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1 PART Financial Reporting: Concepts, Financial Statements, and Related Disclosures Chapter 1 The Environment of Financial Reporting Chapter 2 Financial Reporting: Its Conceptual Framework Chapter 3 Review of a Company’s Accounting System Chapter 4 The Balance Sheet and the Statement of Changes in Stockholders’ Equity Chapter 5 The Income Statement and Statement of Cash Flows Chapter 6 Additional Aspects of Financial Reporting and Financial Analysis Time Value of Money Module 00980_02_ch01_p0001-0035.qxd 11/17/08 4:14 PM Page 1
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2 Chapter 1 The Environment of Financial Reporting O BJECTIVES After reading this chapter, you will be able to: 1 Understand capital markets and decision making. 2 Know what is included in financial reporting. 3 Explain generally accepted accounting principles (GAAP) and the sources of GAAP. 4 Identify the types of pronouncements issued by the Financial Accounting Standards Board (FASB). 5 Understand how the FASB operates. 6 Describe the relationship between the Securities and Exchange Commission (SEC) and the FASB. 7 Use ethical models for decision making about ethical dilemmas. 8 Understand creative and critical thinking. 9 Describe the joint convergence project of the FASB and the IASB (Appendix). 10 Understand SEC reporting under U.S. GAAP and IFRS (Appendix). The Environment of Financial Reporting Stockbyte/Getty Images 1 CHAPTER 00980_02_ch01_p0001-0035.qxd 11/17/08 4:14 PM Page 2
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The Future Is Bright! The accounting profession can trace its roots back to the earliest civilizations. As history unfolded, accountants often played critical roles in commerce and business. With the increasing pace of technological advance, you might wonder what the future has in store for the accounting profession. More importantly, as you consider accounting as a major, you might ask what the future holds for you upon graduation. Let’s take a look at some recent evidence that may yield some answers. As the regulatory environment has become more dynamic over the last several years, companies are faced with an increas- ing number of new accounting rules that pose a significant challenge for financial reporting, including the adoption of Inter- national Financial Reporting Standards. All indications are that future years will pres- ent even greater challenges. To deal with this changing environment, more and more companies are turning to accountants for assistance. In one recent survey of small business owners, accountants were viewed as one of the most trusted business advis- ers. In addition, many companies have increased the importance of accounting skills in their executive training programs while other companies have emphasized the certified public accountant (CPA) cre- dential in their executive searches. The trend toward increased hiring of individu- als possessing accounting skills is expected to continue. According to the Bureau of Labor Statistics, the employment of accountants and auditors is expected to grow faster than the average for all occupa-
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ch01 - 00980_02_ch01_p0001-0035.qxd 11/17/08 4:14 PM Page 1...

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