ACCOUNTING REGULATORY AGENCIES Introduction Accounting standards are needed so that financial statements will fairly and consistently describe financial performance. Without standards‚ users of financial statements would need to learn the accounting rules of each company‚ and comparisons between companies would be difficult. Numerous accounting bodies govern the accounting environment and accommodate the success of a business. The four main financial governing bodies include
Premium International Financial Reporting Standards Financial Accounting Standards Board
1 Financial Accounting and Accounting Standards CHAPTER STUDY OBJECTIVES 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Describe the essential characteristics of accounting. Identify the major financial statements and other means of financial reporting. Explain how accounting assists in the efficient use of scarce resources. Identify some of the challenges facing accounting. Identify the objectives of financial reporting. Explain the need for accounting standards. Identify the major policy-setting bodies and their
Premium Financial Accounting Standards Board
BUSN1002 Financial Accounting Processes Semester 2‚ 2013 LECTURE OUTLINES 1 – 6 Topic Coordinator: Philip Palmer Room 3.70 Law and Commerce Building Email: philip.palmer@flinders.edu.au Ph: 8201 2013 FLINDERS UNIVERSITY FLINDERS BUSINESS SCHOOL BUSN1002 Financial Accounting Processes Philip Palmer Lecture Outline 1 Introduction to Financial Accounting Reading: Hoggett et al.‚ Chapters 1 and 2 1 Introduction to Accounting Accounting is an information system designed to
Premium Balance sheet Generally Accepted Accounting Principles Financial statements
Chapter 02 Worldwide Accounting Diversity Multiple Choice Questions 1. What is the equivalent of U.S. balance sheet common stock on the balance sheet of a British company? A) Capital redemption reserve B) Share premium account C) Own shares held D) Called-up share capital Answer: D Level: Medium LO: 1 2. Which of the following is not a problem caused by accounting diversity? A) Lack of qualified international
Premium Financial statements Balance sheet International Financial Reporting Standards
1 ACCOUNTING 1 (ACN101- M) STUDY UNIT 1: THE NATURE AND FUNCTION OF ACCOUNTING DEFINITION: • • • Accounting can be defined as the orderly & systematic recording of the monetary values of financial transactions of a business The reporting of results Providing financial information as a basis for decision making 3 main processes define the accounting process: 1. IDENTIFYING: Selecting evidence of economic / financial activity (transactions) 2. RECORDING transactions to provide a permanent
Premium Balance sheet Generally Accepted Accounting Principles Inventory
Globalization of Environmental Accounting Jingyi Wang (MAcc) December 1st‚ 2010 Abstract As environmental issues have received much concern‚ more and more companies realize the importance of environment-related financial issues‚ especially environmental accounting. Many countries like US and Japan have made significant progress in this field‚ while China is facing difficulty in the development of environmental accounting. The objective of this essay is to discuss the international trend of
Free Environmentalism Sustainability Environment
Professional Ethics and financial statement disclosure: In a constructionist perspective Abstract This essay addresses the relationship between professional ethics and financial statement disclosure. The public should change its view on the objectivity of accounting profession because in no means can anyone be absolutely objective. The reason to this will be articulated thoroughly in the essay. Then how to maximize relative objectivity is discussed and
Free Accountancy Accountant Financial statements
Business Combinations (Topic 805) Pushdown Accounting a consensus of the FASB Emerging Issues Task Force An Amendment of the FASB Accounting Standards Codification® The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. An Accounting Standards Update is not authoritative; rather‚ it is a document that communicates how the Accounting Standards Codification is being amended
Premium Types of business entity Financial Accounting Standards Board Balance sheet
This essay is to critically evaluate the usefulness of the accounting theory to practicing accountants today. It will provide a general assessment of information asymmetry and the fundamental problem of accounting‚ and it will also briefly discuss the normative and positive accounting theories and their usefulness to practicing accountants. After those discussions‚ it will specifically discuss the strength and limitation of positive accounting theory and assess its usefulness to practicing accountants
Premium Scientific method Information asymmetry Costs
The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
Premium Generally Accepted Accounting Principles