C Master - Course 1 CGB

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: [email protected]

» Office: 256

» Consultations:Wednesday: 11.30

Thursday: 19.00




CONTROLLING


• 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)


CONTROLLING


• 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




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).


CONTROLLING


• 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




CONTROLLING


• Financial position

• The elements directly related to the measurement of financial position are assets, liabilities and equity(IASB, CF).


CONTROLLING



• 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.




CONTROLLING



• 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).



CONTROLLING



• Equity is the residual interest in the assets of the entity

after deducting all its liabilities (IASB, CF).





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• 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).


CONTROLLING


• 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).





CONTROLLING


• 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).



CONTROLLING


• 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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• 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


CONTROLLING


• Recognition criteria

• Information is reliable when it is complete, neutral and

free from error (IASB, CF) (see the qualitative

characteristics of useful financial information).




CONTROLLING

Thank you for attending this class.Thank you for attending this class.

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C Master - Course 1 CGB

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