Gaap

What is GAAP?

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Duration: 1:55
Updated: 21 Jan 2015
views: 3305

GAAP stands for Generally Accepted Accounting Principles; these are the standard and commonly accepted ways of recording and reporting accounting. GAAP is the acronym for generally accepted accounting principles. That means the basic accounting principles and guidelines such as the cost principle, matching principle, full disclosure, etc., the detailed standards and other rules issued by the Financial Accounting Standards Board and its predecessor the Accounting Principles Board, and generally accepted industry practices. GAAP must be adhered to when a company distributes its financial statements outside of the company. If a corporation's stock is publicly traded, the financial statements must also adhere to rules established by the overseeing governmental agency. This includes having its financial statements audited by an independent accounting firm. Accountants use generally accepted accounting principles to guide them in recording and reporting financial information. GAAP comprises a broad set of principles that have been developed by the accounting profession. In 2008, the Securities and Exchange Commission issued a preliminary "roadmap" that may lead the United States to abandon Generally Accepted Accounting Principles in the and to join more than 100 countries around the world instead in using the London-based International Financial Reporting Standard. The SEC expressed their aim to fully adopt International Financial Reporting Standards in the U.S. by 2014. With the convergence of the U.S. GAAP and the international IFRS accounting systems, as the highest authority over International Financial Reporting Standards, the International Accounting Standards Board is becoming more important in the United States. By Barry Norman, Investors Trading Academy

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Introduction to GAAP and Transaction Analysis

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Duration: 14:22
Updated: 14 Oct 2011
views: 15869

Introduction to GAAP and transaction analysis

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Financial Accounting: GAAP Principles and Concepts

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Duration: 2:40
Updated: 24 Nov 2014
views: 2490

For best viewing, switch settings to 1080p Help us caption & translate this video! http://amara.org/v/FgKs/

wn.com/Financial Accounting Gaap Principles And Concepts

Introduction to GAAP - General Ledger

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Duration: 14:44
Updated: 01 Jul 2013
views: 6258

This tutorial presents a summary of Generally Accepted Accounting principles also known as GAAP or accounting standards. Generally Accepted Accounting Principles define the accounting procedures, and understanding them is essential to producing accurate and meaningful records. In this article we emphasize on accounting principles and concepts so that the learner can understand the "why" of accounting which will help you gain an understanding of the full significance of accounting.

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US GAAP vs. IFRS on the Financial Statements

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Duration: 21:58
Updated: 13 May 2014
views: 23323

