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Chapter 1 10 financialstatements balancesheet

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Unformatted text preview: epted and universally practiced. Chapter 1-10 Financial Statements Balance Sheet Income Statement Statement of Stockholders’ Equity Statement of Cash Flows Note Disclosure Generally Accepted Generally Accounting Principles (GAAP) (GAAP) Parties Involved in Standard Setting Parties Involved in Standard Setting Three organizations: Securities and Exchange Commission (SEC) ? ? ? ? ? ? ? American Institute of Certified Public Accountants (AICPA) Financial Accounting Standards Board (FASB) ? ? ? ? ? ???? Chapter 1-11 Securities and Exchange Commission Securities and Exchange Commission Established by federal government Accounting and reporting for public companies Securities Act of Securities Act of 1933 1933 Securities Act of Securities Act of 1934 1934 Encouraged private standard­setting body SEC requires public companies to adhere to GAAP SEC Oversight Enforcement Authority Chapter 1-12 American Institute of CPAs American Institute of CPAs National professional organization Established the following: Committee on Committee on Accounting Accounting Procedures ( CAP ) Procedures ( CAP ) AccountingPrinciples Accounting Principles Board Board 1959 to 1973 Issued 51 Accounting Research Bulletins (ARBs) Issued 31 Accounting Principle Board Opinions (APBOs) Chapter 1-13 1939 to 1959 Problem-by-problem approach failed Wheat...
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