Management and Organizational Studies 2310A/B Chapter 2: CHAPTER RECAP

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2310A/B
• Professor: Danny Morrison

Document Summary

Financial statements: accounting reports issued by companies quarterly and/or annually that present past performance information and a snapshot of the firm"s assets and financing of those assets. Annual report: the yearly summary of business sent by public companies to their shareholders; accompanies or includes the financial statements. Canadian public companies required to file these with their provincial securities commissions. Under ifrs, every public company is required to produce: statement of financial position (balance sheet, statement of comprehensive income (incl. Income statement: statement of cash flows, statement of changes in equity, notes including accounting policies. Generally accepted accounting principles (gaap): a common set of rules and standard format for companies to use when they prepare their financial reports (i) the statement of financial position (balance sheet) : a list of a firm"s assets, liabilities and equity that provides a snapshot of the firm"s financial position at a given point in time. Statement of financial position identity: assets + liabilities + s/e.