Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.)
INTERMEDIATE
ACCOUNTING
Sixth Canadian Edition
KIESO, WEYGANDT, WARFIELD, IRVINE, SILVESTER, YOUNG, WIECEK
Prepared by:
Gabriela H. Schneider, CMA; Grant MacEwan College
C H A P T E R
1
The Canadian Financial
Reporting Environment
Learning Objectives
1. Describe the essential characteristics of accounting.
2. Identify the major financial statements and other means of financial reporting.
3. Explain how accounting assists in the efficient use of scarce resources.
4. Explain the meaning of stakeholders and identify the key stakeholders in financial reporting.
5. Identify the objective of financial reporting.
6. Explain the notion of management bias with respect to financial reporting.
7. Understand the importance of user needs in the financial reporting process.
Learning Objectives
8. Explain the need for accounting standards.
9. Identify the major entities that influence the standard-setting process and explain how they influence financial reporting.
10. Explain the meaning of GAAP.
11. Explain the significance of professional judgement in applying GAAP.
Learning Objectives
12. Understand issues related to ethics and financial accounting.
13. Identify some of the challenges facing accounting.
Learning Objectives
Financial Accounting and Accounting Standards
Role of Financial Reporting
Objectives of Financial Reporting
Standard Setting
GAAP
Challenges Facing Financial Reporting
Role of Ethics
Standard setting in a political environment
Stakeholders
Professional judgement
Parties involved in standard setting
Users needs
Accounting and capital allocation

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