Overview of Accounting Fields

Financial Accounting:

Overview of Accounting Fields Financial Accounting: preparing corporate financial statements to provide information for the stakeholders of a company.

Overview of Accounting Fields Financial Accounting: preparing corporate financial statements to provide information for the stakeholders of a company. Auditing:

Overview of Accounting Fields Financial Accounting: preparing corporate financial statements to provide information for the stakeholders of a company. Auditing: externally and independently validating the financial statements presented by company managers.

Overview of Accounting Fields Financial Accounting: preparing corporate financial statements to provide information for the stakeholders of a company. Auditing: externally and independently validating the financial statements presented by company managers. - CPA Firms and “Big Five (Four?)” Accounting Firms

Overview of Accounting Fields Financial Accounting: preparing corporate financial statements to provide information for the stakeholders of a company. Auditing: externally and independently validating the financial statements presented by company managers. Tax Preparation and Planning

Overview of Accounting Fields Financial Accounting: preparing corporate financial statements to provide information for the stakeholders of a company. Auditing: externally and independently validating the financial statements presented by company managers. Tax Preparation and Planning Managerial:

Overview of Accounting Fields Financial Accounting: preparing corporate financial statements to provide information for the stakeholders of a company. Auditing: externally and independently validating the financial statements presented by company managers. Tax Preparation and Planning Managerial: provide internal information for managerial decision making. Sometimes linked with accounting information systems, operations management, and business logistics.

Overview of Accounting Fields Other accounting opportunities: Governmental:

Overview of Accounting Fields Other accounting opportunities: Governmental: - Internal Revenue Service (Tax Compliance) - Fraud Examiner (FBI, Securities and Exchange, Commission, Governmental Accounting Organization)

Financial Accounting = BORING!

Just a bunch of rules to memorize for the CPA exam.

Financial Accounting = BORING! Current news supports that it is not boring.

Financial Accounting = BORING! Current news supports that it is not boring. Four Rite Aid executives indicted, accused of accounting fraud at No. 3 drugstore chain PETER JACKSON, Associated Press Writer (06-21) 14:16 PDT HARRISBURG, Pa. (AP) -- Three former Rite Aid Corp. executives were indicted Friday for allegedly falsifying the books in a scheme that inflated the drugstore chain's profits by $1.6 billion and forced the biggest restatement of corporate earnings in U.S. history.

NEW YORK (CNN/Money) - As details unfold about the accounting shenanigans that led to Enron's collapse, federal regulators note the case is simply the latest in a growing string of high profile scandals at major U.S. corporations in recent years. The number of fraud cases investigated by the Securities and Exchange Commission jumped 41 percent in the last three years, according to agency data, resulting in tens of millions of dollars in fines to settle the charges. Regulators said such cases are becoming all too common in an increasingly cutthroat atmosphere where client pressure to make sure the numbers add up often leads to ethical breaches. Accounting fraud rising January 11, 2002: 4:05 p.m. ET By Staff Writer John Chartier

Financial Accounting = BORING! Financial Accounting includes elements of: Politics Money Pressure Deceitful Manipulation

Financial Accounting = BORING! Your career in financial accounting may very well include pressure to manipulate the numbers. I had heard from many controllers that they were being pressured to "make the numbers" using whatever means possible. This was borne out by surveys in both Business Week and CFO Magazine. And clearly, many of these controllers were troubled, as I was, about this unethical business practice that is just flat out wrong. --Lynn E. Turner, Chief Accountant, SEC, April 26, 2001

Financial Accounting = BORING! This course will teach the boring and tedious rules.

Financial Accounting = BORING! This course will teach the boring and tedious rules. But, I will try to keep bringing up the issues imbedded in the boring and tedious rules (like loopholes and avenues for management manipulation) to show you the true impact of these boring and tedious rules.

GAAP and GAAP Enforcement To understand the issues, you must first understand what constitutes Generally Accepted Accounting Principles and who makes sure we comply with them.

GAAP and GAAP Enforcement To understand the issues, you must first understand what constitutes Generally Accepted Accounting Principles and who makes sure we comply with them. GAAP is primarily comprised of a series of pronouncements from the Financial Accounting Standards Board (FASB).

GAAP and GAAP Enforcement To understand the issues, you must first understand what constitutes Generally Accepted Accounting Principles and who makes sure we comply with them. GAAP is primarily comprised of a series of pronouncements from the Financial Accounting Standards Board (FASB). The FASB is not a governmental agency. It is an independent agency tasked with identifying the “best” way to account for corporate transactions and report them in the most appropriate manner.

GAAP and GAAP Enforcement To understand the issues, you must first understand what constitutes Generally Accepted Accounting Principles and who makes sure we comply with them. GAAP is primarily comprised of a series of pronouncements from the Financial Accounting Standards Board (FASB). GAAP, as set forth by the FASB, is only for U.S. firms and international firms selling stock on U.S. stock exchanges.

GAAP and GAAP Enforcement To understand the issues, you must first understand what constitutes Generally Accepted Accounting Principles and who makes sure we comply with them. GAAP is primarily comprised of a series of pronouncements from the Financial Accounting Standards Board (FASB). GAAP, as set forth by the FASB, is only for U.S. firms and international firms selling stock on U.S. stock exchanges. Other countries have their own Accounting Standards agencies that set their own form of GAAP rules.

GAAP and GAAP Enforcement To understand the issues, you must first understand what constitutes Generally Accepted Accounting Principles and who makes sure we comply with them. GAAP is primarily comprised of a series of pronouncements from the Financial Accounting Standards Board (FASB). GAAP, as set forth by the FASB, is only for U.S. firms and international firms selling stock on U.S. stock exchanges. The International Accounting Standards Board has been established to try to identify global accounting standards for all firms, because GAAP is dramatically different across borders. In the future, the IASB may be the predominant standard setting board for U.S. firms.

GAAP and GAAP Enforcement To understand the issues, you must first understand what constitutes Generally Accepted Accounting Principles and who makes sure we comply with them. GAAP is primarily comprised of a series of pronouncements from the Financial Accounting Standards Board (FASB). GAAP, as set forth by the FASB, is only for U.S. firms and international firms selling stock on U.S. stock exchanges. FASB is non-governmental. GAAP is not law. Yet the Securities and Exchange Commission (SEC) is a governmental agency tasked to ensure that all publicly sold U.S. firms’ financial statements comply with GAAP.

Course Overview First half of Intermediate Accounting.

Course Overview First half of Intermediate Accounting. “Left Side” of the Balance Sheet.

Course Overview First half of Intermediate Accounting. “Left Side” of the Balance Sheet. Actually covers: Overview of Financial Statements When to recognize revenue How to properly record Assets How to properly record Owner’s Equity How to properly record some Liabilities

Course Overview First half of Intermediate Accounting. “Left Side” of the Balance Sheet. Actually covers: Overview of Financial Statements When to recognize revenue How to properly record Assets How to properly record Owner’s Equity How to properly record some Liabilities Accounting 472 covers the bulk of Liabilities.