Chapter 5 Lecture Outline

Chapter 5 Lecture Outline - Chapter 5: Communicating and...

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Chapter 5: Communicating and Interpreting Accounting Information A. Rule Setting Process Give power to set accounting rules Passes on Lobbies for role of making favorable accounting rules accounting but retains veto rules power Makes accounting rules B. Disclosure Process 0 o SEC regulation FD (fair disclosure) Provide all investors equal access to important news No insider trading o Press Release o Annual Reports Principle components of financial section Summarized financial data for 5-10 year period Management discussion and analysis of financial condition, results of operations, disclosure about market risk Four financial statements Footnotes Auditor’s opinion (unqualified, qualified, adverse, disclaimer of opinion) Recent stock price information SEC FASB REPORTIN G CONGRES S
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Summaries of unaudited quarterly financial data List of directors and officers o Quarterly Reports Condensed IS and BS SCF,SRE and notes are omitted unaudited o SEC Reports Form 10K (annual report) Form 10Q (quarterly report) Form 8K (significant events) Proxy Statement Voting procedures Background information about nominated directors Executive compensation Audit committee Breakdown of audit and non-audit fee paid to the auditing firm 0 C. Revisit the formats of Balance Sheet and Income Statement
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This note was uploaded on 04/07/2008 for the course ACC 201 taught by Professor Jackson during the Spring '08 term at Northeastern.

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Chapter 5 Lecture Outline - Chapter 5: Communicating and...

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