01FinancialAccountingandAccountingStandards

01FinancialAccountingandAccountingStandards - Intermediate...

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Unformatted text preview: Intermediate Financial Accounting I Financial Accounting and Accounting Standards Environment and Theoretical Structure of Financial Accounting 2 Objectives of the Chapters 1. Understand the need to develop accounting standards. 2. Study the development of accounting standards from a historical perspective. 3. The GAAP and the FASB Accounting Standards Codification. 4. Study the roles of the AICPA and the SEC in developing GAAP. 5. Introduce the accounting standard setting process of the FASB. Environment and Theoretical Structure of Financial Accounting 3 Objectives of the Chapters (contd.) 6. Study the relationship between the changes in the economic environment and the development of accounting standards. 7. Understand the economic consequence of accounting standards. 8. Understand the accounting standard compliance system in the U.S. (a Public/Private partnership) Environment and Theoretical Structure of Financial Accounting 4 Objectives of the Chapters (contd.) 9. Discuss financial reporting reform and the Sarbanes and Oxley Act (t he Public Company Accounting Reform and Investor Protection Act of 2002 ) 10. Study the need for international accounting standards and the convergence of the U.S. accounting standards with the International Accounting Standards. Environment and Theoretical Structure of Financial Accounting 5 Financial Reporting: An Introduction and Historical Development 1. What is accounting? 2.How do we communicate financial information? Tools: Four financial statements. 3. How do we prepare financial statements? Identify, measure and record business transactions for business entities. Journal entries, posting to ledger accounts, work sheet (including adjustments), F/S, 4. Why do we need accounting standards? What is Accounting ? An information system to account for all business transactions and translate these transactions into accounting terms to be reported in financial statements for interested users. Environment and Theoretical Structure of Financial Accounting 6 Environment and Theoretical Structure of Financial Accounting 7 Accounting Standards Accounting methods with substantial authoritative support to be used by business entities in preparing external reports for users. Environment and Theoretical Structure of Financial Accounting 8 Issues Related to Accounting Standards 1 . Who are the authorities to set these standards (Generally Accepted Accounting Principles, GAAP)? 2. What are these standards? What is FASB Codification? 3. The roles of the AICPA and the SEC in developing GAAP. 4. The accounting standard setting process of the FASB. Environment and Theoretical Structure of Financial Accounting 9 1934 Congress SEC Regulation S-X ASR and FRR Staff Accounting Bulletins 1938 Accounting Profession AICPA 1938-1959 CAP ARBs (51) 1959-1973 APB APB Opinions (31) 1973 FASB . 1. Statement of Financial Accounting Standards 2. Interpretations 3. Concepts of Financial Accounting 4. Technique Bulletins/Staff P....
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01FinancialAccountingandAccountingStandards - Intermediate...

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