统计学课件英语

Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Explainhowaccountingassistsintheefficientuseofscarceresources.Identifytheobjectiveoffinancialreporting.Explaintheneedforaccountingstandards.Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.LEARNINGOBJECTIVESExplainthemeaningofgenerallyacceptedaccountingprinciples(GAAP)andtheroleoftheCodificationforGAAP.Describetheimpactofusergroupsontherule-makingprocess.Describesomeofthechallengesfacingfinancialreporting.Understandissuesrelatedtoethicsandfinancialaccounting.Afterstudyingthischapter,youshouldbeableto:FinancialAccountingandAccountingStandards1PREVIEWOFCHAPTER1FinancialStatementsandReportingWhatisaccounting?Essentialcharacteristicsofaccountingare:theidentification,measurement,andcommunicationoffinancialinformationabouteconomicentitiestointerestedparties. Financialvs.mgr.LO1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.FinancialInformationAccountingIdentifiesandMeasuresandCommunicatesBalanceSheetIncomeStatementStatementofCashFlowsStatementofOwners’orStockholders’EquityNoteDisclosuresPresident’sletterProspectusesReportsfiledwithgovernmentalagenciesNewsreleasesForecastsEnvironmentalimpactstatements(e.g.CSR)Etc.GAAPFinancialStatementsAdditionalInformationEconomicEntityLO1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.FinancialStatementsandReportingLEARNINGOBJECTIVESExplainthemeaningofgenerallyacceptedaccountingprinciples(GAAP)andtheroleoftheCodificationforGAAP.Describetheimpactofusergroupsontherule-makingprocess.Describesomeofthechallengesfacingfinancialreporting.Understandissuesrelatedtoethicsandfinancialaccounting.Afterstudyingthischapter,youshouldbeableto:FinancialAccountingandAccountingStandards1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Explainhowaccountingassistsintheefficientuseofscarceresources.Identifytheobjectiveoffinancialreporting.Explaintheneedforaccountingstandards.Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.Resourcesarelimited.Goodaccountingcanaccuratelymeasureperformancesothattherightcompaniesgetthevaluableresources.LO2Explainhowaccountingassistsintheefficientuseofscareresources.Illustration1-1

CapitalAllocationProcessAccountingandCapitalAllocationFinancialStatementsandReportingItpromotesproductivity,encouragesinnovation,andprovidesanefficientandliquidmarketforbuyingandsellingsecuritiesandobtainingandgrantingcredit.“It’stheaccounting.”That’swhatmanyinvestorsseemtobesayingthesedays.Eventheslightesthintofanyaccountingirregularityatacompanyleadstoasubsequentpoundingofthecompany’sstockprice.Forexample,theWallStreetJournalhasrunthefollowingheadlinesrelatedtoaccountinganditseffectsontheeconomy.StockstakeabeatingasaccountingwoesspreadbeyondEnron.QuarterlyreportsfromIBMandGoldmanSachssentstockstumbling.VeriFonefindsaccountingissues;stockpricecutinhalf.BankofAmericaadmitshidingdebt.Facebook,Zynga,Groupon:IPOdropsduetoaccounting,notvaluation.Itnowhasbecomeclearthatinvestorsmusttrusttheaccountingnumbers,ortheywillabandonthemarketandputtheirresourceselsewhere.Withinvestoruncertainty,thecostofcapitalincreasesforcompanieswhoneedadditionalresources.Inshort,relevantandreliablefinancialinformationisnecessaryformarketstobeefficient.IT’STHEACCOUNTINGLO2Explainhowaccountingassistsintheefficientuseofscareresources.LEARNINGOBJECTIVESExplainthemeaningofgenerallyacceptedaccountingprinciples(GAAP)andtheroleoftheCodificationforGAAP.Describetheimpactofusergroupsontherule-makingprocess.Describesomeofthechallengesfacingfinancialreporting.Understandissuesrelatedtoethicsandfinancialaccounting.Afterstudyingthischapter,youshouldbeableto:FinancialAccountingandAccountingStandards1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Explainhowaccountingassistsintheefficientuseofscarceresources.Identifytheobjectiveoffinancialreporting.Explaintheneedforaccountingstandards.Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.LO3Identifytheobjectivesoffinancialreporting.Providefinancialinformationaboutthereportingentitythatisusefultopresentandpotentialequityinvestors,lenders,andothercreditorsinmakingdecisionsintheircapacityascapitalproviders.ObjectivesofFinancialReporting(General-Purpose)FinancialStatementsandReportingEquityInvestorsandCreditorsastheprimaryusergroup.ObjectiveofFinancialAccountingGeneral-PurposeFinancialStatementsWidevarietyofusers:shareholders,creditors,suppliers,employees,andregulatorsLO3Identifytheobjectivesoffinancialreporting.Decision-UsefulnessInvestorsareinterestedinassessingthecompany’sabilitytogeneratenetcashinflowsandmanagement’sabilitytoprotectandenhancethecapitalproviders’investments.EntityPprietaryperspectiveLO3Identifytheobjectivesoffinancialreporting.Companiesviewedasseparateanddistinctfromtheirshareholdersorcreditors.Shareholders&creditorsvs.shareholdersonlyObjectiveofFinancialAccountingInadditiontoprovidingdecision-usefulinformationaboutfuturecashflows,managementalsoisaccountabletoinvestorsforthecustodyandsafekeepingofthecompany’seconomicresourcesandfortheirefficientandprofitableuse.Forexample,themanagementofTheHersheyCompanyhastheresponsibilityforprotectingitseconomicresourcesfromunfavorableeffectsofeconomicfactors,suchaspricechanges,andtechnologicalandsocialchanges.BecauseHershey’sperformanceindischargingitsresponsibilities(referredtoasitsstewardshipresponsibilities)usuallyaffectsitsabilitytogeneratenetcashinflows,financialreportingmayalsoprovidedecision-usefulinformationtoassessmanagementperformanceinthisrole.DON’TFORGETSTEWARDSHIPLO3Identifytheobjectivesoffinancialreporting.LEARNINGOBJECTIVESExplainthemeaningofgenerallyacceptedaccountingprinciples(GAAP)andtheroleoftheCodificationforGAAP.Describetheimpactofusergroupsontherule-makingprocess.Describesomeofthechallengesfacingfinancialreporting.Understandissuesrelatedtoethicsandfinancialaccounting.Afterstudyingthischapter,youshouldbeableto:FinancialAccountingandAccountingStandards1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Explainhowaccountingassistsintheefficientuseofscarceresources.Identifytheobjectiveoffinancialreporting.Explaintheneedforaccountingstandards.Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.VarioususersneedfinancialinformationTheaccountingprofessionhasattemptedtodevelopasetofstandardsthataregenerallyacceptedanduniversallypracticed.FinancialStatementsBalanceSheetIncomeStatementStatementofStockholders’EquityStatementofCashFlowsNoteDisclosureGenerallyAcceptedAccountingPrinciples(GAAP)LO4Explaintheneedforaccountingstandards.TheNeedToDevelopStandards*IncludingrulesandpracticesLO1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Reviewquestion1Thefinancialstatementsmostfrequentlyprovidedincludeallofthefollowingexceptthea. balancesheet.b. incomestatement.c. statementofcashflows.d. statementofretainedearnings.Theobjectiveoffinancialreportingidentifies______________astheprimaryusersforgeneral-purposefinancialstatements.

a. Managers.b. Regulators(IRSandSEC).

