-IMBA财政会计1.ppt

IMBA Financial Accounting Instructor: Guohua Jiang (姜国华） University of California, Berkeley (加州大学伯克利分校) What a “great” time for accounting? Or isn’t it? Accounts: angels or devils? You may hate them, but you have to have them 2002, the year of accounting Enron, Worldcom, George W. Bush, Dick Cheney Blame accounting on anything, from investor losses to Saddam Hussein hiding nuclear weapon But we stay cool! Time Magazine: Persons of the Year 2002: Whistleblowers Cynthia Copper of Worldcom Colleen Rowley of FBI Sherron Watkins of Enron When you think of accountants, what image comes up to your mind? The Father of Accounting-Luca Pacioli (1445-1517) He wrote a famous mathematics book In one chapter he invented double-entry accounting system He taught Leonardo Da Vinci perspective and proportionality. The knowledge was used to paint “the Last Supper” Dow Jones Industrial Average 1930-2002 DJIA, NASDAQ 1990-2002 Back to Square One: DJIA 1998-2002 D or Dot.bomb-NASDAQ 1998-2002 The Three Major Stock Exchanges The Regulator of U.S. Stock Market SEC, the Securities and Exchange Commission Arthur Levitt, commissioner, 1993-2000 in the Clinton administration Numbers Game Speech, 1998 The current SEC commissioners Who issue American Accounting Standards FASB: Financial Accounting Standards Board Set up in 1973 to replace Accounting Principle Board (APB) An independent, private organization Standards issued recognized by SEC GAAP: Generally Accepted Accounting Standards 7 concept statements (principles) e.g., No. 7 (February 2000) Using cash flow information and present value in accounting measurements 148 statements of standards (rules) e.g., No. 1 (December 1973) Disclosure of foreign currency translation information International Accounting Standards International Accounting Standards Committee (IASC) Based at London Independent and privately funded Meant to design a set of worldly accepted accounting standards Mr. Shuping Feng fro