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1、 Financial Accounting and Accounting StandardsChapter 1Intermediate Accounting, 14th EditionKieso, Weygandt, and Warfield Prepared by Coby Harmon, University of California, Santa BarbaraUnderstand capital markets and decision making.Know what is included in financial reporting.Explain generally acce

2、pted accounting principles (GAAP) and the sources of GAAP.Identify the types of pronouncements issued by the FASB. Learning ObjectivesUnderstand how the Financial Accounting Standards Board (FASB) operates.Describe the relationship between the Securities and Exchange Commission (SEC) and the FASB.Us

3、e ethical models for decision making about ethical dilemmas.Understand creative and critical thinking.Learning Objectives More Accountants NeededNew accounting rules pose challenges for financial accounting and projections point to increased hiring of accounting graduates.CommunicateAn information s

4、ystem whose purpose is to . . .Information about an economic entity to those with an interest in the financial affairs of the entityCollectIdentifyMeasure Nature of Financial AccountingAccumu-lateAccountingInformationCommuni-cateExternal UserInternal UserExternal Decision MakingCompanys Economic Act

5、ivitiesImpactImpactAccounting Information Economic Activities and Decision MakingInternal Decision MakingBuy. A potential investor decides to purchase a particular security on the basis of communicated accounting information.Hold. An actual investor decides to retain a particular security on the bas

6、is of communicated accounting information.Sell. An actual investor decides to dispose of a particular security on the basis of communicated accounting information. External and Internal UsersFor those who lackdirect access to theinformation generatedby the internal operations of acompany. Accounting

7、 Environment External Accounting InformationFor those who lackdirect access to theinformation generatedby the internal operations of acompany.Concepts, principles, andprocedures known asGenerally Accepted AccountingPrinciples (GAAP) weredeveloped to meet theneeds of external users.GAAP Accounting En

8、vironment External Accounting InformationDeveloped tomeet the needsof management.Information thataids planning andcontrol.Much of theinformation isconfidential. Accounting Environment Internal Accounting InformationSources of AuthorityInternal needsManagerial Accounting Financial AccountingGAAP Comp

9、arison of Financial and Managerial AccountingTime Frame of Reported InformationPresent and futureManagerial AccountingPrimarily historical Financial Accounting Comparison of Financial and Managerial AccountingScopeTotal company& Segment reporting Financial AccountingIndividual departments, divisions

10、, and total companyManagerial Accounting Comparison of Financial and Managerial AccountingType of InformationPrimarily quantitative数量上的Sales$275,240Cost180,120Gross mar.95,120Expenses 80,120Net inc.$15,000 Financial AccountingQualitative as well as quantitativeMaterials usage is unfavorable by $8,40

11、0.Managerial Accounting Comparison of Financial and Managerial AccountingStatement FormatPrescribed by GAAP; oriented toward investment and credit decisions Financial AccountingDetermined by company; focused upon specific decisions being madeManagerial Accounting Comparison of Financial and Manageri

12、al AccountingDecision FocusExternal Financial AccountingInternalManagerial Accounting Comparison of Financial and Managerial AccountingThe companys accountants prepare both the financial and the managerial accounting reportsand the information comes from the same information system.Financial reporti

13、ng is the process of communicating financial accounting information about a company to external users. Financial ReportingThe balance sheet (or statement of financial position) which summarizes a companys financial position at a given date.The e statement which summarizes the results of a companys e

14、 producing activities for a period of time.The statement of cash flows which summarizes a companys cash inflows and outflows for a period of time.Companies present at least three major financial statements: Financial ReportingA statement of changes in stockholders equity also is included by many com

15、panies. Financial ReportingThis statement summarizes the changes in each item of stockholders equity for a period. Financial ReportingPublic AccountingManagement AccountingNot-for-Profit Accounting Professional AccountingPreparers(company)Auditors(CPAs)UsersPublishedfinancialreportsPublishedfinancia

16、lreportsPublishedfinancialreportsPublishedfinancialreportsPreparers, Auditors, and Users of Financial InformationFinancialAccountingDetermineRegulatory调整的tax payments.Establish theattractivenessof a companyas an acquisition获得物.Evaluate theeffectiveness ofindividual managers.Determinewhether bondand

17、other contractprovisions aresatisfied.Help lendersevaluate risk ofa potential loan.Serve as input tolocal, state, andfederal regulators.The Interaction of Financial Accounting with Its EnvironmentPronouncements by designated authoritative bodies that must be followed in all applicable cases.Accounti