c. Investorsandcreditors.d. Employees.Reviewquestion2Question2LO2Explainhowaccountingassistsintheefficientuseofscareresources.LO1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Reviewquestion3GAAPstandsfor:(a)governmentalauditingandaccountingpractices.(b)generallyacceptedattestprinciples.(c)governmentauditandattestpolicies.(d)generallyacceptedaccountingprinciples.LEARNINGOBJECTIVESExplainthemeaningofgenerallyacceptedaccountingprinciples(GAAP)andtheroleoftheCodificationforGAAP.Describetheimpactofusergroupsontherule-makingprocess.Describesomeofthechallengesfacingfinancialreporting.Understandissuesrelatedtoethicsandfinancialaccounting.Afterstudyingthischapter,youshouldbeableto:FinancialAccountingandAccountingStandards1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Explainhowaccountingassistsintheefficientuseofscarceresources.Identifytheobjectiveoffinancialreporting.Explaintheneedforaccountingstandards.Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.PartiesInvolvedInStandardSettingThreeorganizations:SecuritiesandExchangeCommission(SEC).AmericanInstituteofCertifiedPublicAccountants(AICPA).FinancialAccountingStandardsBoard(FASB).LO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.SecuritiesActof1933SecuritiesActof1934Establishedbyfederalgovernment.Accountingandreportingforpubliccompanies.Encouragedprivatestandard-settingbody.SECrequirespubliccompaniestoadheretoGAAP.SECOversight:over12,000companiesonthreeexchangesEnforcementAuthority.LO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.SecuritiesandExchangeCommission(SEC)/PartiesInvolvedInStandardSettingLO5CommitteeonAccountingProceduresAccountingPrinciplesBoard1939to1959Issued51AccountingResearchBulletins(ARBs)Problem-by-problemapproachfailed1959to1973Issued31AccountingPrincipleBoardOpinions(APBOs)18to21membersWheatCommitteerecommendationsadoptedin1973/AmericanInstituteofCPAs(AICPA)NationalprofessionalorganizationEstablishedthefollowing:PartiesInvolvedInStandardSettingWheatCommittee’srecommendationsresultedincreationofFASB.FinancialAccountingFoundationSelectsmembersoftheFASB.Fundstheiractivities.Exercisesgeneraloversight.FinancialAccountingStandardsBoardFinancialAccountingStandardsAdvisoryCouncilMissiontoestablishandimprovestandardsoffinancialaccountingandreporting.Consultonmajorpolicyissues.LO5FinancialAccountingStandardsBoard(FASB)PartiesInvolvedInStandardSettingMissionsistoestablishandimprovestandardsoffinancialaccountingandreporting.DifferencesbetweenFASBandAPBinclude:FinancialAccountingStandardsBoardSmallerMembership.Full-time,RemuneratedMembership.GreaterAutonomy.IncreasedIndependence.BroaderRepresentation.LO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess./Illustration1-3TheDueProcessSystemoftheFASBLO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.FinancialAccountingStandardsBoardTypesofPronouncementsAccountingStandardsUpdates.FinancialAccountingConcepts.LO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.FinancialAccountingStandardsBoardLEARNINGOBJECTIVESExplainthemeaningofgenerallyacceptedaccountingprinciples(GAAP)andtheroleoftheCodificationforGAAP.Describetheimpactofusergroupsontherule-makingprocess.Describesomeofthechallengesfacingfinancialreporting.Understandissuesrelatedtoethicsandfinancialaccounting.Afterstudyingthischapter,youshouldbeableto:FinancialAccountingandAccountingStandards1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Explainhowaccountingassistsintheefficientuseofscarceresources.Identifytheobjectiveoffinancialreporting.Explaintheneedforaccountingstandards.Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.Principlesthathavesubstantialauthoritativesupport.MajorsourcesofGAAP:FASBStandards,Interpretations,andStaffPositions.APBOpinions.AICPAAccountingResearchBulletins.LO6Explainthemeaningofgenerallyacceptedaccountingprinciples(GAAP)andtheroleoftheCodificationforGAAP.GenerallyAcceptedAccountingPrinciplesIllustration1-4

