Chapter 1 Outline-Fin4151

Chapter 1 Outline-Fin4151 - Chapter 1 Introduction to...

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Chapter 1 Introduction to Financial Reporting Generally Accepted Accounting Principles (GAAP) Securities Act of 1933 Regulate the initial offering of securities Securities Act of 1934 1. Regulate the securities trading on national exchanges 2. Created the Securities and Exchange Commission a. Has the authority to determine GAAP b. Regulation S-X which describes disclosure requirements American Institute of Certified Public Accountants Accounting Principles Board 1. Made decisions on accounting principles 2. Issued 31 Opinions Accounting Research Division 1. Assisted the APB with ongoing research These two committees only dealt with issues when there was a problem. Financial Accounting Standards Board 7 member committee Issue Statements of Financial Accounting Standards Establishes GAAP
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Qualitative Characteristics of Accounting Information 1. Understandable 2. Usefulness for decision making 3. Relevance a. Predictive value b. Feedback value c. Timely 4. Reliability a. Verifiable
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  • Spring '10
  • Blanco
  • Generally Accepted Accounting Principles, Financial Accounting Standards Board, Accounting Principles Board, financial accounting standards, non operational sources, American Institute of Certified Public Accountants Accounting Principles Board

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Chapter 1 Outline-Fin4151 - Chapter 1 Introduction to...

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