GAAP are a combination of authoritative standards set by policy boards and simply the commonly accepted ways of recording and reporting accounting information. This handbook should be referred to before other sources are consulted for all matters pertaining to the GAAP hierarchy, as it is updated for all final accounting standards and other pronouncements as of the issue date, making it the most up-to-date and accurate source of information for GAAP standards. This includes general accounting principles such as the cost principle, matching principle, and full disclosure. Corporations with publicly traded stock must also adhere to the requirements established by the Securities Exchange Commission SECaccording to AccountingCoach.
It does not provide the historical background or due process. It may contain certain material that users generally consider useful to understand the typical situations addressed by the standards. The Section does not summarize the accounting and reporting requirements. An entity shall not follow the accounting treatment specified in accounting guidance for similar transactions or events in cases in which those accounting principles either prohibit the application of the accounting treatment to the particular transaction or event or indicate that the accounting treatment should not be applied by analogy.
Sources of nonauthoritative accounting guidance and literature include, for example, the following: Practices that are widely recognized and prevalent either generally or in the industry b.
Pronouncements of professional associations or regulatory agencies f. Accounting textbooks, handbooks, and articles. The appropriateness of other sources of accounting guidance depends on its relevance to particular circumstances, the specificity of the guidance, the general recognition of the issuer or author as an authority, and the extent of its use in practice.
Instead, new Accounting Standards Updates serve only to update the Codification, provide background information about the guidance, and provide the bases for conclusions on the change s in the Codification.
All nongrandfathered non-SEC accounting guidance not included in the Codification is superseded and deemed nonauthoritative.
The Section does not summarize or discuss the main principles of accounting and reporting requirements. In some cases, the Section may contain definitional or other text to frame the scope.
Clicking on any term in the Master Glossary will display where the term is used.
The Master Glossary may contain identical terms with different definitions, some of which may not be appropriate for a particular Subtopic. For any particular Subtopic, users should only use the glossary terms included in the particular Subtopic Glossary Section Section FASparagraph 3 ] [ Although conduit debt securities bear the name of the governmental entity that issues them, the governmental entity often has no obligation for such debt beyond the resources provided by a lease or loan agreement with the third party on whose behalf the securities are issued.
FASparagraph 3] [ Further, the conduit bond obligor is responsible for any future financial reporting requirements. FASparagraph B3] a.
FASparagraph B3] b. FASparagraph B3] c. FASparagraph B3] d. FASparagraph B3] e.Accounting (back to top) ACCT Principles of Accounting I: Credits: 3: Basic principles and procedures in accounting relating to the complete accounting cycle for both service and merchandising companies owned .
Prerequisite(s): ACCT 2 Transfer Status: CSU/UC 68 hours Lecture.
This course provides students an in depth study of how managers use accounting information in decision-making, planning, directing operations and controlling. Start studying BUSI Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Financial accounting is governed by a set of generally excepted accounting principles whereas managerial accounting uses procedures developed internally that are not required to follow general excepted accounting principles.
The Financial Accounting Standards Board’s (“FASB”) proposal addresses concerns over present Generally Accepted Accounting Principles requiring companies to amend deferred tax liabilities and assets after changes to tax laws or rates.
Generally Accepted Accounting Principles 10 Overall 00 Status 05 Overview and Background 10 Objectives 15 Scope and Scope Exceptions 20 Glossary 65 Transition and Open Effective Date Information 70 Grandfathered Guidance – 10 – 05 – Overview and Background General Note The Overview and Background Section provides overview and background material for the [ ].