It is a very extensive summary of the lecture notes of Intermediate Financial Accounting (IFA). Includes many of examples which will help for the preparation of the exam.
Intermediate Accounting IFRS 4th Edition Solution Manual by Donald E. Kieso, Jerry J. Weygandt, Complete Chapters 1 - 24, Verified Newest Version
Test Bank for Intermediate Accounting IFRS, 4th Edition by Kieso, Weygandt, Warfield All 1-24 Chapters Covered ,Latest Edition, ISBN:9781119607519
Test Bank for Intermediate Accounting IFRS, 4th Edition by Kieso, Weygandt, Warfield, All Chapters 1 to 24 complete Verified editon ISBN: 9781119607519
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Bedrijfseconomie
Intermediate Financial Accounting (324038B6)
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Intermediate Financial Accounting
Inhoudsopgave
Lecture 1 – Financial reporting in capital markets and IFRS development....................................................... 2
Lecture 2 – IFRS Conceptual Framework ......................................................................................................... 8
What is a Conceptual Framework and what it its purpose? ............................................................................... 8
History of IFRS Conceptual Framework............................................................................................................... 9
Structure of the IFRS Conceptual Framework – Chapters 1-8 ........................................................................... 10
Lecture 3 – Financial statements ................................................................................................................... 21
Income statement ............................................................................................................................................. 21
Total comprehensive income ............................................................................................................................ 23
Statement of changes in shareholders’ Equity ................................................................................................. 24
Statement of financial position......................................................................................................................... 25
Statement of cash flows ................................................................................................................................... 26
Accounting concepts and assumptions ............................................................................................................. 30
Links within Financial Statements .................................................................................................................... 33
Lecture 4 – Revenue recognition (IFRS 15) – part 1........................................................................................ 35
Importance of revenue recognition .................................................................................................................. 35
IFRS 15 – objective and scope ........................................................................................................................... 37
IFRS 15 - Five step process for revenue recognition .......................................................................................... 38
Lecture 5 – Revenue recognition (IFRS 15) – part 2........................................................................................ 44
IFRS 15 – Presentation and disclosure .............................................................................................................. 44
IFRS 15 - Focus on POs satisfied over time........................................................................................................ 45
Lecture 1 – Financial reporting in capital markets and IFRS
development
What is accounting
,Accounting is the way a business uses to communicate its financial performance; it is the
language of the business.
Only financial information.
Role of financial reporting
Economic theory reasoning
• Firms needs economic resources, provided by capital providers.
• Absence of reporting = Wild Wild West à Adverse selection = information
asymmetry. Part that has more information, seller knows more about quality
compared to the buyer
The firms knows better than the capital providers. That’s why the firm needs to provide
information, in case the information asymmetry becomes less
, • For this mechanism to work efficiently, they need to write contracts, to prevent
agency conflicts and moral hazard behavior
General purpose is decision-usefulness
In addition: the stewardship: if the owners assign stewardship of their company to
management, they wish to have the ability to oversee management behavior to ensure that:
• It is aligned to owner’s objectives
• Management are devising strategies aimed at making the best use of company assets
• No misappropriation of the company assets takes place
= being able to control
Company’s are becoming bigger and they need to communicate
Our focus in this course
Is the annual report.
1. Letter to shareholders
2. Divisions
3. Corporate convenance
4. Group management report
5. Consolidated financial statements = most important
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