IntermediateAccountingIPhilipLaube,CPA.pptVIP

Intermediate Accounting I Philip Laube, CPA;About Me;Expectations;Points;Chapter One Environment and Theoretical Structure of Financial Accounting;Financial Accounting;Financial Accounting Environment;Financial Accounting Environment;Investment-Credit DecisionsA Cash Flow Perspective;Cash Versus Accrual Accounting;Cash Versus Accrual Accounting;Cash Versus Accrual Accounting;Cash Basis Accounting;Cash Versus Accrual Accounting;Accrual Accounting Revenue is recognized when earned. Expenses are recognized when incurred. Let’s reconsider the Carter Company information.;The Development of Financial Accounting and Reporting Standards;Early Standard Setting;Current Standard Setting - FASB;Establishment of Accounting StandardsA Political Process;FASB’s Standard-Setting Process;International Accounting Standards Board (IASB);Role of the Auditor;Financial Reporting Reform;Financial Reporting Reform;A lot of rules!;The Conceptual Framework(The key component);The Conceptual Framework;To provide information: Useful for decisions. That helps predict cash flows. About economic resources, claims to resources, and changes in resources and claims.;Elements ;Elements Assets Liabilities Equity Investments by Owners Distributions to owners Revenues Expenses Gains Losses Comprehensive Income;Elements ;Elements;Elements;Relevance;Practical Constraints to Achieving Desired Qualitative Characteristics;SFAC No. 6 - ElementsRevenues;SFAC No. 6 - Elements Expenses;SFAC No. 6 - ElementsGains and Losses;SFAC No. 6 - Elements Assets and Liabilities;SFAC No. 6 - Elements Equity;SFAC No. 6 - Elements Investments and Distributions;SFAC No. 6 - Elements Comprehensive Income;Recognition and Measurement Concepts;The Realization Principle;Question;Question;Question;Question;Question;Question;Question;Question;Question;Question;Question;Question;Question;Question;Ethics in Accounting;Model for Ethical Decisions;Ethics in Accounting;End of Chapter 1