My Chapter 1 Lecture Slides

My Chapter 1 Lecture Slides - ChapterOne...

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Chapter One Financial Accounting and  Accounting Standards
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Financial Information Accounting? Identifies and Measures and Communicates Balance Sheet Income Statement Statement of Cash Flows Statement of Owners’ or  Stockholders’ Equity Note Disclosures President’s letter  Prospectuses, SEC Reporting News releases Forecasts  Environmental Reports           Etc. GAAP Not GAAP Financial Statements Additional Information Economic Entity LO 1 Identify the major financial statements and other means of financial reporting LO 1 Identify the major financial statements and other means of financial reporting . . Financial Statements and Financial Reporting
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Financial reporting should provide information that:    (a) is useful to present and potential investors and creditors and other users in making rational investment, credit, and similar decisions . (b) helps present and potential investors and creditors and other users in assessing the amounts, timing, and uncertainty of prospective cash receipts . (c) clearly portrays the economic resources of an enterprise, the claims to those resources, and the effects of transactions, events, and circumstances that change its resources and claims to those resources . Objectives of Financial Accounting LO 4 List the objectives of financial reporting. LO 4 List the objectives of financial reporting.
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Parties Involved in Standard Setting Parties Involved in Standard Setting Three organizations: Three organizations: Securities and Exchange Commission (SEC) American Institute of Certified Public Accountants (AICPA) Financial Accounting Standards Board (FASB) LO 6 Identify the major policy-setting bodies and their LO 6 Identify the major policy-setting bodies and their role in the standard-setting process. role in the standard-setting process.
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Securities Act of  1933 1933 Securities Act of  Securities Act of  1934 1934 Securities and Exchange Commission Securities and Exchange Commission Established by federal government Accounting and reporting for public companies Encouraged private standard-setting body SEC requires public companies to adhere to GAAP SEC Oversight Enforcement Authority LO 6 Identify the major policy-setting bodies and their LO 6 Identify the major policy-setting bodies and their role in the standard-setting process. role in the standard-setting process.
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This note was uploaded on 09/24/2009 for the course ACIS 3115 taught by Professor Cmeasterwood during the Fall '08 term at Virginia Tech.

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My Chapter 1 Lecture Slides - ChapterOne...

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