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Lecture Intermediate accounting (16th edition): Chapter 1 - Kieso, Weygandt, Warfield

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,. | PREVIEW OF CHAPTER 1 Intermediate Accounting 16th Edition Kieso ● Weygandt ● Warfield Understand the financial reporting environment. 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 major challenges in the financial reporting environment. After studying this chapter, you should be able to: Financial Accounting and Accounting Standards 1 LO 1 FINANCIAL REPORTING ENVIRONMENT Essential characteristics of accounting are: the identification, measurement, and communication of financial information about economic entities to interested parties. LO 1 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 FINANCIAL REPORTING ENVIRONMENT LO 1 What is the purpose of information presented in notes to the financial statements? a. To provide disclosure required by generally accepted accounting principles. b. To correct improper presentation in the financial statements. c. To provide recognition of amounts not included in the totals of the financial statements. d. To present management’s responses to auditor comments. Question LO 1 FINANCIAL REPORTING ENVIRONMENT Resources are limited. Efficient use of resources often determines whether a business thrives. ILLUSTRATION 1-1 Capital Allocation Process Accounting and Capital Allocation FINANCIAL REPORTING ENVIRONMENT LO 1 An effective process of capital allocation is critical to a healthy economy, which a. promotes productivity. b. encourages innovation. c. provides an efficient and liquid market for buying and selling . | PREVIEW OF CHAPTER 1 Intermediate Accounting 16th Edition Kieso ● Weygandt ● Warfield Understand the financial reporting environment. 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 major challenges in the financial reporting environment. After studying this chapter, you should be able to: Financial Accounting and Accounting Standards 1 LO 1 FINANCIAL REPORTING ENVIRONMENT Essential characteristics of accounting are: the identification, measurement, and communication of financial information about economic entities to interested parties. LO 1 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 .