18、ng practices developed by respected bodies and industries or that have evolved over time.GAAPWhat Is GAAP?GAAP are the guidelines（指导方针）, procedures（规程）, and practices that a company is required to use in recording and reporting the accounting information in its audited financial statements.They are

19、like laws and are the rules that must be followed in financial reporting.Generally Accepted Accounting Principles (GAAP)House of GAAP 来 源 文 件 名 称(1)权威机构如FASB、APB、 FASB 财务会计准则公报及公报解释 CAP、SEC等发行的文件 APB 意见书 AICPA（CAP） 会计研究公报 SEC SX法规及财务报告丛刊(2)会计专家组织所发布 FASB 技术性公报 的曾经过大众表示 AICPA 产业会计及审计指引 意见的文件 AICPA 立场

20、公报(3)会计专家组织所发 FASB 紧急问题处理小组公报 布的未经过大众表 AICPA 实务公报 示意见的文件(4)被广泛接受的实务及 AICPA 会计解释 说明特殊产业或情况 FASB 问答手册 下普遍采用的实务的 AICPA 会计趋势及技术 文件 广泛被认同的产业实务(5) 其他会计文献 如：FASB的财务会计观念公报 APB的声明书 AICPA的问题报告 会计学教科书及论文Accounting Research Bulletins (ARBs) 1939 - 1959.Accounting Terminology Bulletins 1953 - 1959.Accounting Pri

21、nciples Board Opinions 1962 - 1973.Statements of Financial Accounting Concepts 1978 - 1985.Statements of Financial Accounting Standards 1973 - present.Interpretations 1974 - present.Technical Bulletins 1979 - present.Official Accounting Pronouncements Related to GAAP1938CAP formedCAP issued 51 ARBs1

22、959APB formedAPB issued 31 Opinions1973FASB formedPresentFASB issued 154 Statements of Standards as of 10/05History of GAAP in Private SectorCommittee on Accounting Procedure (CAP) In 1938, the AICPA formed the Committee on Accounting Procedure. This group issued pronouncements known as Accounting R

23、esearch Bulletins (ARB), but the CAP did not have authority to enforce its pronouncements and application was optional. The CAP was criticized because its members were all CPAs and application was optional, so the AICPA formed the Accounting Principles Board in 1959 to replace the Committee on Accou

24、nting Procedure.To alleviate criticism about the process of formulating accounting principles, which included wider representation.To create a policy-making body whose rules would be binding on companies rather than optional.The APB was comprised 17 to 21 members, selected primarily from the account

25、ing profession.Reasons for Forming APBIndependence. The members of the APB were part-time volunteers whose major responsibilities were to the business, governmental, or academic organization employing them.Representation. The public accounting firms and the AICPA were too closely associated with the

26、 development of accounting standards.Response time. Emerging problems were not solved quickly enough by the part-time members of the APB. Criticisms of the APBFinancial Accounting Standards Advisory Council (approximately 30 members)Financial Accounting Standards Board (7 members)Appoint, fund, and

27、overseeAdviseFinancial Accounting Foundation (16-member board of trustees)ContinuedStructure of FASBTask Forces of the Standards Board (including Emerging Issues Task Force)AppointConsultSupportAdministrative StaffResearch and Technical StaffConsultStructure of the FASBFinancial Accounting Standards

28、 Board (7 members)FinancialIndependenceFASBSmaller SizeReportingAutonomyBoardRepresentationIncreasedStaffFASBStatements of Financial Accounting ConceptsStatements of Financial Accounting StandardsInterpretationsTechnical BulletinsEmerging Issue Task ForceOther PronouncementsTypes of Pronouncements I

29、ssued by the FASBIdentify TopicAppoint Task ForceConduct ResearchIssue Discussion Memorandum or Invitation to CommentIssue Exposure DraftContinuedDeliberate on FindingsHold Public HearingsFASB Operating ProceduresModify Exposure DraftsVote (simple majority)Issue Exposure DraftHold Public HearingsFro

30、m previous pageIssue StatementFASB Operating ProceduresGAAPInternal RevenueServiceAmerican Instituteof CPAsSecurities andExchangeCommissionAmericanAccountingAssociationGovernmentalAccountingStandards BoardFinancial ExecutivesInstituteInstitute ofManagement AccountantsImpact of Other Organizations on

31、 GAAPTo be useful, accounting information must be objective and reliable.Management may be under pressure to report desired results and ignore or bend existing rules.EthicsResponsibilitiesIn carrying out their responsibilities as professionals, members should exercise sensitive professional judgment in all their activities.Principles of the AICPA Code of Professional ConductThe Public InterestMembers should accept the obligation to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism.Principles of