This packages includes a loose-leaf edition of Intermediate Accounting, 16th Edition, a registration code. Study Guide Intermediate Accounting, Volume 1. Authors: Douglas W. Kieso maintains the qualities for. Study Guide Intermediate Accounting, Volume 2. WileyPLUS registration cards are. To learn more, view our Privacy Policy. Log In Sign Up. Download Free DOC.
Download Free PDF. Do81xl 6s3a Download PDF. A short summary of this paper. Subject matter of accounting. Environment of accounting. Role of principles, objectives, standards, 4, 5, 6, 7 1, 2, 3, 5 and accounting theory. Historical development of GAAP.
Authoritative pronouncements and rule- 12, 13, 14, 15, 3, 9, 11, 12, 14 making bodies. Role of pressure groups. Ethical issues. Identify the major policy-setting bodies and their 8, 9, 10, 11, 13, 14, 15, CA, CA, CA, role in the standard-setting process. Simple 15—20 CA Financial reporting and accounting standards. Simple 15—20 CA Financial accounting. Simple 15—20 CA Objective of financial reporting.
Moderate 20—25 CA Accounting numbers and the environment. Moderate 30—40 CA Rule-making Issues. Moderate 30—40 CA Financial reporting pressures. Moderate 25—35 CA Economic consequences. Financial accounting measures, classifies, and summarizes in report form those activities and that information which relate to the enterprise as a whole for use by parties both internal and external to a business enterprise.
Managerial accounting also measures, classifies, and summarizes in report form enterprise activities, but the communication is for the use of internal, managerial parties, and relates more to subsystems of the entity. Managerial accounting is management decision oriented and directed more toward product line, division, and profit center reporting.
Financial reporting is a broader concept; it includes the basic financial statements and any other means of communicating financial and economic data to interested external parties. To provide unreliable and irrelevant information leads to poor capital allocation which adversely affects the securities market. The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in decisions about providing resources to the entity through equity investments and loans or other forms of credit.
Information that is decision-useful to capital providers investors may also be useful to other users of financial reporting who are not investors. Investors are interested in financial reporting because it provides information that is useful for making decisions referred to as the decision-usefulness approach.
Financial reporting should therefore help investors assess the amounts, timing, and uncertainty of prospective cash inflows from dividends or interest, and the proceeds from the sale, redemption, or maturity of securities or loans.
In order for investors to make these assessments, the economic resources of an enterprise, the claims to those resources, and the changes in them must be understood. A common set of standards applied by all businesses and entities provides financial statements which are reasonably comparable. Without a common set of standards, each enterprise could, and would, develop its own theory structure and set of practices, resulting in noncomparability among enterprises.
General-purpose financial statements are not likely to satisfy the specific needs of all interested parties. Since the needs of interested parties such as creditors, managers, owners, governmental agencies, and financial analysts vary considerably, it is unlikely that one set of financial statements is equally appropriate for these varied uses.
The SEC has the power to prescribe, in whatever detail it desires, the accounting practices and principles to be employed by the companies that fall within its jurisdiction.
Because the SEC receives audited financial statements from nearly all companies that issue securities to the public or are listed on the stock exchanges, it is greatly interested in the content, accuracy, and credibility of the statements. Lately, the SEC has assumed a more active role in the develop-ment of accounting standards, especially in the area of disclosure requirements. It thereby supports the development of accounting principles in the private sector. The Committee on Accounting Procedure was a special committee of the American Institute of CPAs that, between the years of and , issued 51 Accounting Research Bulletins dealing with a wide variety of timely accounting problems.
These bulletins provided solutions to immediate problems and narrowed the range of alternative practices. The creation of the Accounting Principles Board was intended to advance the written expression of accounting principles, to determine appropriate practices, and to narrow the differences and inconsistencies in practice.
To achieve its basic objectives, its mission was to develop an overall conceptual framework to assist in the resolution of problems as they became evident and to do substantive research on individual issues before pronouncements were issued. Accounting Research Bulletins were pronouncements on accounting practice issued by the Committee on Accounting Procedure between and ; since they have been recognized as accepted accounting practice unless superseded in part or in whole by an opinion of the APB or an FASB standard.
APB Opinions were issued by the Accounting Principles Board during the years through and, unless superseded by FASB Statements, are recognized as accepted practice and constitute the requirements to be followed by all business enterprises.
