accountant: provides his or her accounting services to individuals or businesses on a fee basis. International financial reporting standards (ifrs): common set of accounting principles, standards, and procedures that accountants and companies use to compile financial statements. Auditing (compliance accounting): (cid:396)e(cid:448)ie(cid:449)i(cid:374)g a(cid:374)d e(cid:448)aluati(cid:374)g (cid:396)e(cid:272)o(cid:396)ds used to p(cid:396)epa(cid:396)e a (cid:272)o(cid:373)pa(cid:374)(cid:455)"s fi(cid:374)a(cid:374)(cid:272)ial state(cid:373)e(cid:374)ts. Independent audit: a(cid:374) e(cid:448)aluatio(cid:374) a(cid:374)d u(cid:374)(cid:271)iased opi(cid:374)io(cid:374) a(cid:271)out the a(cid:272)(cid:272)u(cid:396)a(cid:272)(cid:455) of a (cid:272)o(cid:373)pa(cid:374)(cid:455)"s fi(cid:374)a(cid:374)(cid:272)ial state(cid:373)e(cid:374)ts. Forensic accounting: focuses its attention on fraudulent activity.

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