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      時間:2024-08-19  來源:合肥網hfw.cc  作者:hfw.cc 我要糾錯



      Accounting for Decision
      Making (ACCT**004 )
      Lecture 1:
      (i) Financial statements and business decisions;
      (ii) Investing and financing decisions and the Statement of
      Financial Position
      2Objectives for Week 1
      1. Define accounting, describe the accounting process and define the
      diverse roles of accountants
      2. Explain the characteristics of the main forms of business organisation
      3. Understand the conceptual framework and the purpose of financial
      reporting
      4. Identify the users of financial reports and describe users’ information
      needs
      5. Identify the elements of each of the four main financial statements
      6. Describe the financial reporting environment
      7. Explain the accounting concepts, principles, qualitative characteristics
      and constraints underlying financial statements
      8. Calculate and interpret ratios for analysing an entity’s profitability,
      liquidity and solvency
      Introduction
      Accounting is often referred to as the ‘language of
      business’ as it is a means of common communication
      where information flows from one party to others.
      Accounting:
      Primary Function:
      ‘The primary function of accounting is to provide reliable and
      relevant financial information for decision making’.
      Model of economic reality of business
      The Accounting Process
      Accounting is the process of identifying, measuring,
      recording and communicating the economic
      transactions and events of a business operation.
      Transactions are economic activities relevant to a
      particular business
      e.g., - sale of item to customer
      - purchase of office stationery from supplier
      The Accounting process
      5
       Transactions are the basic inputs into the
      accounting process
      Identifying
      Taking into
      consideration all
      transactions
      which affect
      business entity
      Measuring
      Quantifying in
      monetary terms
      Recording
      Analysing,
      recording,
      classifying and
      summarising
      transactions
      Communication
      Preparing
      accounting
      reports,
      analysing and
      interpreting
      Commonly referred to as
      ‘bookkeeping’
      Objective of Financial Reporting
      The objective of Financial Reporting is to provide financial
      information about a reporting entity that is useful to
      existing and potential equity investors, lenders and other
      creditors (suppliers who provide a line of credit) in
      MAKING DECISIONS about providing resources to the
      entity. Those decisions involve decisions about
      1. Buying and selling or holding equity and debt
      instruments.
      2. Providing or selling loans and or other forms of credit.
      3. Exercising rights to vote on, or otherwise influence
      management’s actions that affect the use of the
      entity’s economic resources.
      Australian Regulatory Framework
      Australian Securities & Investment Commission (ASIC)
      Corporate Watchdog - Independent federal Government
      agency with widespread powers.
      ? sole responsibility for administering corporations
      legislation throughout Australia.
      – enforces and regulates all corporate activity (including
      directors and companies, financial markets and financial
      services).
      ? aims to ensure fair and transparent markets supported
      by confident and informed investors
      The Corporations Act (2001)
      Australian Regulatory Framework
      The Corporations Act (2001)
      The Corporations Act (2001) requires compliance (following the
      rules) with Australian Accounting Standards.
      S. 292(1) requires the preparation of financial reports for all;
       Disclosing entities
      With few exceptions, entities whose securities are listed on a securities exchange
      are disclosing entities
       Public companies
      A public company means any company other than a proprietary company.
       Large Proprietary companies
      A proprietary company is a large proprietary company if it does not satisfy the
      definition of a small proprietary company.
       Registered schemes (management investment schemes)
      Managed investment scheme that is registered under 601EB of the Corporations
      Act。
      Australian Regulatory Framework
      Australian Accounting Standard Board – AASB (Australian
      Government)
       The AASB is responsible for setting the standards (laws) to be applied in for
      financial statements:
       For profit
      Not for profit
      Public sector
      Australian Securities Exchange (ASX)
      ASX is at the heart of the globally attractive, deep and liquid Australian financial
      markets, helping companies grow and investors build wealth. As an integrated
      exchange, ASX offers listings, trading, technology, data and post-trade services for
      a wide range of asset classes, including equities, fixed income, commodities and
      energy.
      Recognised as world-leading and innovative, we are a top ten listed global
      securities exchange and the largest interest rate derivatives market in Asia. Issuers
      and corporates from Australia and around the world engage
      Forms of Business Organisation
       Business may organise through various forms, including:
      – Sole Proprietorship
       Owned by one person. It is the simplest form of business structure and
      has very few legal formalities.
       The owner of the business has no separate legal existence from the
      business.
      e.g. restaurants, dentist, panel beaters
      – Partnership
      Owned by more than one partner. A partnership is a relationship
      between two or more entities carrying on a business in ‘common’ with
      the view to making a profit.
      Partnerships have unlimited liability which means that all partners are
      responsible for the debts of the partnership.
      e.g. accountants, solicitors, doctors
      – Corporation
      Organised as a separate legal entity and owned by shareholders.
