Intermediate Accounting 9th Canada Edition
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The document provides an overview of the Canadian financial reporting environment, including the objectives of financial reporting, stakeholders involved, and standard setting process. It discusses how financial reporting aims to provide useful information to users for decision making and capital allocation. Standards are set to allow fair presentation of company operations and meet majority of user needs. Key parties in the Canadian standard setting process are the Canadian Accounting Standards Board, International Accounting Standards Board, and provincial securities commissions.
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Questions
Financial Accounting
Managerial Accounting
What is the primary
purpose of the
accounting
system?
To provide investors, creditors, and other
external parties with useful information
about the financial position, financial
performance, and cash flow prospects
of an enterprise.
To provide managers with information useful
for planning, evaluating and rewarding
performance, and sharing with other outside
parties. To apportion decision-making
authority over the resources of the business.
What are the types
of reports
produced?
Primarily financial statements (statement
of financial position or balance sheet,
incomestatement, statement of cash
flows) and related notes and supplemental
disclosuresthat provide investors,
creditors, and otherusers information to
support externaldecision-making
processes.
Many different types of reports, depending
on the nature of the business and the
specific information needs of management.
Examples include budgets, financial
projections, benchmark studies, activitybased
cost reports, and cost-of-quality
assessment.
Who are the
primary users?
Outsiders as well as managers.
For financial statements, these
outsiders include stockholders,
creditors, prospective investors,
regulatory authorities, and the
general public
Management (different
reports to different
managers), customers,
auditors, suppliers, and
others involved in an
organization’s value chain.
What portion of the
company is the
primary focus?
Usually the company viewed as a whole.
A component of the company’s value
chain, such as a business segment, supplier,
customer, product line, department, or
product.
What time periods
are included?
Usually a year, quarter, or month. Most
reports focus on completed periods.
Emphasis is placed on the current (latest)
period, with prior periods often shown for
comparison.
Any period–year, quarter, month, week,
day, even a work shift. Some reports
are historical in nature; others focus on
estimates of results expected in future
periods.
Are there any
requirements for
the standards of
report
presentation?
Generally accepted accounting principles,
including those formally established in the
authoritative accounting literature and
standard industry practice.
Rules are set within each organization
to produce information most relevant to
the needs of management. Management
needs include reporting to both external
constituents and internal users.
Source: Weygandt, J.J., Kieso, D.E. y Kimmel, P.D. (2015). Accounting principles. (12th Ed.). John Wiley & Sons. New York.
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Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Independent Study - College of Wooster Research (2023-2024)
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...University of Calabria
The study analyzes differences and primary drivers of green performance between family firms and non-family firms
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- 9. Flow of Information through the Financial Statements Income Statement Statement of Equity Balance Sheet Statement of Cash Flows Reports Net Income Ending balance reported Change in cash as reported displays the change in cash position
- 10. Accounting and Capital Allocation Financial reporting aids users in the allocation of scarce resources (capital)
- 13. Accounting and Capital Allocation Financial Reporting aids Users (present and potential) Capital Allocation decisions Financial statements and other forms of financial reporting Users include: investors, creditors, unions, government agencies, and other Involves determining how funds are allocated among competing interests
- 25. Objectives of Financial Reporting Yes Resource Allocation Decisions Assess Management Stewardship Yes Was income earned to generate future cash? Able to meet obligations and pay a return on investment Did management’s decisions on resource acquisition and allocation increase shareholder wealth? Investor and creditor confidence continues Capital continues to be available
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