GAAPDocumentsLO6Explainthemeaningofgenerallyacceptedaccountingprinciples(GAAP)andtheroleoftheCodificationforGAAP.GenerallyAcceptedAccountingPrinciplesShouldtheaccountingprofessionhaveprinciples-basedstandardsorrules-basedstandards?Criticsoftheprofessiontodaysaythatoverthepastthreedecades,standard-settershavemovedawayfrombroadaccountingprinciplesaimedatensuringthatcompanies’financialstatementsarefairlypresented.Instead,thesecriticssay,standard-settershavemovedtowarddraftingvoluminousrulesthat,iftechnicallyfollowedin“check-box”fashion,mayshieldauditorsandcompaniesfromlegalliability.ThathasresultedincompaniescreatingcomplexcapitalstructuresthatcomplywithGAAPbuthidebillionsofdollarsofdebtandotherobligations.Toaddfueltothefire,thechiefaccountantoftheenforcementdivisionoftheSECnoted,“OnecanviolateSEClawsandstillcomplywithGAAP.”Inshort,whatheissayingisthatitisnotenoughjusttochecktheboxes.ThispointwasreinforcedbytheChiefAccountantoftheSEC,whoremarkedthatjudgmentsshouldresultin“accountingthatreflectsthesubstanceofthetransaction,aswellasbeinginaccordancewiththeliterature.”Thatis,youhavetoexercisejudgmentinapplyingGAAPtoachievehigh-qualityreporting.YOUHAVETOSTEPBACKLO6Explainthemeaningofgenerallyacceptedaccountingprinciples(GAAP)andtheroleoftheCodificationforGAAP.GoalindevelopingtheCodificationistoprovideinoneplacealltheauthoritativeliteraturerelatedtoaparticulartopic.CreatesonelevelofGAAP,whichisconsideredauthoritative.Allotheraccountingliteratureisconsiderednon-authoritative.FASBCodificationLO6FASBhasdevelopedtheFinancialAccountingStandardsBoardCodificationResearchSystem(CRS).CRSisanonlinereal-timedatabasethatprovideseasyaccesstotheCodification.wewillusetheCodificationframework(/asclogin.cfm;UserName:

AAA51176

Password:

rWtp8cT).GenerallyAcceptedAccountingPrinciplesLO6Illustration1-5FASBCodificationFrameworkGenerallyAcceptedAccountingPrinciplesCite:FASBASC310-10-35-47LO6GenerallyAcceptedAccountingPrinciplesWhathappensiftheCodificationdoesnotcoveracertaintypeoftransactionorevent?Inthatcase,otheraccountingliteratureshouldbeconsidered,suchasFASBConceptStatements,internationalfinancialreportingstandards,andotherprofessionalliterature.Thiswillhappenonlyrarely.LO1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Reviewquestion4Accountingstandard-settersusethefollowingprocessinestablishingaccountingstandards:(a)Research,exposuredraft,discussionpaper,standard.(b)Discussionpaper,research,exposuredraft,standard.(c)Research,preliminaryviews,discussionpaper,standard.(d)Research,discussionpaper,exposuredraft,standard.LO1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Reviewquestion5Companiesthatarelistedonastockexchangearerequiredtosubmittheirfinancialstatementstothea. AICPA.b. APBc. FASB.d. SEC.WhichgroupselectsmembersoftheFASB?

a. FAF.b. SEC.c. AICPA.d. FASAC.Reviewquestion6LEARNINGOBJECTIVESExplainthemeaningofgenerallyacceptedaccountingprinciples(GAAP)andtheroleoftheCodificationforGAAP.Describetheimpactofusergroupsontherule-makingprocess.Describesomeofthechallengesfacingfinancialreporting.Understandissuesrelatedtoethicsandfinancialaccounting.Afterstudyingthischapter,youshouldbeableto:FinancialAccountingandAccountingStandards1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Explainhowaccountingassistsintheefficientuseofscarceresources.Identifytheobjectiveoffinancialreporting.Explaintheneedforaccountingstandards.Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.IssuesinFinancialReportingGAAPisasmuchaproductofpoliticalactionastheyareofcarefullogicorempiricalfindings.LO7Describetheimpactofusergroupsontherule-makingprocess.GAAPinaPoliticalEnvironmentIllustration1-6UserGroupsthatInfluencetheFormulationofAccountingStandardsLO7Describetheimpactofusergroupsontherule-makingprocess.Oneofthemoredifficultissuesrelatedtoconvergenceandinternationalaccountingstandardsisthatcountrieshavedifferentculturesandcustoms.Forexample,theformerchairoftheIASBexplaineditthiswayregardingEurope:“IntheU.K.everythingispermittedunlessitisprohibited.InGermany,itistheotherwayaround;everythingisprohibitedunlessitispermitted.IntheNetherlands,everythingisprohibitedevenifitispermitted.AndinFrance,everythingispermittedevenifitisprohibited.AddincountrieslikeJapan,theUnitedStatesandChina,itbecomesverydifficulttomeettheneedsofeachofthesecountries.”Withthisdiversityofthinkingaroundtheworld,itunderstandablewhyaccountingconvergencehasbeensoelusive.CANYOUDOTHATLO7Describetheimpactofusergroupsontherule-makingprocess.Whatthepublicthinksaccountantsshoulddovs.whataccountantsthinktheycando.DifficulttocloseinlightofaccountingscandalslikeEnron,WorldCom.Sarbanes-OxleyAct(2002).PublicCompanyAccountingOversightBoard(PCAOB).ExpectationGAPLO7Describetheimpactofusergroupsontherule-makingprocess.IssuesinFinancialReportingLEARNINGOBJECTIVESExplainthemeaningofgenerallyacceptedaccountingprinciples(GAAP)andtheroleoftheCodificationforGAAP.Describetheimpactofusergroupsontherule-makingprocess.Describesomeofthechallengesfacingfinancialreporting.Understandissuesrelatedtoethicsandfinancialaccounting.Afterstudyingthischapter,youshouldbeableto:FinancialAccountingandAccountingStandards1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Explainhowaccountingassistsintheefficientuseofscarceresources.Identifytheobjectiveoffinancialreporting.Explaintheneedforaccountingstandards.Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.Non-financialmeasurements.Forward-lookinginformation.Softassets.TimelinessUnderstandabilityFinancialReportingChallengesLO8Describesomeofthechallengesfacingfinancialreporting.IssuesinFinancialReportingCustomersatisfaction,productorservicequalityShouldstartwith“Onceuponatime”Intangibles:humancapital,customerloyalty,brandimageLackofrealtimereportingComplexityandlackofunderstandabilityTwosetsofstandardsacceptedforinternationaluse:U.S.GAAP,issuedbytheFASB.InternationalFinancialReportingStandards(IFRS),issuedbytheIASB.InternationalAccountingStandardsLO8Describesomeofthechallengesfacingfinancialreporting.IssuesinFinancialReportingLEARNINGOBJECTIVESExplainthemeaningofgenerallyacceptedaccountingprinciples(GAAP)andtheroleoftheCodificationforGAAP.Describetheimpactofusergroupsontherule-makingprocess.Describesomeofthechallengesfacingfinancialreporting.Understandissuesrelatedtoethicsandfinancialaccounting.Afterstudyingthischapter,youshouldbeableto:FinancialAccountingandAccountingStandards1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Explainhowaccountingassistsintheefficientuseofscarceresources.Identifytheobjectiveoffinancialreporting.Explaintheneedforaccountingstandards.Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.Inaccounting,wefrequentlyencounterethicaldilemmas.GAAPdoesnotalwaysprovideananswer.Doingtherightthingisnotalwayseasyorobvious.LO9Understandissuesrelatedtoethicsandfinancialaccounting.EthicsintheEnvironmentofFinancialAccountingIssuesinFinancialReportingLO1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.Reviewquestion7Theexpectationsgapis:(a)whatfinancialinformationmanagementprovidesandwhatuserswant.(b)whatthepublicthinksaccountantsshoulddoandwhataccountantsthinktheycando.(c)whatthegovernmentalagencieswantfromstandard-settingandwhatthestandard-settersprovide.(d)whattheusersoffinancialstatementswantfromthegovernmentandwhatisprovided.

