Financial Accounting and Reporting - 12396 Words

FINANCIAL ACCOUNTING AND REPORTING Module 9: Basic Theory and Financial Reporting Module 10: Inventory Module 11: Fixed Assets Module 12: Monetary Current Assets and Current Liabilities Module 13: Present Value Module 14: Deferred Taxes Module 15: Stockholders’ Equity Module 16: Investments Module 17: Statement of Cash Flows Module 18: Business Combinations and Consolidations Module 19: Derivative Instruments and Hedging Activities Module 20: Miscellaneous Module 21: Governmental (State and Local) Accounting Module 22: Not-for-Profit Accounting Outlines of Accounting Pronouncements As indicated previously, this manual consists of 14 modules designed to facilitate your study for the Financial Accounting and Reporting†¦show more content†¦(1) Although GAAP is the current basis for financial reporting, it does not constitute a cohesive body of accounting theory. Generally, authoritative pronouncements have been the result of a problem-by-problem approach that have dealt with specific problems as they occur and are not predicated on an underlying body of theory. (2) Accounting has a definite need for conceptual theoretical structure if an authoritative body such as the FASB is to promulgate consistent standards. (3) A body of accounting theory should be the foundation of the standard-setting process and should provide guidance where no authoritative GAAP exists. (4) The FASB issued concept statements to develop a theoretical framework. As of December 2011, the FASB had issued eight concept statements to develop a frame of reference. (a) The purpose of the concept statements is â€Å"to set forth objectives and fundamental concepts that will be the basis for development of financial accounting and reporting guidance† (SFAC 8). In other words, the SFAC attempt to organize a framework that can serve as a reference point in formulating financial accounting standards. NOTE: The SFAC do not constitute authoritative GAAP and therefore are not part of the Codification. (b) Three concept statements have been superseded by other concept statements: SFAC 1 and SFAC 2 were superseded by SFAC 8, and SFAC 3 was superseded by SFAC 6. The remainingShow MoreRelatedFinancial Accounting Reporting1248 Words   |  5 PagesFinancial Accounting Reporting Introduction In the last few years, the issue of financial regulations has been increasingly brought to the forefront. This is because of a number of high profile scandals are highlighting how abuses are occurring from the lack of regulation. A good example of this can be seen with adjustable rate mortgages (ARMs). In the early 2000s, this was considered to be an effective way for many low income and minority families to purchase a home. However, as the economyRead MoreFinancial Accounting And Reporting Standards1426 Words   |  6 Pages Financial Accounting and Reporting Standards Jeremy J Boston Saint Leo University â€Æ' Abstract Financial accounting has become more complex as our country grows. The United States has established a core financial body to ensure all financial statements are published within the prescribed guidelines so that any creditor or investor is able to read and understand the information. The FASB was created to ensure that these guidelines are followed and they are well-paid individuals so there isRead MoreAccounting Standards And Financial Reporting Essay1508 Words   |  7 PagesSpiceland, Sepe, and Tomassini (2007), â€Å"accrual accounting is the financial reporting model used by† most corporations; which in turn, enables â€Å"investors and creditors †¦ to make their resource allocation decision† (Financial Reporting Case, para. 1). 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The for-profit and non-profit organizations share common characteristics. For instance, they both make financial decisions that will help them to raise enough capital so as to meet their objectives. They also implement strategic planning as part and parcel of their business model. Accounting and financial reporting methods are used in both organizations to assess their performance. The organizational structures in both organizations are also similar. DespiteRead MoreFinancial Accounting And Reporting Of An Organization1984 Words   |  8 PagesFinancial Accounting and Reporting course work 1 Title: Financial accounting and reporting Student Name: Mengting KE CEG Number: MK24366 Supervisor Name: Nilam Sultan Date of submission: 14/02/2016 Total word count: 2042 Introduction According to Black (2009: 2), accounting can be defined simply as the recording, summarizing and interpretation of financial information. A more detailed definition is that offered by the American Accounting Association (1966), as follows: ’TheRead MoreFinancial Accounting And Reporting Of An Organization1984 Words   |  8 PagesFinancial Accounting and Reporting course work 1 Title: Financial accounting and reporting Student Name: Mengting KE CEG Number: MK24366 Supervisor Name: Nilam Sultan Date of submission: 14/02/2016 Total word count: 2042 Introduction According to Black (2009: 2), accounting can be defined simply as the recording, summarizing and interpretation of financial information. A more detailed definition is that offered by the American Accounting Association (1966), as follows: ’TheRead MoreUnit 10: Financial Accounting and Financial Reporting1455 Words   |  15 Pages Business Unit 10: Financial Accounting and Financial Reporting Student name Assessor name Date issued Completion date Submitted on 28/03/15 09/05/15 Assignment title Presentation of financial information and Interpretation of Financial Statements (2 of 2) Learning Outcome Learning outcome Assessment Criteria In this assessment you will have the opportunity to present evidence that shows you are able to: Task no. Evidence (Page no) LO3 Be able to present financial information in acceptedRead MoreFinancial Accounting : International Financial Reporting Standards1904 Words   |  8 PagesMGT225 FINANCIAL ACCOUNTING ESSAY 1. Introduction Before 2001, none of the major economies in the world requires the use of International Financial Reporting Standards (IFRS). However, since IFRS was adopted and required by the European Union (EU), IFRS is currently the most widely shared set of accounting standards with its application required or permitted by approximately 120 countries as indicated by the IFRS Resources (2015). IFRS, perceived as â€Å"a single set of high-quality, understandableRead MoreSustainability Accounting And Non Financial Reporting1052 Words   |  5 PagesAs a newly established area in accounting, sustainability accounting and reporting extends the traditional model of financial and non-financial reporting to incorporate the company’s operational information, social and environmental activities, and their ability to deal with related risks. Not only do these acts have effects on society and the environment, but they also directly impact company’s financial statements. The most widely acc epted definition of sustainability that has emerged over time