Bab 1 - Financial Accounting and Accounting Standards
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Bab 1 - Financial Accounting and Accounting Standards
- 1. Financial Accounting and Accounting Standards Chapter 1 Intermediate Accounting, 12th Edition Kieso, Weygandt, and Warfield Prepared by Coby Harmon, University of California, Santa Barbara
- 5. Characteristics of Accounting Financial Information Accounting? Identifies and Measures and Communicates Balance Sheet Income Statement Statement of Cash Flows Statement of Owners’ or Stockholders’ Equity Note Disclosures President’s letter Prospectuses, SEC Reporting News releases Forecasts Environmental Reports Etc. GAAP Not GAAP Financial Statements Additional Information Economic Entity LO 1 Identify the major financial statements and other means of financial reporting . .
- 7. Accounting and Capital Allocation Resources are limited . Efficient use of resources often determines whether a business thrives. Financial Reporting Information to help users with capital allocation decisions. Users Investors, creditors, and other users Capital Allocation The process of determining how and at what cost money is allocated among competing interests. LO 2 Explain how accounting assists in the efficient use of scare resources. Illustration 1-1 Capital Allocation Process
- 21. Governmental Accounting Standards Board Created in 1984 to address state and local governmental reporting issues. LO 6 Financial Accounting Foundation Financial Accounting Standards Board Financial Accounting Standards Advisory Council Governmental Accounting Standards Board Governmental Accounting Standards Advisory Council http://www.gasb.org/
- 23. FASB Statements, Interpretations, and Staff Positions APB Opinions CAP Accounting Research Bulletins Category A (Most Authoritative) FASB Technical Bulletins AICPA Industry Audit and Accounting Guides AICPA Statements of Position Category B FASB Emerging Issues Task Force AICPA AcSEC Practice Bulletins Category C AICPA Accounting Interpretations Category D (Least Authoritative) FASB Implementation Guides Recognized Industry Practices House of GAAP LO 7
- 25. 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. LO 8 Describe the impact of user groups on the standard-setting process.
- 26. FASB Preparers (e.g., FEI) Financial Community Government (SEC, IRS, other agencies) Industry Associations Business Entities CPAs and Accounting Firms AICPA (AcSEC) Academicians Investing Public Accounting standards, interpretations, and bulletins Standard Setting LO 8 Describe the impact of user groups on the standard-setting process. Illustration 1-5 User Groups that Influence Accounting Standards
- 31. Copyright Copyright © 2006 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein.
Notas del editor
- 1. On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information)
- Service Cost - Actuaries compute service cost as the present value of the new benefits earned by employees during the year. Future salary levels considered in calculation. Interest on Liability - Interest accrues each year on the PBO just as it does on any discounted debt. Actual Return on Plan Assets - Increase in pension funds from interest, dividends, and realized and unrealized changes in the fair market value of the plan assets. Amortization of Unrecognized Prior Service Cost - The cost of providing retroactive benefits is allocated to pension expense in the future, specifically to the remaining service-years of the affected employees. Gain or Loss - Volatility in pension expense can be caused by sudden and large changes in the market value of plan assets and by changes in the projected benefit obligation. Two items comprise the gain or loss: difference between the actual return and the expected return on plan assets and, amortization of the unrecognized net gain or loss from previous periods
- Technical Bulletins provide answers to specific questions related to the application and implementation of FASB Statement or Interpretations, APB Opinions, and ARBs. Technical Bulletins do not alter GAAP; they merely provide guidance on questions related to existing GAAP.