1. Michał Suchanek
Accounting Lecture 1

2. Basic info end of the semester – oral exam - two random questions;
office hours:
week – Thursday – 2:15 – 3:15 PM.

3. Financial reporting
a system of reliable presentation of company’s economic condition with the use of financial information in the form of financial statements;
the final product of the company’s accounting system;
Bookkeeping
Accounting
Financial reporting
Cost calculation

4. Financial reporting is regulated by:
law of accounting,
international accounting standards,
EU directives, …

5. Functions of financial reporting
informative function,
documentative function,
analytical function,
control function.

6. The concept of financial reporting
Functions
Users
Necessary information
Basic principles
Qualitative characteristic
Parts of the financial statement
Presentation and valuation of resources

7. Users internal: external: the management, the owners,
board of supervisors,
workforce,
external:
the government,
the tax inspectorate,
the banks,
the investors,
the contractors,
the society.

8. Accrual basis principle
Basic principles
Reporting
Accrual basis principle
Valuation
Continuity principle