Chapter 1 - Financial accounting and accounting standards. After studying this chapter, you should be able to: Understand the financial reporting environment, identify the major policy-setting bodies and their role in the standard-setting process, explain the meaning of generally accepted accounting principles (GAAP) and the role of the Codification for GAAP. | Prepared by Coby Harmon University of California, Santa Barbara Intermediate Accounting Intermediate Accounting Prepared by Coby Harmon University of California, Santa Barbara Westmont College INTERMEDIATE ACCOUNTING F I F T E E N T H E D I T I O N Prepared by Coby Harmon University of California Santa Barbara Westmont College kieso weygandt warfield team for success PREVIEW OF CHAPTER Intermediate Accounting 15th Edition Kieso Weygandt Warfield 1 Identify the major financial statements and other means of financial reporting. Explain how accounting assists in the efficient use of scarce resources. Identify the objective of financial reporting. Explain the need for accounting standards. Identify the major policy-setting bodies and their role in the standard-setting process. LEARNING OBJECTIVES Explain the meaning of generally accepted accounting principles (GAAP) and the role of the Codification for GAAP. Describe the impact of user groups on the rule-making process. Describe some of the challenges facing financial reporting. Understand issues related to ethics and financial accounting. After studying this chapter, you should be able to: Financial Accounting and Accounting Standards 1 Financial Statements and Reporting Essential characteristics of accounting are: the identification, measurement, and communication of financial information about economic entities to interested parties. LO 1 Identify the major financial statements and other means of financial reporting. Financial Information Accounting? Identifies and Measures and Communicates Balance Sheet Income Statement Statement of Cash Flows Statement of Owners’ or Stockholders’ Equity Note Disclosures President’s letter Prospectuses Reports filed with governmental agencies News releases Forecasts Environmental impact statements Etc. GAAP Financial Statements Additional Information Economic Entity LO 1 Identify the major financial statements and other means of financial reporting. Financial Statements and . | Prepared by Coby Harmon University of California, Santa Barbara Intermediate Accounting Intermediate Accounting Prepared by Coby Harmon University of California, Santa Barbara Westmont College INTERMEDIATE ACCOUNTING F I F T E E N T H E D I T I O N Prepared by Coby Harmon University of California Santa Barbara Westmont College kieso weygandt warfield team for success PREVIEW OF CHAPTER Intermediate Accounting 15th Edition Kieso Weygandt Warfield 1 Identify the major financial statements and other means of financial reporting. Explain how accounting assists in the efficient use of scarce resources. Identify the objective of financial reporting. Explain the need for accounting standards. Identify the major policy-setting bodies and their role in the standard-setting process. LEARNING OBJECTIVES Explain the meaning of generally accepted accounting principles (GAAP) and the role of the Codification for GAAP. Describe the impact of user groups on the rule-making process. Describe some of .
