objective 1.01: generally accepted accounting principles (gaap)

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Objective 1.01: Generally Accepted Accounting Principles (GAAP)

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Objective 1.01: Generally Accepted Accounting Principles (GAAP). What is GAAP?. Generally Accepted Accounting Principles Defined as the set of accepted industry rules, practices and guidelines for financial accounting - PowerPoint PPT Presentation

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Page 1: Objective 1.01: Generally Accepted Accounting Principles (GAAP)

Objective 1.01: Generally Accepted

Accounting Principles (GAAP)

Page 2: Objective 1.01: Generally Accepted Accounting Principles (GAAP)

Generally Accepted Accounting Principles

Defined as the set of accepted industry rules, practices and guidelines for financial accounting

Includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements

What is GAAP?

Page 3: Objective 1.01: Generally Accepted Accounting Principles (GAAP)

AICPA FASBSECGASB

Governing Bodies of GAAP

Page 4: Objective 1.01: Generally Accepted Accounting Principles (GAAP)

American Institute of Certified Public Accountants (CPA)

Sets ethical standards for the CPA profession

Sets U.S. auditing and GAAP standards Develops and grades the Uniform CPA

Examination http://www.aicpa.org

AICPA

http://www.aicpa.org/

Page 5: Objective 1.01: Generally Accepted Accounting Principles (GAAP)

Financial Accounting Standards Board

Establishes and improves standards of financial accounting by non-governmental entities (GAAP)

www.fasb.org

FASB

http://www.fasb.org/

Page 6: Objective 1.01: Generally Accepted Accounting Principles (GAAP)

Securities and Exchange Commission◦ Has authority to establish reporting and disclosure

requirements Holds the primary responsibility for:

◦ Enforcing federal securities laws◦ Regulating the securities industry◦ Regulating the stock market and◦ Preventing corporate abuse of investors

SEC

Page 7: Objective 1.01: Generally Accepted Accounting Principles (GAAP)

Enforcement authority granted by Congress to:

Bring civil enforcement actions against individuals and companies who:◦ Commit accounting fraud◦ Provide false information◦ Engage in insider trading◦ Violate securities laws

Bring criminal enforcement actions to prosecute individuals and companies for criminal offenses

SEC Authority

Page 8: Objective 1.01: Generally Accepted Accounting Principles (GAAP)

notes stock treasury stock security future bond debenture certificate of interest participation in any profit-sharing

agreement

Securities

Page 9: Objective 1.01: Generally Accepted Accounting Principles (GAAP)

Governmental Accounting Standards Board

To establish and improve standards of state and local governmental accounting and financial reporting (GAAP)

www.gasb.org

GASB

http://www.gasb.org/

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