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Lecture - Page 1 of 9 Week 1 U.S GAAP Lecture Help Print...

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U.S. GAAP Introduction | What is GAAP? | U.S. GAAP? | i - GAAP | Differences Between U.S. GAAP and i - GAAP | Conceptual Framework | Levels of Accounting Information | Accountants Provide Unbiased Information for Decision Making | Rules of Accounting | Some Definitions | The Accounting Cycle | Test Your Knowledge | Tutorials This week some of the information we cover will be a review of your first financial accounting course. Much of the information, however, especially in the accounting standards area, will be new. In addition, this week and throughout the term, we will be covering the International Financial Reporting Standards (IFRS), or i-GAAP, which may standardize financial reporting throughout the world in several years. GAAP stands for Generally Accepted Accounting Standards. The GAAP rules found in the United States are often referred to as U.S.GAAP. Quickly emerging as an international standard are the IFRS. During the course, when we refer to “GAAP” we will be discussing U.S. GAAP, unless otherwise noted. We will be looking at both sets of standards during the course and how they will impact financial statement presentation. For U.S. GAAP purposes, the standards that govern accounting are set by the Security Exchange Commission (SEC) for public companies. The standards that are required by the SEC require public companies to file a variety of forms with the SEC, the most important being the annual reporting Form 10-K. This report, as well as other public documents, can be obtained using the EDGAR system at http://www.sec.gov/ On the SEC website, there are a variety of topics, such as investor information, regulatory actions, staff interpretations of accounting rules, and a variety of other related topics. Important information, such as the regulatory responsibilities of the SEC, is spelled out on this website. The Financial Accounting Standards Board (FASB) sets the accounting rules primarily for the private sector. The FASB’s website is http://www.fasb.org . You will be extensively studying the accounting rules passed by this organization throughout Intermediate Accounting and other financial accounting courses. The FASB “Statements,” as they are known, are being phased out since accounting literature will be codified by category. We’ll discuss research during the term in our threaded discussions, readings, and discussions. Week 1: U.S. GAAP - Lecture Help Print This Page Introduction What is GAAP? U.S. GAAP? i-GAAP Page 1 of 9 1/17/2010 http://www.devryu.net/ec/crs/contentItem.learn?CourseID=3830828&47=6675931&dt...
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The International Accounting Standards Board (IASB) http://www.iasb.org , has the duty, among other obligations, to develop international standards for financial reporting. In a world-wide economy, there is a great appeal for having a universal set of accounting standards, versus several different ones. By using one set of accounting rules, there would be uniformity in reporting practices, financial information would be less costly, and financial statements would be easier to understand, advocates state. There are, however, significant differences between the two primary methods of accounting, U.S. GAAP and i-GAAP.
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