财务会计理论(司可脱)ppt文件standard setting in the us- student version

Standard Setting in the US,A Review of Historical DevelopmentsandThe Search for Accounting Principles,Supply & Demand for Accounting Theories - Watts & Zimmerman (1979),The first formal GAAP - 1933,Cooperative effort between AICPA predecessor and NYSESee ARB No. 43 Ch 1 for the 6 principlesFormation of SEC - 1934Special Committee on Development of Accounting Principles (1933-1936)Replaced by CAP,Evolution of U S Standard Setting,1938,CAP,formed,1959,APB,formed,1973,FASB,formed,CAP,Issued,51,ARBs,APB,Issued,31,Opinions,FASB,Issued,_,Statements,21 years,14 years,32 years,154+,5 to 6 per year,Enforcement of Standards,CAP no mechanismAPB no mechanism until 1964AICPA Code of Ethics Rule 203FASBAlso enforced through Code of EthicsSECSOX,Current Structure for Setting Accounting Standards,The Process of Standard,Setting,Approaches to Standard Setting,Past, Present, Future,Search for Accounting Theories,Two main philosophiesRationalismEmpiricism,Main Characteristics of a Theory,Composed of a body of knowledgeInternally consistentExplains and/or predictsRepresents the idealIdeal reference to guide practiceAddresses problems and provides solutions,Types of Theories,Syntactic TheoryInvolves a formal structure of relationships which is logically consistentSemantic TheoryA descriptive structure of relationships which is empirically validPragmatic TheoryA relational structure between a descriptive theory and its environment (users, for example),Types of Theories,DeductiveInductive,Normative (Prescriptive)Descriptive (Positive),HypothesisProposition (postulate)A priori propositions (also called analytic propositions, axioms)A posteriori propositions (also called synthetic or empirical propositions),Approach toward standard setting,CAPInductive what practices were in useAPBIntended = deductiveActual = piecemeal approach like CAPFASBIntended = deductive based on conceptual framework,Accounting Theory Construction,Challenges for th 21st Century,Revising the conceptual frameworkJoint IASB-FASB projectGoalsUpdateCompleteConvergeStandard settingDebate on principles-based vs. rules-based standards,Review Material,FASBs Conceptual FrameworkComparison to Earlier Efforts,Statements of Financial Accounting Concepts,Objectives of Financial Reporting by Business Enterprises (1978)Qualitative Characteristics of Accounting Information (1980)Elements of Financial Statements of Business Enterprises (1980)Objectives of Financial Reporting by Nonbusiness Organizations (1980)Recognition and Measurement in Financial Statements of Business Enterprises (1984)Elements of Financial Statements (1985)Using Cash Flow Information and Present Value in Accounting Measurements (2000),FASB Concept Statement No. 1,FASB Concept Statement No. 1 - Objectives of Financial Reporting for Business Enterprises,Accounting Terminology Bulletin No. 1,Assets debit balances carried forward upon a closing of the books of account that represent property values or rights acquired.,Accounting Terminology Bulletin No. 1,Revenue results from the sale of goods and rendering of services and is measured by the charge made to customers, clients, or tenants for the goods and services furnished to themExpense in the broadest sense includes all expired costs which are deemed deductible from revenues,Accounting Principles Board, Statement No. 4:,Assets economic resources of an enterprise that are recognized and measured in conformity with generally accepted accounting principles. Assets also include certain deferred charges that are not resources but that are recognized and measured in conformity with generally accepted accounting principles.,Accounting Principles Board, Statement No. 4:,Revenues gross increase in assets and gross decreases in liabilities measured in conformity with GAAP that result from those types of profit-directed activities Expenses gross decreases in assets or gross increases in liabilities recognized and measured in conformity with GAAP that result from those types of profit-directed activities of an enterprise ,Financial Accounting Standards, Concept Statement No. 6,Assets probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.Revenues are inflows or other enhancements of assets of an entity or sett