RSM100Y1 Chapter Notes - Chapter 15: International Accounting Standards Board, Financial Accounting Standards Board, International Financial Reporting Standards
Document Summary
Accounting: the process of measuring, interpreting, and communicating financial information to support internal and external business decision-making. Accountants gather, record, report and interpret financial information in a way that describes the status and operation of an organization and aids in decision-making. Managers (major users) at a business government agency, or not-for-profit organization. Purpose: to plan and control daily and long-range operations. Open-book management: allow employees to understand how their work affects the company"s bottom line. Companies share sensitive financial information with their employees. The natural progression of a business begins with financing. 3 classifications: public accountants: provides accounting services to individuals or business firms for a fee. 3 basic services: auditing, or examining, financial records, tax preparation, planning, and related services, management consulting, accountants can provide unbiased advices about a firm"s financial condition. Four largest public accounting firms: deloitte, ernst & young, kpmg and. Pricewaterhousecoopers: management accountants: employed by a business other than a public accounting firms.
