综合收益表.docx
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综合收益表.docx
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综合收益表
LESSON1
Financialreportingandaccountingconcepts
Texts
∙IntermediateAccounting,Volume1,IFRSEdition,DonaldE.Kieso,JerryJ.Weygandt,TerryD.Warfield,JohnWiley&Sons.
∙IASBFramework
Topicoutlineandrequiredreading
1.1
Theenvironmentofaccounting(Level3)
∙Chapter1,pages2-7,9-14,17-18,Appendix1A,pages21-29
1.2
Financialstatementusersandobjectivesoffinancialreporting(Level1)
∙Chapter1,pages7-9,14-17
∙Chapter2,pages38-43
1.3
Ethicsinaccounting(Level 2)
∙Chapter1,page17
∙Appendix1-1:
“Whatisethics?
”
1.4
Qualitativecharacteristicsandelementsoffinancialstatements(Level1)
∙Chapter2,pages43-48
∙
1.5
Accountingassumptions,measurementprinciplesandconstraints(Level 1)
∙Chapter2,pages48-60
1.6
Professionaljudgmentinfinancialreporting(Level2)
∙Norequiredreading
1.7
Accountinginformationprocessingsystem(Level1)
∙Norequiredreading
Terminology
Forcorporations,therearefivefinancialstatements,thosebeing:
∙Thestatementoffinancialposition,previouslyknownasthebalancesheet
∙Thestatementofchangesinequity,previouslyknownasthestatementofretainedearnings
∙Thestatementofcashflows,previouslyknownasthecashflowstatement
∙Theincomestatement(whichmaybeincludedinthestatementofcomprehensiveincome)
∙Thestatementofcomprehensiveincome
Thedescriptors“balancesheet,”“statementofretainedearnings,”and“cashflowstatement”arestillwidelyusedinpracticeandmayappearinthesecoursenotes,reviewquestions,andassignmentquestions.Notwithstandingthis,youshouldgetinthehabitofreferringtothestatementsbytheir“correctnames”assetoutinIAS1IN11andelsewhere.
Introduction
WelcometoFinancialAccounting2.Thislessonservesasafoundationfortheentirecourse.Itbeginswithareviewoftheenvironmentofaccountingandthestandard-settingprocess.Usersoffinancialinformationareidentified,andthewayinwhichfinancialstatementsrespondtousers’needsisexplained.Ethicsinaccounting,introducedinFA1,isrevisited.Theelementsoffinancialstatementsareexplained,includingfactorsthatdetermineinclusionofitemsinthestatements.Accountingassumptions,qualitativecharacteristics,principles,andimplementationconstraintsaresummarized.
Learningobjectives
Aftercompletingthislesson,youshouldbeableto:
∙Describetheinternationalaccountingstandard-settingprocess.(Level3)
∙Describetheattemptstoharmonizeaccountingstandardsthroughouttheworld.(Level 3)
∙Identifyfinancialstatementusersandtheirneeds,anddescribehowusers’needsareusuallysatisfied.(Level1)
∙Explaintheimportanceofethicalbehaviourinfinancialreporting.(Level2)
∙Evaluatewhetheraccountingpracticesproperlyreflecttheunderlyingassumptionsandqualitativecharacteristicsofaccountinginformation.(Level1)
∙Evaluatewhetherthedefinitionoffinancialstatementelements,recognitioncriteria,andmeasurementprinciplesareproperlyapplied.(Level1)
∙Identifysituationswhenprofessionaljudgmentmustbeexercisedinaccounting.(Level 2)
∙Describetherelationshipsbetweenthesevenmajortypesofgeneralledgeraccounts.(Level 1)
∙Understandtheinterrelationshipsbetweenthestatementoffinancialposition,statementofcomprehensiveincome,statementofchangesinequityandthestatementofcashflows.(Level1)
TOPIC1.1
Theenvironmentofaccounting
RequiredreadingChapter1,pages2-7,upto“ObjectiveofFinancialReporting”,pages9-14from“Standard-SettingOrganizations”,pages17-18“InternationalConvergence”
Appendix1A,pages21-29“TheU.S.Standards-SettingEnvironment”
LEVEL3
Bynow,youhavealreadytakenatleastonecourseinfinancialaccounting.Theobjectiveofthiscourseistoexploreinmoredepththeassetsideofthestatementoffinancialposition.ManyofthetopicsthatwereintroducedinFinancialAccountingFundamentals[FA1]oranequivalentcoursewillberevisitedinmuchmoredetail.Readpages2to7inthetextbookforaquickoverview,andthenturntopages9to14tolearnthestandardsettingorganizations.
Accountingistheprocessofidentifying,measuring,recording,andcommunicatingfinancialinformationaboutaneconomicentitytointerestedusergroups.Theprincipalreportingtousersfocusesontheresultsofoperationsfortheentityforaperiodoftimeandtheentity’sfinancialpositionataparticularpointintime.Theentitybeingaccountedformaybeofanytype:
aprofit-orientedbusiness,anot-for-profitorganizationoragovernmententity.Thekeyaspecthereiscommunication.Keepinmindthataccountantsareinthecommunicationbusiness;therefore,youmustknowtowhomyouarecommunicating(thatis,theusersofaccountinginformation)andwhatkindofinformationtheuserswant.Providingusefulinformationtousersistheprimaryroleofaccountants.
