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

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Presentation on theme: "Financial Accounting Accounting Standards. History of Financial Accounting Pacioli and double entry accounting Assets = Liabilities and Owner’s Equity."— Presentation transcript:

1 Financial Accounting Accounting Standards

2 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

3 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

4 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.

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

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

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