You'll learn the key differences between US GAAP and IFRS on the 3 main financial statements (Income Statement, Balance Sheet, and Cash Flow Statement). By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" You'll also learn how to adjust an international company's financial statements to make it easier to model and project over time. Table of Contents: 1:46 Why US GAAP vs. IFRS Matters 5:28 Income Statement Terminology Differences 7:34 Balance Sheet Differences 14:09 How to Adjust the Financial Statements for an IFRS Company 20:02 Recap and Summary Income Statement: The Income Statement is very similar regardless of the accounting system. Some items have different names (e.g., Revenue is often called Turnover and Net Income is often called Profit), but that's about it. Balance Sheet: There are more differences on the Balance Sheet - items are often arranged in a different order (sometimes Long-Term Assets are listed first, then Current Assets, then Equity, then Long-Term Liabilities and Current Liabilities at the end). The Balance Sheet itself is usually called the "Statement of Financial Position." Also, items within the Equity section often have different names: Common Stock is called "Share Capital" or "Issued Capital." Additional Paid-In Capital is often called the "Share Premium." Retained Earnings and Treasury Stock tend to have similar names. IFRS-based companies also have many "Reserve" categories for items such as FX translation differences and unrealized gains and losses. For US-based companies, these items show up within Accumulated Other Comprehensive Income (AOIC) rather than being split out into separate "Reserve" categories. But the FUNCTIONALITY of the Balance Sheet is still very similar (items still flow in and change the same way), even if items have different names or are grouped differently. Cash Flow Statement There are more differences on the Cash Flow Statement, because most US-based companies use the INDIRECT method and most international companies use the DIRECT method. The Indirect Method starts with Net Income, makes non-cash adjustments, and lists the changes in Working Capital in the Cash Flow from Operations section. The Direct Method simply lists the cash received from customers and cash paid to suppliers and employees, along with income taxes and interest and other expenses, and so you don't see the full details behind the non-cash adjustments and working capital spending. When this happens, it is much, much harder to link the financial statements because changes in items such as Accounts Receivable and Accounts Payable won't flow into anything on the Cash Flow Statement. So we recommend ADJUSTING the financial statements as follows: First, find a reconciliation between this Cash Flow Statement and the company's operating income and/or net income. Then, make the Cash Flow Statement start with Net Income instead, as it normally does, and include all the line items from this reconciliation (non-cash adjustments, Working Capital changes, etc.). And if there are still remaining differences between items such as income taxes and interest expense on the Income Statement vs. Cash Flow Statement, make adjusting entries on the CFS that indicate the true cash amount that a company paid for those. Further Resources http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-US-GAAP-vs-IFRS.xlsx Examples of Financial Statements for US-Based Companies: http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-US-Chuck-E-Cheese.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-US-Jazz-Pharmaceuticals.pdf Examples of Financial Statements for International Companies: http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Australia-Telstra.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Brazil-Ambev.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-China-TenCent.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-France-Vivendi.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-India-Infosys.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Japan-Suntory.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Korea-Samsung.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Mexico-FEMSA.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Russia-Rostelecom.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Saudi-Arabia-Saudi-Telecom.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Singapore-SG-Airlines.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-South-Africa-PPC.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-UAE-DP-World.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-UK-Easyjet.pdf

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What are US GAAP and IFRS - Video Slides 1-20

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Duration: 11:05
Updated: 29 Apr 2013
views: 21620

This video the full video that includes all 20 slides used to discuss the topic "What are US GAAP and IFRS?" The individual slide-specific videos are available in a playlist titled "What are US GAAP and IFRS?" I created this full video for those who felt that watching the videos using the playlist took too long. The reality is that this edited full video is a bit shorter than the slide videos because I have edited out some silence. These videos are part of a free online course in accounting created by Kevin Kimball of Brigham Young University -- Hawaii using the Canvas Network's Learning Management System (LMS). The actual course will first become available for enrollment a couple months prior to the start of Winter Semester 2014 (which starts in January) at learn.canvas.net. Aside from that, all of the videos in this course will be freely available in YouTube with no registration requirement, you just won't have access to the outcome assessment features (i.e. quizzes) and the interaction with the professor and fellow students that will be available in the full course at learn.canvas.net. The reason I broke the full presentation into multiple individual video slides what twofold 1) it was easier to edit and 2) so that the students taking my online course could jump to each individual slide's video so that they could watch just the video segments they needed most. Brought to you by the Debits and Credits Trainer Android App.

wn.com/What Are US Gaap And Ifrs Video Slides 1 20

CFA Level I - US GAAP vs IFRS - Part I (of 2)

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Duration: 31:19
Updated: 24 Nov 2014
views: 12997

