FINANCIALREPORTINGANDACCOUNTINGSTANDARDS幻灯片.pptVIP

C H A P T E R 1;Identify the major financial statements and other means of financial reporting. Explain how accounting assists in the efficient use of scarce resources. Explain the need for high-quality standards. Identify the objective of financial reporting. Identify the major policy-setting bodies and their role in the standard-setting process. Explain the meaning of IFRS. Describe the challenges facing financial reporting.;General-purpose financial statements Capital providers Entity perspective Decision-usefulness;Global Markets;Global Markets;LO 1 Identify the major financial statements and other means of financial reporting.;LO 1 Identify the major financial statements and other means of financial reporting.;Financial Information Accounting? Identify and Measure and Communicate;Resources are limited. Efficient use of resources often determines whether a business thrives.;Objective of Financial Accounting;Capital Providers (Investors);Decision-Usefulness;The objective of financial reporting places most emphasis on: reporting to capital providers. reporting on stewardship. providing specific guidance related to specific needs. providing information to individuals who are experts in the field.;General-purpose financial statements are prepared primarily for: internal users. external users. auditors. government regulators.;For consistent and comparable external financial reporting, a standardized system of financial accounting has developped.;Two Major Organizations: International Accounting Standards Board (IASB) Issues International Financial Reporting Standards (IFRS). Standards used on most foreign exchanges. Standards used by foreign companies listing on U.S. securities exchanges. IFRS used in over 115 countries.;Two Major Organizations: Financial Accounting Standards Board (FASB) Issues Statements of Financial Accounting Standards (SFAS). Required for all U.S.-based companies. ;LO 5 Identify the major policy-setting bodies and their role