InternationalstandardsarereferredtoasInternationalFinancialReportingStandards(IFRS),developedbytheInternationalAccountingStandardsBoard(IASB).RecenteventsintheglobalcapitalmarketshaveunderscoredtheimportanceoffinancialdisclosureandtransparencynotonlyintheUnitedStatesbutinmarketsaroundtheworld.U.Sstandards,referredtoasgenerallyacceptedaccountingprinciples(GAAP),aredevelopedbytheFinancialAccountingStandardsBoard(FASB).Thefactthattherearedifferencesbetweenwhatisinthistextbook(whichisbasedonU.S.standards)andIFRSshouldnotbesurprisingbecausetheFASBandIASBhaverespondedtodifferentuserneeds.Insomecountries,theprimaryusersoffinancialstatementsareprivateinvestors;inothers,theprimaryusersaretaxauthoritiesorcentralgovernmentplanners.ItappearsthattheUnitedStatesandtheinternationalstandard-settingenvironmentareprimarilydrivenbymeetingtheneedsofinvestorsandcreditors.RELEVANTFACTSLO10ComparetheproceduresrelatedtofinancialaccountingandaccountingstandardsunderGAAPandIFRS.TheinternalcontrolstandardsapplicabletoSarbanes-Oxley(SOX)applyonlytolargepubliccompanieslistedonU.S.exchanges.Thereisacontinuingdebateastowhethernon-U.S.companiesshouldhavetocomplywiththisextralayerofregulation.Debateaboutinternationalcompanies(non-U.S.)adoptingSOX-typestandardscentersonwhetherthebenefitsexceedthecosts.TheconcernisthatthehighercostsofSOXcompliancearemakingtheU.S.securitiesmarketslesscompetitive.Thetextbookmentionsanumberofethicsviolations,suchasWorldCom,AIG,andLehmanBrothers.Theseproblemshavealsooccurredinternationally,forexample,atSatyamComputerServices(India),Parmalat(Italy),andRoyalAhold(theNetherlands).RELEVANTFACTSLO10ComparetheproceduresrelatedtofinancialaccountingandaccountingstandardsunderGAAPandIFRS.IFRStendstobesimplerinitsaccountinganddisclosurerequirements;somepeoplesaymore“principles-based.”GAAPismoredetailed;somepeoplesaymore“rules-based.”Thisdifferenceinapproachhasresultedinadebateaboutthemeritsof“principles-based”versus“rules-based”standards.TheSECallowsforeigncompaniesthattradesharesinU.S.marketstofiletheirIFRSfinancialstatementswithoutreconciliationtoGAAP.RELEVANTFACTSLO10ComparetheproceduresrelatedtofinancialaccountingandaccountingstandardsunderGAAPandIFRS.ABOUTTHENUMBERSIllustrationIFRS1-1GlobalCompaniesLO10ComparetheproceduresrelatedtofinancialaccountingandaccountingstandardsunderGAAPandIFRS.InternationalAccountingStandardsBoard(IASB)IssuesInternationalFinancialReportingStandards(IFRS).Standardsusedonmostforeignexchanges.StandardsusedbyforeigncompanieslistingonU.S.securitiesexchanges.IFRSusedinover115countriesbyover7,000companies.InternationalStandard-SettingOrganizations:LO10ComparetheproceduresrelatedtofinancialaccountingandaccountingstandardsunderGAAPandIFRS.IFRSstandsfor:InternationalFederationofReportingServices.IndependentFinancialReportingStandards.InternationalFinancialReportingStandards.IntegratedFinancialReportingServices.LO10ComparetheproceduresrelatedtofinancialaccountingandaccountingstandardsunderGAAPandIFRS.IFRSSELF-TESTQUESTIONSInternationalOrganizationofSecuritiesCommissions(IOSCO)Doesnotsetaccountingstandards.Dedicatedtoensuringthatglobalmarketscanoperateinanefficientandeffectivebasis./LO10ComparetheproceduresrelatedtofinancialaccountingandaccountingstandardsunderGAAPandIFRS.Themajorkeyplayersontheinternationalsidearethe:IASBandFASB.SECandFASB.IOSCOandtheSEC.IASBandIOSCO.LO10ComparetheproceduresrelatedtofinancialaccountingandaccountingstandardsunderGAAPandIFRS.IFRSSELF-TESTQUESTIONSInternationalAccountingStandardsBoard(IASB)Composedoffourorganizations—InternationalAccountingStandar