Part II of this video series is available to FinTree On-line Program Subscribers. To know more visit us at : FinTree website link: http://www.fintreeindia.com FB Page link :http://www.facebook.com/Fin... We love what we do, and we make awesome video lectures for CFA and FRM exams. Our Video Lectures are comprehensive, easy to understand and most importantly, fun to study with! This Video lecture was recorded by our popular trainer for CFA, Mr. Utkarsh Jain, during one of his live CFA Level I Classes in Pune (India). This Video Lecture series covers following key differences between US GAAP vs IFRS which can be tested on CFA Level I Exams. 1. Statement of Comprehensive Income IFRS : Income Statement can be Combined with Other Comprehensive Income and presented a Single Statement of Comprehensive Income i.e. IS + OCI = CI OR IS and CI can be presented separately US GAAP: Similar Presentation except that firms can choose to report Comprehensive Income in Statement of Shareholders Equity 2. Elements Related to Performance IFRS : Income , Expenses US GAAP : Revenues, Expenses, Gains, Losses, Comprehensive Income 3. Revenue Recognition Criteria for Sale of Goods IFRS : Risk and Reward is transferred No control over the goods Revenue reliably measured Probable flow of economic benefits Cost can be reliably measured US GAAP : Revenue is realized/ realizable Earned 4. Long Term Contracts IFRS : When outcome can’t be reliably measured-revenue is recognized to the extent of cost, cost are expenses when incurred, profit recognized on completion US GAAP : When outcome can’t be reliably measured- Completed Contract Method, Revenue, expenses and profit is recognized when the contract is complete 5. Barter Transactions IFRS : Revenue must be based on fair value of revenue from similar non barter transaction with non related parties US GAAP : Revenue can be recognized at fair value only if firm has historically received cash payments for such goods/services 6. Extraordinary Items IFRS : Does not allow extraordinary items to be reported separately US GAAP : Unusual and Infrequent items- Reported separately in the income statement , net of tax, after income from continuing operations 7.Balance Sheet Presentation IFRS : IFRS does not specify the order in which current or non current assets/ liability should be presented Generally, Companies using IFRS order balance sheet information from least liquid to most liquid. US GAAP : Generally, Companies using U.S. GAAP (e.g., Colgate) order items on the balance sheet from most liquid to least liquid 8. Cash Flow Statement Items- Non Financial Firm IFRS : Dividend Paid: CFO/CFF Interest Paid: CFO/CFF Dividend Received: CFO/CFI Interest Received: CFO/CFI Taxes Related to Operating activities: CFO Taxes related to Financing Activities: CFF Taxes Related to Investing activities: CFI US GAAP : Dividend Paid: CFF Interest Paid: CFO Dividend Received: CFO Interest Received: CFO Taxes Related to Operating activities: CFO Taxes related to Financing Activities: CFO Taxes Related to Investing activities: CFO 9.Cash Flow Statement Presentation US GAAP: If direct method is used, Firm must add a disclosure of indirect method Most companies use indirect method IFRS: No such disclosure required 10. Inventory Valuation Methods IFRS: Specific Identification Weighted Average FIFO US GAAP: Specific Identification Weighted Average FIFO LIFO 11. Inventory Write Downs Explained through a Flow Chart. 12. Capitalized Interest IFRS: Income earned by temporary investing borrowed funds reduces the interest that is eligible for capitalization US GAAP: No such reduction 13. Research and Development cost IFRS : Research cost - Expensed Development Cost - Capitalized US GAAP : Research Cost- Expensed Development Cost – Expensed (* Software Development Cost ) 14.Software Development Cost Explained through a Flow Chart. 15. Component Depreciation IFRS : IFRS Requires firms to depreciate component of Assets separately Requiring useful life estimates for each component US GAAP: Component Depreciation is allowed, but seldom used. 16. Cost vs. Revaluation Model IFRS : Firms can either use Cost or Revaluation Model However, same model should be asset for entire asset class Revaluation model is rarely used in practice US GAAP : Assets are reported at Cost (–) Accumulated Depreciation 17.Impairment of PPE Explained through a Flow Chart/ 18. Investment PPE IFRS : Property owned for the purpose of collecting rental income or capital appreciation is classified as Investment PPE. Gives a choice of Cost or Fair Value for Investment PPE Use same valuation model for all PPE 19. Long Term Bond Liability- Calculation 20. Bond Issuance Cost 21. Deferred Tax Assets/ Deferred Tax Liabilities 22. Classification of Lease- Books of Lessee 23. Classification of Lease- Books of Lessor 24. Component of Pension Expense

wn.com/Cfa Level I US Gaap Vs Ifrs Part I (Of 2)