       Shareholders have limited liability which means that shareholders are
      liable for the debts of the business only to the extent of amounts unpaid
      on their shares
      Under the jurisdiction of ASIC and must abide by the Corporations Act
      (2001), Australian Accounting Standard Board (AASB) and the Australian
      Securities Exchange (ASX) if a publicly listed company.
      BHP, CSR, Westpac, RM Williams.
      Other Forms
      – A trust is a relationship or association between 2 or more parties whereby one
      party holds property in trust for the other
      Corporate trust is a popular business structure for small business.
      – A cooperative is member-owned, controlled and used, and must consist of 5 or
      more people
       e.g. Australian Forest Growers, Ballina Fishermen’s Co-operative Ltd
      Forms of Business Organisation
      Conceptual Framework - introduction
      A Conceptual framework set of concepts to be followed by
      preparers of financial statements and standard setters
      The Conceptual Framework for Financial Reporting (the
      ‘Conceptual Framework’) describes the objective of, and the
      concepts for, general purpose financial reporting.
      It is a practical tool that:
      (a) assists the International Accounting Standards Board (IASB) to
      develop Standards that are based on consistent concepts;
      (b) assists preparers to develop consistent accounting policies
      when no Standard applies to a particular transaction or event,
      or when a Standard allows a choice of accounting policy; and
      (c) assists others to understand and interpret the Standards.
      General Purpose Financial Reports - introduction
      The objective of general purpose financial reporting
      (1st element and foundation of the conceptual
      framework)
      – To provide financial information about the reporting entity
      to the resource providers that is useful in making decisions
      about providing resources to the entity.
      The reporting entity
       This section is still under development by the
      IASB - use Australian SAC 1
       It is important to determine as a reporting
      entity must prepare external general purpose
      financial reports that comply with accounting
      standards
      Definition from SAC 1
      – an entity in which it is reasonable to expect
      the existence of users who depend on
      general-purpose financial reports to enable
      them to make economic decisions
      The Reporting entity
      Indicators
      – if the entity is managed by individuals who are not owners
      of the entity;
      – if the entity is politically or economically important;
      – if the entity is considered large in sales, assets,
      borrowings, customers, and employees;

      then the entity is more likely to be a reporting entity
      16
      Primary users and uses of financial reports
      Accounting Information System
      External Decision Makers Internal Decision Makers
      Lenders
      Investors
      Suppliers
      Customers
      Regulators
      Managers
      17
      Definition of Asset
      An asset is a present economic resource
      controlled by the entity as a result of past
      events.
      An economic resource is a right that has the potential to produce economic
      benefits.
      Rights established by contract, legislation or similar means such as – (i) rights
      arising from a financial instrument; (ii) rights over physical objects, such as
      property; (iii) rights to exchange economic resources; and rights to receive
      goods and services.
      Control links the economic resource to the entity. Assessing control helps to
      identify what economic resources the entity should account for.
      18
      The classified statement of financial position
      Current assets
      – Assets that are cash, held for the purpose of being traded,
      or expected to be converted to cash or used in the business
      within one year.
      Examples: Cash on Hand, Accounts Receivable, Inventory,
      Stock of Supplies, Prepayments.
      Non-current assets
      – Assets that are not expected to be sold or consumed within
      one year.
      – Examples: Building, Land, Motor Vehicles, Plant &
      Equipment.
      19
      Definition of Liability
      A liability is a present obligation of the entity to transfer
      an economic resource as a result of past events.
      If one party has an obligation to transfer an economic resource (a liability), it
      follows that another party (or parties) has a right to receive that economic
      resource (an asset). The party (or parties) could be a specific person or
      entity, a group of people or entities, or society at large.
      Present obligation: An entity has a present obligation to transfer an economic
      resource if both: (a) the entity has no practical ability to avoid the transfer;
      and (b) the obligation has arisen from past events; in other words, the
      entity has received the economic benefits, or conducted the activities, that
      establish the extent of its obligation.
      Past event: An entity has a present obligation as a result of a past event only if
      it has already received the economic benefits, or conducted the activities,
      that establish the extent of its obligation.
      20
      The classified statement of financial position
      Current liabilities
      – Obligations that are to be paid within the coming year or
      the entity’s operating cycle
      – Examples: Accounts Payable, Bank Overdraft, Loan (less
      that 12 months), Accrued expenses,
      Non-current liabilities
      – Obligations that are not classified as current.
      – Examples: Mortgage, Loans (greater than 12 months)
      21
      Definition of Equity
      The residual interest in the assets of the entity after
      deducting all its liabilities.
      Equity claims are claims on the residual interest in the assets of the entity after
      deducting all its liabilities. In other words, they are claims against the entity that do
      not meet the definition of a liability.
