RSM219H1 Chapter Notes - Chapter 2: International Financial Reporting Standards, Conceptual Framework, Financial Statement
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RSM219H1 Full Course Notes
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Document Summary
Chapter 2: analyzing transactions and their effects on financial statement. Guidelines on how financial information should be presented: ifrs international financial reporting standards, for public companies. To minimize the differences in financial reporting across countries: aspe - accounting standards for private enterprise, for private companies. Both of these focus on the needs of the shareholders (current and potential) and creditors. The body responsible for developing and establishing the accounting standards used by canadian companies. Objective of ifrs and aspe is to produce use information that is useful for financial statement user. To help determine what"s useful, the iasb and acsb have developed a conceptual framework. Conceptual framework is an underlying set of objectives and concepts that guide account standard-setting bodies in justifying new standards and revisiting old ones. These are the objectives in mind when developing the framework. Assist the organization as they develop new financial reporting standards.
