Using the FASB Codification of Accounting Standards The Financial Accounting Standards Board (FASB) Codification of Accounting Standards is the current single source of the United States Generally Accepted Accounting Principles (GAAP). The Codification of Accounting Standards is a database and research system created by the Financial Accounting Standards Board that combines many of the authoritative resources about accounting standards into one searchable system. Some of the people who
Words: 2128 - Pages: 9
Financial Statement Analysis Celeste Thompson, Marcy Newbern, Cynthia Rios, Lashun Nicholson, Joseph Terramgra ACC/561 August 30, 2010 Financial Statement Analysis The financial statement is a report that divulges a company’s past and present financial standings. The financial statement can be thought of as an economic picture for a company. A financial statement analysis is used by investors when an important business decision is to be made. A financial statement analysis
Words: 1218 - Pages: 5
Abstract Accounting standard boards exist both in the United States and other countries. Our economies move to a more globalized environment a global standard or accounting methods and guidelines has become necessary. Over the past decades with the help of the Internet we have seen our economy grow from a national one to a global one. With this comes new challenges and opportunities. Companies can have potential investors in other countries as well at home. For foreign investors to look
Words: 1121 - Pages: 5
There Be Global Accounting Standards Adopted Within the Next 5 Years? The SEC recently issued for comment a proposed roadmap for initially allowing and eventually requiring U.S. issuers to report financial results in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") rather than generally accepted accounting principles in the United States ("U.S. GAAP"). IFRS is a set of principles-based accounting standards published
Words: 445 - Pages: 2
1. Be able to analyze the financial data Finance: It is the study of the management of the funds. Key domains of financing are: * Business finance. * Private finance (personal loan). * The public finance. Finance deals with the savings of money and frequently deals with the lending matters. The field of the finance offers with the time concepts, money, the risk and how they are secured. It takes care of how money used in budgeting. The one of the main source of the financing
Words: 2796 - Pages: 12
Explaining Basic Accounting Concepts and Business Structures University of Phoenix 11/20/2010 Accounting 537 Explaining Basic Accounting Concepts and Business Structures There are many important aspects of accounting. The generally accepted accounting principles are accounting rules set out for companies to follow to ensure all companies are on the same page business wise. Qualities of accounting are important in the decision making process of accounting. Accrual and
Words: 709 - Pages: 3
going back to the basics. The basics of accounting are relevance and reliability. In a perfect world, asset valuation would always be equally relevant and reliable. The real world, however, requires accountants to choose between the two. Traditionally conservatism, which favors reliability over relevance, has won out. That is until recently when some kakushin hungry accountants decided this is the right time for a “revolutionary change” in financial reporting standards. Newly adopted FMV, or
Words: 711 - Pages: 3
• Define accounting Accounting is a process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgments. • Identify users of accounting information and explain why it is useful Users of accounting information include the management of the entity or organization; the owners of the organization; potential investors in and creditors of the organization; employees; and various federal, state, and local governmental
Words: 319 - Pages: 2
the SEC is expected to eventually mandate the adoption of International Financial Reporting Standards (IFRS). U.S. standards setters have been working toward this eventuality through a process of convergence. The SEC issued a statement in early 2010 that updated its timeline and indicated that companies could be required to adopt IFRS as early as 2015 (see SEC, "Commission Statement in Support of Convergence and Global Accounting Standards," Release Nos. 33-9109; 34-61578, February 24, 2010, at www
Words: 2386 - Pages: 10
Accounting Standards Boards Sandra Ferrara ACC541 June 18, 2012 Professor Sonja Wilson Accounting Standards Boards Accounting standards Accounting standards boards maintain and produce accounting standards to keep financial reporting accurate and useful. Financial reporting should provide a fair presentation of the financial position and financial activity of an entity and permit comparison among other entities. To obtain a true “apples to apples” comparison between entities the statements
Words: 1290 - Pages: 6
