Consult on major policy issues lo 5 financial

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Intermediate Accounting: Reporting and Analysis
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Chapter 2 / Exercise 2-1
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
Expert Verified
Consult on major policy issues.LO 5Financial Accounting Standards Board (FASB)Parties Involved In Standard Setting
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The document you are viewing contains questions related to this textbook.
Intermediate Accounting: Reporting and Analysis
The document you are viewing contains questions related to this textbook.
Chapter 2 / Exercise 2-1
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
Expert Verified
3-44Missions is to establish and improve standards of financial accounting and reporting. Differences between FASB and APB include:Financial Accounting Standards BoardSmaller Membership.Full-time, Remunerated Membership.Greater Autonomy.Increased Independence.Broader Representation.LO 5 Identify the major policy-setting bodies and their role in the standard-setting process.
3-45The first step taken in the establishment of a typical FASB statement is Question
LO 5 Identify the major policy-setting bodies and their role in the standard-setting process.Financial Accounting Standards Board
3-46Illustration 1-3The Due Process System of the FASBLO 5 Identify the major policy-setting bodies and their role in the standard-setting process.Financial Accounting Standards Board
3-47Types of PronouncementsAccounting Standards Updates.Financial Accounting Concepts.LO 5 Identify the major policy-setting bodies and their role in the standard-setting process.Financial Accounting Standards Board
3-48LEARNING OBJECTIVES6.Explain the meaning of generally accepted accounting principles (GAAP) and the role of the Codification for GAAP.7.Describe the impact of user groups on the rule-making process.8.Describe some of the challenges facing financial reporting.9.Understand issues related to ethics and financial accounting.1.Identify the major financial statements and other means of financial reporting.2.Explain how accounting assists in the efficient use of scarce resources.3.Identify the objective of financial reporting.4.Explain the need for accounting standards.5.Identify the major policy-setting bodies and their role in the standard-setting process.After studying this chapter, you should be able to:Financial Accounting and Accounting Standards1
3-49Principles that have substantial authoritative support. Major sources of GAAP:FASB Standards, Interpretations, and Staff Positions.APB Opinions.AICPA Accounting Research Bulletins.LO 6 Explain the meaning of generally accepted accounting principles (GAAP) and the role of the Codification for GAAP.Generally Accepted Accounting Principles

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