Ch 1 PowerPoint Slides LAA

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Unformatted text preview: 1. 2. Chapter 1-17 Generally Accepted Accounting Principles ?????? Principles established by an authoritative Principles rule-making body. rule-making LO 6 Generally Accepted Accounting Principles Generally Accepted Accounting Principles Illustration 1-4 GAAP Documents Chapter 1-18 Issues in Financial Reporting Issues in Financial Reporting Standard Setting in a Political Environment Accounting standards are as much a product of political action as they are of careful logic or empirical findings. Chapter 1-19 Standard Setting Standard Setting Business Entities Business Entities CPAs and CPAs and Accounting Firms Accounting Firms AICPA (AcSEC) AICPA (AcSEC) Academicians Academicians Investing Public Investing Public Illustration 1-6 User Groups that Influence Accounting Standards Financial Financial Community Community FASB FASB Preparers Preparers (e.g., FEI) (e.g., FEI) Government Government (SEC, IRS, other (SEC, IRS, other aagencies) gencies) Industry Industry Associations Associations Accounting standards, interpretations, and bulletins Chapter 1-20 Issues in Financial Reporting Issues in Financial Reporting Expectation Gap ? ? ? What the public thinks accountants should do vs. what accountants think they can do. Difficult to close Sarbanes­Oxley Act (2002) Public Company Accounting Oversight Board (PCAOB) Chapter 1...
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This note was uploaded on 03/02/2012 for the course AICS 3115 taught by Professor Lynnalmond during the Spring '11 term at Virginia Tech.

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