International Accounting

International Accounting - International Accounting...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Click to edit Master subtitle style 3/20/11 Marquette University Spring 2011 International Accounting
Background image of page 1

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

View Full DocumentRight Arrow Icon
3/20/11 The Regulatory Framework Why do we need to regulate the form and content of financial statements? 1. Protect shareholders (and the public) from incompetent (or unscrupulous) directors 2. Provide stakeholders with objective information of the entity’s financial situation What are the three primary sources of regulation? 1. Legislation (i.e., government) 2. Accounting standards (i.e., profession)
Background image of page 2
3/20/11 Generally Accepted Accounting Principles Definition: o Complete set of (accounting) regulations o From all sources o Which are used to summarize the financial condition and financial results of a specific entity o (i.e., a widely accepted set of rules, conventions, standards, and procedures for reporting financial information) Important concepts: o “Generally accepted”
Background image of page 3

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

View Full DocumentRight Arrow Icon
3/20/11 GAAP (continued) The primary purpose of GAAP is to improve consistency by: o Reduce or eliminate variations in accounting
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/19/2011 for the course ACCT 440 taught by Professor Smith during the Spring '11 term at Saginaw Valley.

Page1 / 8

International Accounting - International Accounting...

This preview shows document pages 1 - 5. Sign up to view the full document.

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