c master - course 1 cgb
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8/2/2019 C Master - Course 1 CGB
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CARMEN BONACI
CONTROLLING© CGB, 2012
ControllingControlling
Carmen BonaciCarmen Bonaci
© CGB, 2012CARMEN BONACI
CONTROLLING
Introductory aspectsIntroductory aspects
• Course and seminar:
• Carmen Bonaci, PhD.
» E-mail: carmen.bonaci@econ.ubbcluj.ro
» Office: 256
» Consultations:Wednesday: 11.30
Thursday: 19.00
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© CGB, 2012CARMEN BONACI
CONTROLLING
Introductory aspectsIntroductory aspects
• Class assessment
• Course and seminar activity (not simply attending!)
(optional: 2 points)
• Projects and homework during the semester (personal
proposals in relation to class topics) (optional: 1 point)
• Final exam (mandatory: 100%) (quizzes, open
questions)
© CGB, 2012CARMEN BONACI
CONTROLLING
Introductory aspectsIntroductory aspects
• Class activity
• Course: weekly (Wednesday 17.30 Room 234)
• Seminar: uneven (odd) weeks (Wednesday 16.35 Room234)
• Topics will be approached on both a conceptual andpractical level
• Homework – sent through e-mail
• Projects - presented • References: library, course presentations, TBA
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© CGB, 2012CARMEN BONACI
CONTROLLING
Financial statements - revisionFinancial statements - revision
• References: 1. IASB, Conceptual framework forfinancial reporting, 2010
2. IASB, IAS 1 Presentation of financial statements
Objective of Financial Statements
• The objective of general purpose financial statements
is to provide information about the financial
position, financial performance, and cash flows of anentity that is useful to a wide range of users in
making economic decisions (IASB, IAS 1).
© CGB, 2012CARMEN BONACI
CONTROLLING
Financial statements - revisionFinancial statements - revision
• Components of Financial Statements
• A complete set of financial statements should include (IASB,IAS 1):
• a statement of financial position (balance sheet) at the end of
the reporting period
• a statement of comprehensive income for the reporting period
(or an income statement and a statement of comprehensive
income)• a statement of changes in equity for the reporting period
• a statement of cash flows for the reporting period
• notes, comprising a summary of accounting policies and other
explanatory notes
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© CGB, 2012CARMEN BONACI
CONTROLLING
Financial statements - revisionFinancial statements - revision
• Financial position
• The elements directly related to the measurement of financial position are assets, liabilities and equity(IASB, CF).
© CGB, 2012CARMEN BONACI
CONTROLLING
Financial statements - revisionFinancial statements - revision
• Financial position
• An asset is a resource controlled by the entity as a result
of past events and from which future economic benefits
are expected to flow to the entity (IASB, CF).
• Exemplification.
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© CGB, 2012CARMEN BONACI
CONTROLLING
Financial statements - revisionFinancial statements - revision
• Financial position
• A liability is a present obligation of the entity arising
from past events, the settlement of which is expected to
result in an outflow from the entity of resources
embodying economic benefits (IASB, CF).
• Exemplification.
© CGB, 2012CARMEN BONACI
CONTROLLING
Financial statements - revisionFinancial statements - revision
• Financial position
• Equity is the residual interest in the assets of the entity
after deducting all its liabilities (IASB, CF).
• Exemplification.
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© CGB, 2012CARMEN BONACI
CONTROLLING
Financial statements - revisionFinancial statements - revision
• Performance
• Profit is frequently used as a measure of performance
or as the basis for other measures, such as return on
investment or earnings per share (IASB, CF).
• The elements directly related to the measurement of
profit are income (revenues) and expenses (IASB, CF).
© CGB, 2012CARMEN BONACI
CONTROLLING
Financial statements - revisionFinancial statements - revision
• Performance
• 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 (IASB, CF).
• Exemplification.
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© CGB, 2012CARMEN BONACI
CONTROLLING
Financial statements - revisionFinancial statements - revision
• Performance
• Income is increases in economic benefits during the
accounting period in the form of inflows or
enhancements of assets or decreases of liabilities that
result in increases in equity, other than those relating to
contributions from equity participants (IASB, CF).
• Exemplification.
© CGB, 2012CARMEN BONACI
CONTROLLING
Financial statements - revisionFinancial statements - revision
• Recognition of the elements of financial statements
• Recognition is the process of incorporating in the
balance sheet or income statement an item that meets
the definition of an element and satisfies the criteria for
recognition (IASB, CF).
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© CGB, 2012CARMEN BONACI
CONTROLLING
Financial statements - revisionFinancial statements - revision
• Recognition criteria
• An item that meets the definition of an element should
be recognised if (IASB, CF):
– it is probable that any future economic benefit associated
with the item will flow to or from the entity; and
– the item has a cost or value that can be measured with
reliability
© CGB, 2012CARMEN BONACI
CONTROLLING
Financial statements - revisionFinancial statements - revision
• Recognition criteria
• Information is reliable when it is complete, neutral and
free from error (IASB, CF) (see the qualitative
characteristics of useful financial information).
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© CGB, 2012CARMEN BONACI
CONTROLLING
Thank you for attending this class.Thank you for attending this class.
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