Asyouprogressthroughthiscourse,bemindfulofthediverseusergroupsandhowtheywillusetheinformationtomakedecisions.Continuallyevaluateaccountingpracticetodetermineifitresultsinusefulinformation.Ifnot,whatchangesneedtobemadetoouraccountingpracticestomaketheresultsmoreuseful?
Inotherwords,donotsimplyacceptallaccountingrulesandpracticesastheabsolutetruth.Instead,alwaystrytounderstandthelogicbehindthesepractices.Insodoing,youshouldgainabetterunderstandingofwhatyouaredoingandwillachievebetterresultsontheexaminations.Youmayalsoidentifysomeshortcomingsinaccountingpractice.Thisisusefulbecausethefirststepinsolvingaproblemisrecognizingthataproblemexists.
Accountingisgenerallydividedintotwomainbranches.Financialaccountingisdesignedtoprovideinformationtoexternalusers,suchascreditors,shareholders,government,andthepublic.Managementaccountingisdesignedtoprovideinformationtointernalusers.Theseinternalusers,suchasmanagersandemployeesoftheorganization,usethemanagementaccountinginformationasatoolinthedecision-makingprocesses.Forexample,managersneedinformationtodecidewhatpricestochargeforproductsandwhetherornottobuyorbuildcomponentparts.Sincetheseinternalusersalsohaveaccesstoallotherinternalcompanyinformation,theyarenotcompletelyreliantonthismanagementaccountinginformation.Also,sincethismanagementaccountinginformationisbeingusedforinternalpurposes,itisnotrequiredthattheinformationbepreparedfollowinganyspecificguidelinesorstandards.
Thereisalsowhatsomecallathirdbranch,namelytaxaccounting,whichinvolvesboththepreparationofstatutorytaxfilingsandtaxplanningtominimizetheamountoftaxesowing.However,itisreallyavariationonfinancialaccountingsinceitusesfinancialaccountingdatatogeneratetaxaccountingstatements.Wewillnotaddressthisaspect,exceptincircumstanceswherestatutorytax-relatedrequirementsimpactfinancialaccounting.
Thiscoursefocusesonfinancialaccounting—theprovisionofusefulfinancialinformationtoexternalusersaboutacompany.Theseexternalusersareinterestedinmakingdecisionsaboutwhichcompaniestoinvestin,orwhethertheyshouldorshouldnotlendmoneytoaparticularentity.Becausetheydonothaveaccesstoinformationthatwouldbeavailabletoaninternaluser,theinformationaboutanorganizationobtainedbyexternalusersislimitedtothepubliclyavailableinformationthattheentityisrequiredtoprovide.Anentitymustthereforeensurethatitsexternalfinancialaccountingreportsarepreparedonacomparableandconsistentbasis,therebyallowingexternaluserstousethisinformationtomakeimportantinvestmentdecisions.Externalusersalsowanttoknowthatthefinancialaccountingreportsofdifferentcompanieshavebeenpreparedusingthesamesetofstandards,andthatthesestandardshavebeenappliedconsistentlyfromonereportingperiodtothenext.
Historicalbackground
Thefirstbooktoformallydescribethedouble-entryaccountingsystemwasLucaPacioli’sSummadeArithmetica,Geometria,ProportionietProportionalitawrittenin1494.Atthattime,nearlyallaccountantsworkedforbanks,merchants,orgovernments.
Theroleoftheaccountingprofessionremainedvirtuallyunchangeduntiltheonsetoftheindustrialrevolution.Therapidgrowthofthesizeofthebusinessentityandtherequirementforcapitalresultedincreationofthepublicaccountant.InNorthAmerica,railroadcompanieswerethebiggestsingleusersofcapital,andconsequently,railroadfinancesbecameamatterofpublicconcern.
Thefirstorganizationofprofessionalpublicaccountantsintheworldwasfoundedin1854astheInstituteofCharteredAccountantsinScotland.ThefirstaccountingassociationestablishedinNorthAmericawastheAssociationofAccountantsinMontréalin1880.TheDominionAssociationofCharteredAccountantswasformedin1902andwasthepredecessoroftheCanadianInstituteofCharteredAccountants.
TheCertifiedGeneralAccountantsAssociationofCanadawasfoundedbyJohnLesliein1913astheGeneralAccountantsAssociation.LesliestartedtheCanadianAccountantsAssociationin1908withtheobjectofbringingtogetherbookkeepersandaccountantsoftheCanadianPacificRailwaytostudyandacquireagreaterknowledgeoftheirwork.Fiveyearslater,theGeneralAccountantsAssociationwasrecognizedbytheParliamentofCanada.
Accountingstandardsetting
Asaresultoftheneedforconsistentandcomparableexternalfinancialreporting,asomewhatstandardizedsystemoffinancialaccountinghasdevelopedovertheyears.Thisstandardizedsystemisreferr
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