BUSN 1101 Chapter Notes - Chapter 12: Financial Accounting Standards Board, International Accounting Standards Board, International Financial Reporting Standards
31 Aug 2016
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Document Summary
Stakeholders - parties who are interested in the activities of a business because they"re affected by them (customers, employees, managers, suppliers, shareholders, community) Accounting - system for measuring and summarizing business activities, interpreting financial information, and communicating the results to management and other stakeholders to help them make better business decisions. The purpose of accounting is to help stakeholders make better business decisions by providing them with financial information. Management accounting - provides information and analysis to decision makers inside the organization (such as owners and managers) to help them operate the business. B/c the information that it provides is intended for use by people who perform a wide variety of jobs, the format for reporting information is flexible. Reports are tailored to the needs of individual managers, and the purpose of such reports is to supply relevant, accurate, and timely information in a format that will aid managers in making decision.
