Chapter2[2] - Financial Reporting and Analysis CHAPTER 2...

Info iconThis preview shows pages 1–12. Sign up to view the full content.

View Full Document Right Arrow Icon
2 CHAPTER Financial Reporting and Analysis
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Form 10-K (Annual Report) 10-Q (Quarterly Report) Other SEC Filings 14-A (Proxy Statement/ Prospectus) Statutory Financial Reports 8-K (Current Report) 20-F (Registration Statement/ Annual Report [Foreign])
Background image of page 2
Earnings Announcements Key summary measures (pre-audit) Often one to six week lag Informative to market Lacks supporting financial details
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
GAAP Defined Statements of Financial Accounting Standards APB Opinions. Accounting Research Bulletins (ARB). AICPA pronouncements. The AICPA issues guidelines for certain topics yet to be addressed by the FASB in its Statements of Position (SOP) or for those involving industry-specific matters in its Industry Audit and Accounting Guidelines . EITF Bulletins. EITF Bulletins are issued by the FASB’s Emerging Issues Task Force. Industry practices.
Background image of page 4
Environmental Factors Financial Accounting Standards Board Generally Accepted Accounting Principles Provide input to Help set Securities and Exchange Commission Unions Investors Accountants Politicians Lenders Others AICPA
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Environmental Factors Securities and Exchange Commission (SEC) Independent, quasi-judicial government agency Can modify & set GAAP, if necessary Rarely directly challenges FASB Major player in global accounting
Background image of page 6
Environmental Factors International Financial Reporting Standards (IFRS) Set by International Accounting Standards Board Not currently accepted in U.S. SEC under pressure to accept IAS
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Environmental Factors Managers of Companies Set by International Accounting Standards Board Not currently accepted in U.S. SEC under pressure to accept IAS Applies accounting to reflect business activities Managerial discretion is necessary in accounting Major lobbyist on GAAP
Background image of page 8
Environmental Factors Auditing Set by International Accounting Standards Board Not currently accepted in U.S. SEC under pressure to accept IAS SEC requires Audit Report Audit opinion can be: - clean (fairly presented) - qualified (except for) - disclaimer (no opinion) Auditors
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Environmental Factors Corporate Governance Set by International Accounting Standards Board Not currently accepted in U.S. SEC under pressure to accept IAS Board of directors oversight Audit committee of the board - oversee accounting process - oversee internal control - oversea internal/external audit Internal Auditor
Background image of page 10
Internal Users External Users Managers Officers
Background image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 12
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/06/2010 for the course FI575 FI575 taught by Professor Srinivasan during the Spring '08 term at Keller Graduate School of Management.

Page1 / 37

Chapter2[2] - Financial Reporting and Analysis CHAPTER 2...

This preview shows document pages 1 - 12. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online