Understanding Financial Statements-1

Understanding Financial Statements-1 - making 1-5 GAAP Two...

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Lyn M. Fraser Aileen Ormiston Chapter  1 – An Overview
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Map or Maze Financial statements are potentially both MAP and MAZE 1-2
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Our Objective To ensure that financial statements serve as a map, not a maze The better one can read and understand the financial statements, the more useful they are as a MAP to intelligent decision- making 1-3
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Volume of Information: The Annual Report Financial statements Notes to the financial statements The auditor’s report Management’s discussion Material included at the imagination and discretion of management 1-4
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Financial Statements Prepared according to generally accepted accounting principles (GAAP) Present financial information that is understandable by users AND relevant and reliable for decision
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Unformatted text preview: making 1-5 GAAP Two authorities primarily responsible for establishing GAAP in the United States are the SEC and the FASB 1-6 SEC Securities and Exchange Commission 1-7 Stands for FASB Financial Accounting Standards Board Issues Statements of Financial Accounting Standards ( SFASs ) and Interpretations Stands for The SEC and FASB Have worked closely together in the development of accounting policy 1-8 The SEC and FASB 1-9 Where to Find a Companys Financial Statements Form 10-K - can be accessed through the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) database at www.sec.gov Annual report Websites UF Business Library 1-10...
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Understanding Financial Statements-1 - making 1-5 GAAP Two...

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