BUS 251 Lecture Notes - Lecture 2: International Financial Reporting Standards, Saber Of London, The Monthly

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 251
• Professor: Steve Gibson

Document Summary

Chapter 2: analyzing transactions and their effects on financial statements. Accounting standards have been developed to provide companies with a broad set of rules to be followed when preparing their financial statements. Enhance the usefulness of financial information because they help to ensure that users can understand the information presented. Enable users to evaluate the statements and compare them with those of other companies in order to make knowledgeable decisions. All canadian public companies are required to prepare their financial statements using. Private companies generally follow accounting standards for private enterprises (aspe), but can use ifrs if they wish. The objective of both ifrs and aspe is to produce financial reporting that is useful to the financial statement users, focus on the needs of shareholders and creditors in determining the financial information that would be useful. The standards aim is to provide financial info that assists these two users groups in making decisions about providing resources to the reporting company.