[백승환 소품집] 백승환 - Gaap

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Duration: 4:20
Updated: 03 Nov 2015
views: 7391

안녕하세요, 백승환입니다:) 제 앨범 [백승환 소품집]이 각종 음원사이트에 발매됐습니다. 많이 들어주시고 사랑해주시면 감사하겠습니다. 감사합니다! Gaap 작사: 백승환 작곡: 백승환 편곡: 백승환 내 세상엔 아픈 사람이 많아 고통, 가난, 내 친구도 아파 why 그중에서도 난 나만의 아픔이 최고 갑인거 같아 참 각박한 현실 평화를 외치지만 실은 안주하는 삶의 태도 그런데도 이런 말하는 나부터 고쳐야할지 몰라 겪어보지도 않고 말뿐인 위로 그 말 뜻의 진실은 자기위로 기도 또 기도해봐도 쉽게 변하지 않는게 사실인지도 몰라 그래서 이 노래를 불러 하늘 위로 올라가 가가 baby 높은 산으로 갈까 take me 더 높이 올라갈까 maybe 걱정마 나 믿고 저 하늘 위로 올라가 하늘 위로 올라가 가가 baby 높은 산으로 갈까 take me 더 높이 올라갈까 maybe 걱정마 나 믿고 저 하늘 위로 올라가 Interlude 반복된 일상의 cycle 계속해 싸워 포기하란 마음들 매일 긴장하고 버텨 지칠대로 지쳐버린 사람들 갑갑한 세상 바라보는 을, 기도해 끝까지 당신을 하나님 의지해 다시 한번 포기말고 계속해서 달려 하늘 위로 올라가 가가 baby 높은 산으로 갈까 take me 더 높이 올라갈까 maybe 걱정마 나 믿고 저 하늘 위로 올라가 하늘 위로 올라가 가가 baby 높은 산으로 갈까 take me 더 높이 올라갈까 maybe 걱정마 나 믿고 저 하늘 위로 올라가 하늘 위로 올라가 가가 baby 높은 산으로 갈까 take me 더 높이 올라갈까 maybe 걱정마 나 믿고 저 하늘 위로 올라가 하늘 위로 올라가 가가 baby 높은 산으로 갈까 take me 더 높이 올라갈까 maybe 걱정마 나 믿고 저 하늘 위로 올라가 이 도시는 도통 이해되지 않아 난무한 기준 엉켜버린 것 같아 이렇다 저렇다 혐오와 비난만 행동없는 사랑만 우린 쉽게 외치는걸까 지금부터 너와 나 눈을 딱 감고서 저기 저 하늘을 봐 하늘 위로 올라가가 오 가가 오 가가 오 baby 올라가 가 오 가가 오 가가 오 baby 올라가 가 오 가가 오 가가 오 baby 올라가 가 오 가가 오 가가

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IFRS Vs. U.S.GAAP

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Duration: 3:00
Updated: 29 May 2014
views: 2035

For full text article go to : https://www.educba.com/ifrs-vs-u-s-gaap/ In this article about IFRS Vs. U.S.GAAP you will get to know about the difference between both IFRS and U.S.GAAP and also how IFRS is better than GAAP.

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Accounting Principles - GAAP Principles Tutorial 9 of 10

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Duration: 10:22
Updated: 19 Apr 2012
views: 7113

The 9th tutorial video on financial accounting continues to explain the GAAP. In this video Principles are covered. The cash and accrual basis of accounting is explained and so are the different methods of revenue recognition. Other concepts covered in this video are Matching concept, full disclosure and cost basis of accounting. Videos 7, 8 9 and 10 together cover details of financial accouting generally accepted Accounting Principles or GAAP.

