ADMS 4520 Chapter 1: setting the stage

• School: York University
• Department: Administrative Studies
• Course: ADMS 4520
• Professor: Patricia Farrell

Document Summary

Internal operations: affect consolidated statements, non business organizations, no business aspect no identifiable customer, new world order in accounting. If competing with public companies use ifrs for comparability: nfp org ifrs/aspe/nfp standards in cica handbook (deffered revenue / restricted fund approach, government org. Use different standards for different sections depends on function: role of reporting objectives, choose accounting/reporting policies consider needs of statement users & motivations of preparers, choice of accounting policy highly constrained. Ifrs only applies to public corporations: uneven adoption of ifrs, 2 basic ways national acct standards established. If incomplete acceptance of ifrs not same as ones used in common law countries. International comparisons made simple or are they? in other jurisdiction. Japan did not require consolidated statements & no parent company different structure: economic & political factors. Inflation & exchange rate fluctuations differ impact long term prospective earning: state control & regulation in country, private companies in different countries, 5 gaap that private company use.