北美财务报告

FINANCIAL ACCOUNTING AND REPORTING IN NORTH AMERICA
Presented at  School of Management, UESTC
By
George Lan, PhD
Associate Professor of Accounting
University Of Windsor
Windsor, Ontario, Canada
March 19, 2003
Outline of Presentation -1
Roles of standard setting bodies (FASB, CICA), Managers, Auditors and  Suppliers of Capital (Investors and Creditors or lenders) [See Diagram]
Information Economics Approach and Efficiency of capital markets
WorldCom, Enron and Arthur Andersen
Incentives of Management to Manage Earnings
Outline of Presentation -2
Steps to prevent scandals from occurring  in the future?
Some Ethical Principles
An Ethical Case
Questions regarding presentation or any other (accounting) questions.
Information Economics Approach
Information Asymmetry exists between the parties in business transactions. The managers ( agents) have more information than the investors (principals).
Managers may attempt to select policies or to release biased information that benefit themselves to the expense of the owners .
 Role of  Accounting: to provide information useful for rational decision-making.

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