Management and Organizational Studies 3360A/B Chapter Notes - Chapter 1: Balanced Scorecard, International Accounting Standards Board, Financial Accounting Standards Board

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Accounting theory and practice have always evolved and will continue to evolve. Accounting is defined best by describing its 3 essential characteristics: Identification, measurement, and communication of financial information about: economic entities to. The most frequently provided financial statements are: Income statement: balance sheet, statement of cash flows, statement of owners" or shareholders" equity or statement of retained earnings, note disclosures. Financial statements should provide information about: the entity"s economic resources and claims to those resources and, changes in those resources and claims. The objective of financial reporting is to provide useful information to users. Two basic premises underlie the process of establishing financial accounting standards: the acsb should respond to the needs and viewpoints of the entire economic community, not just the public accounting profession. It should operate in full public view through a due process system that gives interested persons enough opportunity to make their views known.

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