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Lecture Intermediate accounting (7e) - Chapter 1: Environment and theoretical structure of financial accounting

In this chapter you explore important topics such as the FASB's conceptual framework that serve as a foundation for a more detailed study of financial statements, the way the statement elements are measured, and the concepts underlying these measurements and related disclosures. | Environment and Theoretical Structure of Financial Accounting Chapter 1 Chapter 1: Environment and Theoretical Structure of Financial Accounting The primary function of financial accounting is to provide useful financial information to users who are external to the business enterprise, particularly investors and creditors. These users make critical resource allocation decisions that affect the global economy. The principal means of conveying financial information to external users is through financial statements and related notes. Financial Accounting Environment Profit-oriented companies Not-for-profit entities Households Providers of Financial Information External User Groups Investors Creditors Employees Labor unions Customers Suppliers Government agencies Financial intermediaries Relevant Financial Information Several types of entities provide financial information to a variety of external users. Our primary focus in this book is on the financial information that profit-oriented companies provide to present and potential investors and to creditors. These profit-oriented companies also provide financial information that is used by financial intermediaries such as financial analysts, stockbrokers, mutual fund managers, and credit rating agencies. Not-for-profit organizations also provide financial information to external users such as citizen groups and donors. As an individual, you provide financial information to the internal revenue service and to creditors when you seek a loan. Financial Accounting Environment Relevant financial information is provided primarily through financial statements and related disclosure notes. The following financial statements are the most frequently provided. Balance Sheet Income Statement Statement of Cash Flows Statement of Shareholders’ Equity Starting in 2012, companies must either provide a Statement of Other Comprehensive Income immediately following the Income Statement, or present a Combined Statement of Comprehensive . | Environment and Theoretical Structure of Financial Accounting Chapter 1 Chapter 1: Environment and Theoretical Structure of Financial Accounting The primary function of financial accounting is to provide useful financial information to users who are external to the business enterprise, particularly investors and creditors. These users make critical resource allocation decisions that affect the global economy. The principal means of conveying financial information to external users is through financial statements and related notes. Financial Accounting Environment Profit-oriented companies Not-for-profit entities Households Providers of Financial Information External User Groups Investors Creditors Employees Labor unions Customers Suppliers Government agencies Financial intermediaries Relevant Financial Information Several types of entities provide financial information to a variety of external users. Our primary focus in this book is on the financial information that profit-oriented