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Chapter 3

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FINE 2000
Alan Marshall

ACTG2020 Chapter 3 Jessica Gahtan CHAPTER 3: ACCOUNTING AND FINANCE 3.1 THE STATEMENT OF FINANCIAL POSITION OR BALANCE SHEET - Public companies publish their F/S on a regular basis, providing investors with access to info about the companies’ financial situation - 10Q- Quarterly publishing, 10K annual publishing - Canadian Securities Administrators (CSA) is an org created by Canada’s provincial and territorial regulators International Financial Reporting Standards (IFRS) are procedures for preparing F/S - Statement of financial position (SFP) or balance sheet, income statement, statement of comprehensive income (SCI), the statement of changes in equity, and the statement of cash flows Subsidiary is a business that’s owned by another corporation, called a parent, who controls the business- to control the business, the parent company has to own at least 50% + 1 of the voting shares Statement of financial position (SFP) shows the book value of the firm’s assets, liabilities, and equity as of a specific date Book value or carrying value is the value of assets or liabilities shown on the statement of financial position (B/S) - Some assets are more liquid- can turn into cash more easily - Sequence doesn’t affect the total value of the assets Fair value estimated market value - Every year, assess whether the asset has been impaired - Impairment tests determine if the asset’s value has deteriorated below its book value- compare the book value of the asset to its recoverable amount- estimate of its fair value - Net PPE =purchase cost less accumulated depreciation Check Point 3.1 a) b) c) - Intangible assets are long-lived assets that don’t have physical substance - Amortization similar depreciation expense - Goodwill is generated when a company buys another company - Provision is an estimated liability for a probable cos
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