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An introduction to accounting, its importance as a communication system for financial information, and the role of accounting in business decision-making. The definition of accounting, its nature, the accounting system, and the importance of accounting information. It also discusses the users of accounting information and the differences between financial and management accounting.
Tipo: Apuntes
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Dr. Encarna Guillamon Saorin
Email: [email protected] Office: 7.0.
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Information Needs
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Accounting – The basis of
decision making
Measures business activities Processes that information into reports Communicates the results to decision makers
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The Accounting System:
The Flow of Information
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The Notion of Accounting
Accountants: measure, record
Economic environment
communicate (^) USERS
Beliefs & Perceptions
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Accounting as Communication
of Financial Information
Management is the steward to whom capital suppliers entrust control over a portion of their financial resources
Purpose of financial statements is to provide a report to capital suppliers to facilitate their evaluation of management’s stewardship
Income measurement
Financial data have to facilitate contracting between parties such as management and investors
Financial data have to facilitate decisions makers in selecting the best action among available alternatives
Informational approach
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Importance of Accounting
Information
Money makes the world go round Businesses depend on cash and profit Unless you understand accounting, you will never understand business Need to know basic terminology such as: Income Assets Expenses Liabilities Profit Capital Cash flow
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Financial and Management
accounting
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Financial and Management
accounting
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Overview Financial and
Management Accounting
Accounting
Financial Management
Profit and loss Account Balance sheet Cash flow statement Cost making Accounting
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Financial vs. Management
accounting
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Financial Statements
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Understanding the Financial
Statements
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Hewlett-Packard shares fall by 10% on lacklustre results By Scott Morrison in San Francisco, Financial TimesPublished: Aug 20, 2003 Hewlett-Packard shares fell 10 per cent in late trading yesterday after the computer and printermaker reported disappointing third-quarter results. The failure to meet analysts' expectations was a setback for the company, which has reported several quarters of operational improvements following its $19bn (£12bn) acquisition ofCompaq Computer last year. HP blamed the results on overly aggressive pricing for personal computers and weak sales of its corporate computers. Carly Fiorina, chairman and chief executive, said: "The third quarter is always tough, but we still should have done better. Nevertheless, we are confident in our strategy and the actions we're taking. We expect to deliver a strong fourth quarter." The company reported a net profit of $297m, or 10 cents per share, for the quarter ended July 31, compared with a loss of $2bn, or 67 cents per share, last year which including heftyrestructuring and acquisition charges. Excluding special items, the company reported earnings of $700m, or 23 cents per share, compared with a profit of $420m, or 14 cents per share, last year. Revenue totalled $17.35bn, up 5 per cent from $16.54bn last year and down 4 per cent from the previous quarter. Analysts had expected earnings of 26 cents per share on revenue of $17.5bn, according to Thomson First Call. HP's PC unit reported an operating loss of $56m, just one quarter after posting its first profit in years. The company said PC sales fell because of seasonal factors while gross margins were hit by aggressive pricing, aimed at fending off rival group Dell's bid for increased market share.
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The demand and supply of financial information
Tastes and preferences (risk attitudes) Beliefs about the future Access to financial information
Incentives companies have to voluntarily disclose financial information Regulatory framework
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Overview of Information
Characteristics
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Decision-Making
4. Information Characteristics
Information must also be: Material Timely
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Accounting Principles and
Concepts
Generally accepted accounting principles
(GAAP) are The rules that govern how accountants operate Based upon a conceptual framework
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Key Spanish Accounting
Organizations
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Since 2005, all quoted companies within the EU have to prepare their accounts following the International Accounting Standards issued by the IASB. (CE 1606/2002)
The IASB (International Accounting Standards Board) is the regulatory body of the IASC (International Accounting Standards Committee) http://www.iasb.org
International Accounting
Standards
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Learning outcomes
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Bibliography
Harrison and Horngren: Financial Accounting. 6th^ or 7th edition (Prentice Hall)
Vilardell, Ortín and Solá: Introducción a la contabilidad general (McGraw-Hill) Jones (2006). Accounting. 2nd^ Edition. Ed. Wiley
UK GAAP (2000). Ernst and Young, Butterworth