Statements of financial accounting standards contained in Accounting Standards updates constitute generally accepted accounting principles and dictate acceptable financial accounting and reporting practices as promulgated by the FASB.
The first standards statement was issued by the FASB in Statements of financial accounting concepts do not establish generally accepted accounting principles. Rather, the concepts statements set forth fundamental objectives and concepts that the FASB intends to use as a basis for developing future standards. The concepts serve as guidelines in solving existing and emerging accounting problems in a consistent, sound manner.
Both the standards statements and the concepts statements may develop through the same process from discussion memorandum, to exposure draft, to a final approved statement. Rule of the Code of Professional Conduct prohibits a member of the AICPA from expressing an opinion that financial statements conform with GAAP if those statements contain a material departure from an accounting principle promulgated by the FASB, or its predecessors, the APB and the CAP, unless the member can demonstrate that because of unusual circumstances the financial statements would otherwise have been misleading.
This rule is extremely important because it requires auditors to follow FASB standards. The chairman of the FASB was indicating that too much attention is put on the bottom line and not enough on the development of quality products.
Managers should be less concerned with short- term results and be more concerned with the long-term results. In addition, short-term tax benefits often lead to long-term problems. The second part of his comment relates to accountants being overly concerned with following a set of rules, so that if litigation ensues, they will be able to argue that they followed the rules exactly.
The problem with this approach is that accountants want more and more rules with less reliance on professional judgment. Less professional judgment leads to inappropriate use of accounting procedures in difficult situations. The Emerging Issues Task Force often arrives at consensus conclusions on certain financial report- ing issues.
These consensus conclusions are then looked upon as GAAP by practitioners because the SEC has indicated that it will view consensus solutions as preferred accounting and will require persuasive justification for departing from them.
It creates one level of GAAP which is considered authoritative. The Codification and the related CRS provide a topically organized structure which is subdivided into topic, subtopics, sections, and paragraphs. Hopefully, the codification will help users to better understand what GAAP is.
If this occurs, companies will be more likely to comply with GAAP and the time to research accounting issues will be substantially reduced. In addition, through the electronic web-based format, GAAP can be easily updated which will help users stay current.
The sources of pressure are innumerable, but the most intense and continuous pressure to change or influence accounting principles or standards come from individual companies, industry associations, governmental agencies, practicing accountants, academicians, professional accoun- ting organizations, and public opinion.
Economic consequences means the impact of accounting reports on the wealth positions of issuers and users of financial information and the decision-making behavior resulting from that impact. In other words, accounting information impacts various users in many different ways which leads to wealth transfers among these various groups.
If politics plays an important role in the development of accounting rules, the rules will be subject to manipulation for the purpose of furthering whatever policy prevails at the moment. No matter how well intentioned the rule maker may be, if information is designed to indicate that investing in a particular enterprise involves less risk than it actually does, or is designed to encourage invest- ment in a particular segment of the economy, financial reporting will suffer an irreplaceable loss of credibility.
No one particular proposal is expected in answer to this question. Concern exists about fraudulent financial reporting because it can undermine the entire financial reporting process. Failure to provide information to users that is accurate can lead to inappropriate allocations of resources in our economy. They end with a summary, the explanation of new technical terms and a question bank with solutions for checking your learning progress.
On the internet, you can find more than exam tasks with solutions as well as youtube-videos from the authors. It covers the widely applied syllabus of Cost Accounting and Management Accounting at universities on bachelor's and master's level.
The book is based on more than 20 years' academic teaching experience in Germany and at international universities in South Africa, Malaysia, China, the Netherlands and South Korea.
In this text book, the application of methods and instruments comes first. Management Accounting follows a case study based approach. All cases are taken from previous exam papers and explained in detail. The text book starts with a case study of a manufacturing company and compares Financial Accounting to Management Accounting.
It covers two point of views: 1 a General Management view, with aspects of business planning, cost-volume-profit analysis, degree of operating leverage, mergers and cross-border acquisitions and risk valuation.
On the UVK website, numerous exam tasks and complete solutions thereto are available in English. It also needs to be considered by accountants in government because the processes of budget planning, budget execution, and financial reporting have used a large number of information systems. In the era of the Industrial Revolution 4. Industrial Revolution 4. I get my most wanted eBook.
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