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Introduction to GAAP - Developing Generally Accepted Accounting Principles

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Duration: 10:42
Updated: 16 Jul 2012
views: 11261

The Webster Academy The tutorial discusses the development of GAAP by its major influences: AICPA, FASB, and SEC. It is ideal for introductory accounting students. The tutorial is designed to be reviewed prior to class to encourage productive participation in the classroom that leads to retained learning.

wn.com/Introduction To Gaap Developing Generally Accepted Accounting Principles

US GAAP -- An introduction

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Duration: 6:40
Updated: 26 Mar 2013
views: 3446

This discussion focuses on the financial statement aspects of listing in the US and other considerations a public company needs to make whilst operating under the US Securities and Exchange Commission.

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IFRS vs. GAAP

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Duration: 7:01
Updated: 14 Nov 2012
views: 13517

Description Not Provided.

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2014 CFA IFT IFRS-US GAAP Comparison

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Duration: 11:10
Updated: 13 May 2014
views: 3058

CFA Level I, II, III Video Lectures by Irfanullah Financial Training http://www.irfanullah.co

wn.com/2014 Cfa Ift Ifrs US Gaap Comparison

US GAAP -- Revenue Recognition

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Duration: 10:50
Updated: 26 Mar 2013
views: 7997

In this video Krista Pound from KPMG's US Accounting & Reporting Group discusses a key area of concern for Technology companies reporting under US GAAP -- revenue recognition.

wn.com/US Gaap Revenue Recognition

IFRS vs GAAP - CPA Exam Rap Video (FAR)

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Duration: 3:07
Updated: 30 Oct 2014
views: 75917

http://www.another71.com/ - IFRS vs GAAP for Financial Accounting and Reporting (CPA Exam FAR) Get out your 10-key, Excel Spreadsheet Ninja CPA, we gonna beat Any exam, we achieve that feat IFRS be the king on this street VERSE 1: International Account Standards Board issues IFRS They do that and more The most authoritative place you can see That management looks for guidance accounting policies IASB Framework Yea, it helps to develop standards that work But it’s not a standard itself, no it ain’t Can’t supersede any standard’s authority Verifiability Different people would reach the same conclusion, are you feelin’ me? Understandability Easy to use and understand, that’s the plan, let’s keep goin’ and Timeliness, uh I need that info on time so I can decide how to do things right IFRS don’t allow Extraordinary Items IFRS don’t allow LIFO, it don’t like ‘em CHORUS: Get out your 10-key, Excel Spreadsheet Ninja CPA, we gonna beat Any exam, we achieve that feat IFRS be the king on this street VERSE 2: Current Assets & Liabilities GAAP only requires intent, not execution Contingent liability Uncertain future events, those are contingencies IFRS, if “probable” and “measurable” Classified as a provision, please listen When it comes to timing or amount Payment is uncertain, and that’s for certain GAAP - probable, reasonably possible, or remote Yea, now you know Bonds can be recorded using one or two methods Fair Value through profit or loss, or amortized cost Deferred taxes Uses the liability method to do the taxing Only “probable” deferred tax assets get reported All others, yea it’s best to ignore ‘em CHORUS: Get out your 10-key, Excel Spreadsheet Ninja CPA, we gonna beat Any exam, we achieve that feat IFRS be the king on this street VERSE 3: The income statement Income, finance costs, profit/loss Discontinued ops and tax expense Non-controlling interest is what you get PP&E; Valuation Valued using one of two options, let’s state them Cost model and revaluation model You can remember this if my lyrics you follow Pensions, defined benefit plans Project-unit-credit-method It calculates the PV Of the defined benefit obligation Full post @ http://www.another71.com/ifrs-vs-gaap-king-on-this-street-rap/

wn.com/Ifrs Vs Gaap Cpa Exam Rap Video (Far)

CFA Level II Key differences between US GAAP and IFRS PART I

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Duration: 46:43
Updated: 13 Feb 2013
views: 19670

