COMM 1101 Lecture Notes - Lecture 1: International Financial Reporting Standards, Canadian Blood Services, Accounts Payable

• School: Dalhousie University
• Department: Commerce
• Course: COMM 1101
• Professor: POWER

Document Summary

Chapter 1: the purpose and use of financial statements. Accounting: the collection of financial information and records it. Only numerical transactions with financial impacts are recorded. Companies are required in producing financial statement - they must file a tax return for the government - companies must attach their financial statement. Key purposes: they use the financial statements as a communication tool, they make their information public. There are 3 broad sectors within the canadian economy: public - government, all levels, municipal, provincial, federal, private - private companies + public companies (ex. Proprietorships and partnerships generally follow aspe for external reporting. They all have to follow different rules and regulations when providing their financial statements. Generally accepted accounting principles (gaap) - these vary by country. Public - international financial reporting standards (ifrs) - only the us doesn(cid:1685)t use it. Private - ifrs or accounting standards for private enterprises (aspe) *not required to follow any particular standards for internal use.