Students in this financial accounting course explore basic accounting concepts and procedures and the interpretation of financial statements. For information on asset retirement and environmental obligations , contingencies, and distinguishing liabilities from equity, accounting professionals will want to view the Liabilities section. The Broad Transactions area contains information on business combinations, consolidation, fair value measurements and disclosures, financial instruments , and leases. It is within these main content areas that users can research specific topics and fully comply with accounting laws and regulations.
The FASB Codification System was designed to aid all needs for accurate and up-to-date accounting information, excluding governmental accounting standards With the introduction of the program, users are able to quickly locate principles based on eight main content areas. Managerial accounting has its focus on providing information within the company so that its management can operate the company more effectively. Managerial accounting and cost accounting also provide instructions on computing the cost of products at a manufacturing enterprise. Gain access to our 1,700 accounting exam questions (and answers) when you upgrade to PRO.
After working as an accountant, consultant, and university accounting instructor for more than 25 years, Harold Averkamp formed AccountingCoach in 2003. Arguments in support of the politicalization of accounting standard setting can be made by the investors, lenders, vendors, employees, and all other stakeholders who have fallen victim to corporate fraud. The Financial Accounting Standards Board is responsible for creating and updating GAAP for publicly traded companies.
Arguments against the politicalization of accounting standard setting can be made by honest hard working businessmen, women, and entrepreneurs who’ve always prepared their financial information using fair judgment who are now forced to comply with a lengthy list of regulatory rules and guidelines. The FASB is an extension of the U.S. Securities and Exchange Commission (SEC) , a congressionally created federal agency in charge of regulating the financial markets.
With so many small business owners struggling to stay afloat in what has been described as the worst economic conditions since the Great Depression , many cannot afford to hire accounting professionals to ensure they are in compliance with newly revised standards and policies. They must declare and file with the SEC and, among other things, prove that their financial accounting is up to the standards imposed by GAAP. The roots of modern government-enforced accounting regulations trace back to the Great Depression. The International Accounting Standards Committee (IASC) Foundation based in the USA.