FinTree website link: http://www.fintreeindia.com FB Page link :http://www.facebook.com/Fin... We love what we do, and we make awesome video lectures for CFA and FRM exams. Our Video Lectures are comprehensive, easy to understand and most importantly, fun to study with! This Video lecture was recorded by our popular trainer for CFA, Mr. Utkarsh Jain, during one of his live CFA Level II Classes in Pune (India). This video covers following key area's: 1:10 Permissible inventory cost flow methods in IFRS and US GAAP 1:25 Concept of LIFO reserve 5:43 Inventory Valuation method of US GAAP and IFRS ★★ IFRS: Inventory is reported at lower of Cost or NRV, Inventory write up is allowed to the extent of previous write down. ★★US GAAP: Inventory is reported at lower of Cost or Market, No Subsequent write up's are allowed 9:00 Asset Valuations model allowed under US GAAP and IFRS ★★IFRS : Cost model or Asset Revaluation Model ★★ US GAAP: Cost Model 11:41 Asset Impairment under US GAAP vs IFRS ★★IFRS : Compare Carrying Value vs Recoverable Amount ( Recoverable amount is greater of Net Realisable Value or Value in use) ★★US GAAP: Impairment loss is calculated in two steps: Step no 1: Compare Carrying Value vs undiscounted Future Cash Flow's Step no 2: Impairment Loss : Carrying value - Discounted future cash flow's 17:29 Impairment of Goodwill in IFRS vs US GAAP 22:00 Recognition of lease as either Operating Lease or Finance Lease in IFRS and US GAAP ★★ IFRS : Based on Economic Substance ★★ US GAAP : Recognise as Finance Lease if one of the following four criteria's are met: 1. Title Transfer Clause 2. Bargain Purchase Clause 3. PV of Lease payments are greater than 90% value of Asset 4. Lease Tenure is greater than 75% life of the asset 38:46 Accounting for Business Combinations in IFRS and US GAAP ★ Merger In IFRS ★Acquisition in IFRS ★ Consolidation in IFRS ★ Acquisition Method vs Pooling of Interest Method 41:45 Full Goodwill vs Partial Goodwill ★★ IFRS : Both Full and Partial Goodwill Allowed ★★ US GAAP: Full Goodwill

wn.com/Cfa Level Ii Key Differences Between US Gaap And Ifrs Part I

U S GAAP vs IFRS vs Indian GAAP

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Duration: 9:44
Updated: 06 Oct 2014
views: 1375

Ohio Northern University: Current Topics Video Presentation of U.S. GAAP vs IFRS vs Indian GAAP Andria Beehler-Evans, Trish Hagar, John Kramer, Terrence Woodruff

wn.com/U S Gaap Vs Ifrs Vs Indian Gaap

Accounting Principles | Entity | Going Concern Concept | GAAP

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Duration: 9:36
Updated: 02 Jul 2015
views: 9966

This video explains the need for accounting principles / GAAP & what is the entity and going concern concept with an example. Website: www.letstute.com Connect us on Social sites: Facebook: https://www.facebook.com/letstuteULA Google+: https://plus.google.com/+Letstute Slideshare: http://www.slideshare.net/letstute Linkedln: https://www.linkedin.com/in/letstute Pinterest: https://www.pinterest.com/letstute/ Twitter: https://www.twitter.com/LetsTute For any query Call / Whatsapp us @ +917506363600

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Introducing the 2014 edition of IFRS and US GAAP: similarities and differences

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Duration: 3:19
Updated: 06 Nov 2014
views: 10100

Learn more at PwC.com - http://pwc.to/1DCJRS1 PwC Partner David Schmid provides an overview of the updates contained in the 2014 edition of IFRS and US GAAP: similarities and differences

wn.com/Introducing The 2014 Edition Of Ifrs And US Gaap Similarities And Differences

Introducing the 2015 edition of IFRS and US GAAP: similarities and differences

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Duration: 2:26
Updated: 09 Nov 2015
views: 1525

Learn more at PwC.com - http://pwc.to/1PhuJCH PwC Partner David Schmid provides an overview of the updates contained in the 2015 edition of IFRS and US GAAP: similarities and differences.

wn.com/Introducing The 2015 Edition Of Ifrs And US Gaap Similarities And Differences

GAAP, FASB Codification - CPA FAR Review

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Duration: 1:58
Updated: 16 May 2014
views: 2281

