Learning Objectives  Identify the major financial statements and other means of financial reporting

Senin, 07 April 2014

Learning Objectives

• Identify the major financial statements and other means of financial reporting.

• Explain how accounting assists in the efficient use of scarce resources.

• Describe some of the challenges facing accounting.

• List the objectives of financial reporting.

• Explain the need for accounting standards.

• Identify the major policy-setting bodies and their role in the standard-setting process.

• Explain the meaning of generally accepted accounting principles (GAAP) and the role of the Codification for GAAP.

• Describe the impact of user groups on the rule-making process.

• Understand issues related to ethics and financial accounting.

Financial Statements and Financial Reporting

What is the purpose of information presented in notes to the financial statements?

Accounting and Capital Allocation

An effective process of capital allocation is critical to a healthy economy, which

Challenges Facing Financial Accounting

Objectives of Financial Accounting

Financial reporting should provide information that:

Objectives of Financial Accounting

All of the following are objectives of financial reporting except to provide information

Need to Develop Standards

Parties Involved in Standard Setting

Securities and Exchange Commission

American Institute of CPAs

Financial Accounting Standards Board

The first step taken in the establishment of a typical FASB statement is

Due Process

Types of Pronouncements

Changing Role of AICPA

Generally Accepted Accounting Principles

Which of the following accounting pronouncements is the most authoritative?

Issues in Financial Reporting

All those who serve on the FASB must be Certified Public Accountants.

Issues in Financial Reporting

Copyright

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