AFM491 Chapter Notes - Chapter 9: Financial Statement, Retained Earnings, Capital Asset

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM491
• Professor: Robert Ducharme

Document Summary

Institutions: under the mandate of the government. Federal, provincial, territorial and local governments, government organizations, government partnerships and school boards: can receive revenue through taxation, private sector nfpos, any nfpo not run by the government, must earn revenue through fundraising. Standards set by the canadian accounting standards board (acsb: three possible options for nfpos, required adherence to ifrs, new handbook developed specifically for nfpos, required adherence with aspe with additional guidance for nfpo specific issues. Information in financial statements: entity"s economic resources, obligations and net assets, changes in an entity"s economic resources, obligations and net assets, economic performance of the entity, user needs, external users, governments and donors. Same definitions of assets and liabilities: revenue recognition criteria, contributions, non-reciprocal transfer of cash or other assets, or non-reciprocal settlement or cancellation of liabilities, government funding. Investment income or sale of goods and services: membership fees.