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1 Understanding the basics of financial reporting
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1.1 chapter 1
This is a preview. There are 82 more flashcards available for chapter 1.1
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Who are the internal users of accounting information?
Are managers who plan, organise and run the business. These include marketing managers, production supervisors, finance directors and company officers -
Who are the two most common types external users?
- investors: use accounting information to decide whether to buy, hold or sell ownership shares of a company
- creditors: use accounting information to evaluate the risk of granting credit or lending money -
Who are the main external users of financial accounting?
Investors and creditors -
what does managerial accounting focus on?
Reports for internal users -
Why are ethics essential in financial reporting?
Because a soul economy depends on accurate and reliable financial information -
What happens when reporting is unethical?
Loss of trust, falling share prices, investor distrust -
What are the 3 steps in analysing ethical situations?
1. Recognise the ethical issue
2. Identify stakeholders and key elements
3. Evaluate alternatives and consequences -
What is the purpose of accounting standards?
To ensure hight-quality and comparable financial reporting -
Which 2 main standard-setting bodies exist?
IASB and FASB -
What does faithful representation mean?
Information is accurate, complete and factual
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