Also available on: http://faithfulrunneredu.blogspot.com/2016/01/gaap-fasb-codification-cpa-far-review.html What is the composition of GAAP? Principles, methods, and procedures that are generally accepted by the accounting profession Majority of GAAP pronouncements are issued by which organization(s)? Principles, methods, and procedures that are generally accepted by the accounting profession Majority of GAAP pronouncements are issued by which organization(s)? * Committee on Accounting Procedure (CAP) * Accounting Principles Board (APB) * Financial Accounting Standards Board (FASB) What is the sole source of authoritative U.S. GAAP for nongovernmental entities, except for SEC guidance? The FASB Accounting Standards Codification How many levels of hierarchy does the Codification have? * One level * There is no hierarchy for GAAP What are the nonauthoritative GAAP? Accounting and financial reporting practices EXCLUDED from the Codification. What is the purpose of the Codification? To compile GAAP in an structured electronic form, organized by major area and topic. What does the Codification exclude? * Other Comprehensive Basis of Accounting * Cash Basis * Income Tax Basis * Regulatory Accounting Principles * NOT limited to above __________________________________________________________________________________________________________________________________ Why Ford Is A Solid Investment x-men days of future past trailer __________________________________________________________________________________________________________________________________ Financial accounting and reporting is concerned with providing relevant information to investors and creditors (and other parties) for the purpose of making informed resource allocation decisions. These decisions are, in the main, whether to invest in a firm or to lend money to it. Financial information is disseminated in many forms including news releases, prospectuses for future securities offerings, filings with the Securities and Exchange Commission (SEC), and annual reports to shareholders. Financial statements are the culmination of the accounting process and represent the most comprehensive financial information disclosures made by firms. The footnotes and other textual and tabular information provide supplementary information and help to explain the amounts disclosed in those statements. To ensure that financial reporting meets these objectives, a set of reporting rules called GAAP has been created. GAAP primarily address three aspects of financial reporting. GAAP affects what is disclosed in financial statements and in what amount. For example, GAAP requires that many assets be reported at their historical cost, rather than at current market value. Without a relatively uniform set of GAAP, business entities would be free to report whatever amounts they desired. The FASB is currently the standard-setting body in the United States. The Securities and Exchange Commission (SEC) is the federal government agency that administers the securities laws of the U.S. These laws affect firms that issue debt and equity securities to the public. Such firms register with the SEC and are called "registrants." The financial statements of these firms must be filed with the SEC and must be audited by independent third parties (CPA firms). The American Institute of Certified Public Accountants (AICPA) is the national professional organization for practicing CPAs and has had a great impact on accounting principles over the years. The mission of the AICPA is to provide its members with resources, information, and leadership so that they may in turn provide valuable services for the benefit of their clients, employers, and the general public. The FASB is one of three parts of the current accounting standard-setting mechanism in the U.S. The other two are the Financial Accounting Foundation (FAF) - the parent body, and the Financial Accounting Standards Advisory Council (FASAC): 1. FAF - appoints the members of the FASB and its advisory councils, ensures adequate funding for the FASB, and exercises oversight over the FASB. Funding sources include fees levied on publicly traded firms under the Sarbanes-Oxley Act, contributions, and publication sales. The trustees of the FAF are appointed from organizations with an interest in accounting standards. 2. FASB - establishes financial accounting standards for business entities. The FASB is an independent body, subject only to the FAF. 3. FASAC - provides guidance on major policy issues, project priorities, and the formation of task forces.

wn.com/Gaap, Fasb Codification Cpa Far Review

Differences between U.S. GAAP & IFRS: Property, Plant, & Equipment

Order: Reorder
Duration: 5:20
Updated: 17 Nov 2011
views: 4272

What are the differences between GAAP and IFRS when it comes to fixed assets? Tune in as Mary Balmer, CPA unveils these important considerations for the accounting of property, plant, & equipment assets. www.sagefixedassets.com

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