Intermediate Accounting _ Complete
Intermediate
Study Accounting
Guide_ Concepts,
_ Complete
Intermediate
Standards
Study Accounting
&
Guide_
Practice
Concepts,
Review.pdf
_ Complete
Standards
Study &
Guide_
Practice
Concepts,
Review.pdf
Standards & Practice Review.pdf
Intermediate
Accounting |
Complete Study
Guide: Concepts,
Standards &
Practice Review
Intermediate Accounting _ Complete
Intermediate
Study Accounting
Guide_ Concepts,
_ Complete
Intermediate
Standards
Study Accounting
&
Guide_
Practice
Concepts,
Review.pdf
_ Complete
Standards
Study &
Guide_
Practice
Concepts,
Review.pdf
Standards & Practice Review.pdf
,Intermediate Accounting.pdf Intermediate Accounting.pdf Intermediate Accounting.pdf
Chapter One- Financial Accounting and Accounting
standards
Objective of accounting? Provide useful financial information to current and future investors and
creditors.
What is GAAP? Generally accepting accounting principles. GAAP is a general foundation
of common accounting principles that are to be followed by practicing
accountants and all publicly traded corporations.
Who creates and regulates Generally Accepted The main organizations associated with GAAP is the Securities and
Accounting Principles? Exchange Commission, the American Institute of Certified Public
Accountants, and the Financial Accounting Standards Board. The main
role of the SEC is guiding the creation of new standards (often helps
guide the discussion of FASB) and enforces these standards. The AICPA
originally helped create principles; however, this org now serves as a
thinktank and publisher of accounting methods, standards, and new
concepts. The FASB is behind most of GAAP standards.
Intermediate Accounting.pdf Intermediate Accounting.pdf Intermediate Accounting.pdf
, Intermediate Accounting.pdf Intermediate Accounting.pdf Intermediate Accounting.pdf
Current Issues in Financial Reporting Political/Social pressures- Many different people are effected by
accounting decisions which can lead to increased pressure on FASB
Expectation Gap- This is what people believe accountants should do and
what accountants think they can do. (This arises following scandals and
fraud as people believe accountants are not being thorough enough)
Financial Reporting challenges- Although there are general principles
and standards there is no way to account for every individual situation
and there are problems associated with current financial reporting.
Examples: how to report non-financial performance measures (i.e
customer service), certain intangible assets (i.e. brand power), and even
timeliness
Chapter Two- Conceptual Framework for Financial
Accounting
Conceptual Framework A coherent system of interrelated concepts that flow from an objective.
Conceptual Framework in Accounting Level One- Objective of accounting- Provide useful financial information
for current and future investors and creditors.
Level Two- Qualitative Characteristics of accounting (relevance, faithful
representation, and enhancing characteristics) and Elements of Financial
Statements
Level Three- Accounting Principles, Assumptions and Constraints
Intermediate Accounting.pdf Intermediate Accounting.pdf Intermediate Accounting.pdf
Intermediate
Study Accounting
Guide_ Concepts,
_ Complete
Intermediate
Standards
Study Accounting
&
Guide_
Practice
Concepts,
Review.pdf
_ Complete
Standards
Study &
Guide_
Practice
Concepts,
Review.pdf
Standards & Practice Review.pdf
Intermediate
Accounting |
Complete Study
Guide: Concepts,
Standards &
Practice Review
Intermediate Accounting _ Complete
Intermediate
Study Accounting
Guide_ Concepts,
_ Complete
Intermediate
Standards
Study Accounting
&
Guide_
Practice
Concepts,
Review.pdf
_ Complete
Standards
Study &
Guide_
Practice
Concepts,
Review.pdf
Standards & Practice Review.pdf
,Intermediate Accounting.pdf Intermediate Accounting.pdf Intermediate Accounting.pdf
Chapter One- Financial Accounting and Accounting
standards
Objective of accounting? Provide useful financial information to current and future investors and
creditors.
What is GAAP? Generally accepting accounting principles. GAAP is a general foundation
of common accounting principles that are to be followed by practicing
accountants and all publicly traded corporations.
Who creates and regulates Generally Accepted The main organizations associated with GAAP is the Securities and
Accounting Principles? Exchange Commission, the American Institute of Certified Public
Accountants, and the Financial Accounting Standards Board. The main
role of the SEC is guiding the creation of new standards (often helps
guide the discussion of FASB) and enforces these standards. The AICPA
originally helped create principles; however, this org now serves as a
thinktank and publisher of accounting methods, standards, and new
concepts. The FASB is behind most of GAAP standards.
Intermediate Accounting.pdf Intermediate Accounting.pdf Intermediate Accounting.pdf
, Intermediate Accounting.pdf Intermediate Accounting.pdf Intermediate Accounting.pdf
Current Issues in Financial Reporting Political/Social pressures- Many different people are effected by
accounting decisions which can lead to increased pressure on FASB
Expectation Gap- This is what people believe accountants should do and
what accountants think they can do. (This arises following scandals and
fraud as people believe accountants are not being thorough enough)
Financial Reporting challenges- Although there are general principles
and standards there is no way to account for every individual situation
and there are problems associated with current financial reporting.
Examples: how to report non-financial performance measures (i.e
customer service), certain intangible assets (i.e. brand power), and even
timeliness
Chapter Two- Conceptual Framework for Financial
Accounting
Conceptual Framework A coherent system of interrelated concepts that flow from an objective.
Conceptual Framework in Accounting Level One- Objective of accounting- Provide useful financial information
for current and future investors and creditors.
Level Two- Qualitative Characteristics of accounting (relevance, faithful
representation, and enhancing characteristics) and Elements of Financial
Statements
Level Three- Accounting Principles, Assumptions and Constraints
Intermediate Accounting.pdf Intermediate Accounting.pdf Intermediate Accounting.pdf
