Financial Accounting Accounting Standards. History of Financial Accounting Pacioli and double entry accounting Assets = Liabilities and Owner’s Equity.

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Financial Accounting Accounting Standards

History of Financial Accounting Pacioli and double entry accounting Assets = Liabilities and Owner’s Equity American Institute of Certified Public Accountants Accounting Principles Board Financial Accounting Standards Board

Objectives of Financial Reporting Investors and creditors make rational decisions Assessing amounts, timing and uncertainty of prospective cash receipts Economic resources and the claims to the resources of an enterprise

Standard Setting Bodies Securities and Exchange Commission American Institute of Certified Public Accountants Financial Accounting Standards Board Governmental Accounting Standards Board Others-American Accounting Association Institute of Management Accountants Financial Executives Institute.

Types of Pronouncements Standards and Interpretations Financial Accounting Concepts Technical Bulletins Emerging Issues Task Force

Issues Relevant to the Profession Expectations Gap International Accounting Standards Professional Ethics Technical issues- Non financial data Soft Assets Forecasts Timeliness