      Such claims may be established by contract, legislation or similar means, and include
      (to the extent that they do not meet the definition of a liability): (a) shares of
      various types; and (b) rights to receive an equity claim.
      Different equity claims convey to their holders different rights to, for example, receive
      some or all of the following: (a) dividends; (b) the repayment of contributed equity
      on liquidation; or (c) other equity claims.
      To provide useful information, it may be necessary to divide the total carrying
      amount of equity if, for example, there are: (a) more than one class of equity claim;
      or (b) restrictions on particular components of equity; for example, the rights of
      particular equity claims may be affected by legal, regulatory or other restrictions on
      the ability of the entity to distribute its economic resources to the holders of those
      equity claims.
      22
      CONCEPTS , PRINCIPLES and QUANTITATIVE CHARACTERISTICS

      Monetary Principle
      – Items included in accounting records must be able
      to be expressed in monetary terms (e.g. $)
      Accounting Entity Concept
      – Every entity can be separately identified and
      accounted for
      – Owner’s transactions are separate from entity’s
      transactions
      23
      CONCEPTS AND PRINCIPLES
      Accounting Period Concept
      – The life of a business entity can be divided into
      artificial periods
      – Useful reports covering those periods can be
      prepared for the entity
      Going Concern Principle
      – Business will remain in operation for the
      foreseeable future.
      24
      CONCEPTS AND PRINCIPLES
       Cost Principle
      – All assets are initially recorded in the accounts at
      their purchase price or cost
      – To provide useful information, sometimes entities
      need to deviate from cost principle (e.g.
      revaluation of non-current assets)
      Full Disclosure Principle
      – All circumstances and events that could make a
      difference to decision-making process should be
      disclosed in the financial statements
      25
      QUALITATIVE CHARACTERISTICS
       Fundamental qualitative characteristics
      – Relevance
      – Faithful representation
       Enhancing qualitative characteristics
      – Comparability
      – Verifiability
      – Timeliness
      – Understandability
       Constraint- cost versus benefit
      Conceptual Framework
      The role of accounting is to provide financial
      information for decision making that is relevant &
      faithful representation.
      Information is considered relevant IF IT IS capable of making a difference in the
      decisions made by users. Information that has predictive value and /or
      confirmatory value is considered to be relevant.
      Information is considered to have confirmatory value if it can be used to develop
      expectations for the future.
      Relevant
      Information is a faithful representation of the economic phenomena it purports to
      represent if it is complete, neutral and free from material error.
      It is important that information depicts the economic substance of the transactions,
      events or circumstances.
       Faithful Representation
      27
      QUALITATIVE CHARACTERISTICS
      Enhancing qualitative characteristics:
      Comparability ? Year to year, firm to firm, consistency of
      preparation and application
      Verifiability ? Achieved if different independent observers arrive
      at the same conclusion.
       Timeliness ? To be useful, must be available in a timely manner
      Understandability ? Presentation is important ? Assumed users
      have reasonable knowledge
      Constraint- cost versus benefit
      28
      ANALYSING FINANCIAL STATEMENTS
      Ratio analysis
       Expresses relationship among items of financial
      statement data
      Expresses mathematical relationship between two
      different quantities
       Expressed in terms of percentages, rates or
      proportions
      Rationale for GENERAL PURPOSE FINANCIAL REPORTS
      General purpose financial reports are the published
      financial statements of an entity prepared in
      accordance with applicable accounting standards.
      External users have an interest in 3 main types of
      activities
      – financing
      – investing and
      – operating
      29
      30
      GENERAL PURPOSE FINANCIAL REPORTS
       Financing Activities
      – Outside sources of funds
       Borrowing (debt funding) from banks or
      investors by debt securities
      – Unsecured notes
      – Debentures
      Selling shares to investors
      – Payments to shareholders are called dividends
      31
      GENERAL PURPOSE FINANCIAL REPORTS
      Investing Activities
      – Acquisition or sale of resources/assets needed to
      operate the business
      – Examples:
       Purchase or sale of property plant and equipment
       Purchase of investments
      **
      GENERAL PURPOSE FINANCIAL REPORTS
      Operating Activities
      – Results from operational activities undertaken to earn income:
      Revenue(1) (sale of goods, provision of services, return from
      investments)
      LESS
      Expenses(2) (cost of resources/assets consumed or services used)
      (1) Revenue:
      Under the Conceptual Frameworks revenue should be recognised when and only when:
      (a) It is probable that any future economic benefits associated with the revenue will flow to the entity,
      and
      (b) The revenue can be measured with reliability
      (2) Expenses:
      Expenses are decreases in economic benefits during the accounting period in the form of outflows or
      depletions of assets or incurrences of liabilities that result in decreases in equity, other than those
      relating to distributions to equity participants.
      33
      FINANCIAL STATEMENTS

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