Intermediate Accounting.pptVIP

Learning Objectives Identify the major financial statements and other means of financial reporting. Explain how accounting assists in the efficient use of scarce resources. Describe some of the challenges facing accounting. List the objectives of financial reporting. Explain the need for accounting standards. Identify the major policy-setting bodies and their role in the standard-setting process. Explain the meaning of generally accepted accounting principles (GAAP) and the role of the Codification for GAAP. Describe the impact of user groups on the rule-making process. Understand issues related to ethics and financial accounting. Financial Statements and Financial Reporting Financial Statements and Financial Reporting Accounting and Capital Allocation Challenges Facing Financial Accounting Objectives of Financial Accounting Financial reporting should provide information that: Need to Develop Standards Parties Involved in Standard Setting Securities and Exchange Commission American Institute of CPAs Financial Accounting Standards Board Financial Accounting Standards Board Due Process Types of Pronouncements Types of Pronouncements Changing Role of AICPA Generally Accepted Accounting Principles Generally Accepted Accounting Principles Issues in Financial Reporting Issues in Financial Reporting Issues in Financial Reporting Issues in Financial Reporting Issues in Financial Reporting Chapter 1-* C H A P T E R 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield Securities and Exchange Commission American Institute of CPAs Financial Accounting Standards Board Changing role of the AICPA Financial Statements and Financial Reporting Parties Involved in Standard Setting Generally Accepted Accounting Principles Issues in Financial Reporting Accounting and capital allocation Challenges Objectives Need to develop standards FASB Codification Political environment Expectations gap International accounting stand