 Generally Accepted Accounting Principles  Defined as the set of accepted industry rules, practices and guidelines for financial accounting  Includes.

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Presentation transcript:

 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

 AICPA  FASB  SEC  GASB

 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 

 Financial Accounting Standards Board  Establishes and improves standards of financial accounting by non- governmental entities (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

 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

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

 Governmental Accounting Standards Board  To establish and improve standards of state and local governmental accounting and financial reporting (GAAP) 