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1、1会计报表分析讲稿Chapter 1Introduction to Financial ReportingDevelopment of Generally Accepted Accounting Principles (GAAP) Generally accepted accounting principles provide a common source of authority for preparation of financial statements History of GAAP in the United Stateso Prior to Securities Acts of
2、1933 and 1934, New York Stock Exchange established reporting requirements for publicly traded companieso 1934 Act established the SEC; The SEC is given the authority to determine GAAP Sources of GAAPo 19391959: AICPAs Committee on Accounting Procedures issued Accounting Research Bulletins (ARBs)o 19
3、591973: AICPAs Accounting Principles Board issued Opinions (APBOs)o 1973 to present: Financial Accounting Standards Board (FASB) issues: Statements of Financial Accounting Standards (SFASs) Interpretations Technical bulletins Statement of Financial Accounting Concepts (SFACs) FASB Conceptual Framewo
4、rk Provides the Board with a common foundation and basic reasons for considering the merits of various alternative accounting principles Statements of Financial Accounting Conceptso Do not establish GAAPo Provide a framework for evaluating promulgated accounting principlesPPT 8PPT 22o #1 identifies
5、the objectives of for-profit financial reportingo #2 identifies the qualities and characteristics of financial reportingo #6 (replaced #3) defines the elements of financial performance and status Assets Liabilities Equity Investments by owners Distribution to owners Comprehensive income Revenues Exp
6、enses Gains Losseso #4 identifies the objectives of financial reporting by nonbusiness organizationso #5 addresses recognition and measurement in financial statements of business enterprises Should meet four criteria: Definition Measurability Relevance Reliability Identifies five different measureme
7、nt attributes currently used in practice: Historical cost (historical proceeds) Current cost Current market value3 Net realizable (settlement) value Present (or discounted) value of future cash flowsAdditional InputAmerican Institute of Certified Public Accountants (AICPA) Although the AICPAs primar
8、y role in the development of GAAP ended in 1973, various AICPA subdivisions continue to participate in the development of professional literature Accounting Standards Executive Committee (AcSEC)o Serves as the official voice of the AICPA in matters relating to financial accounting and reporting Acco
9、unting Standards Divisiono Published numerous documents considered as sources of GAAPEmerging Issues Task Force (EITF) Established by the FASB Responsible for identifying emerging issues affecting reporting or problematic GAAP implementation issues Its statements contribute to GAAP but at a lower le
10、vel than the FASBs statementsA New Reality Enron bankruptcy WorldCom bankruptcy Sarbanes-Oxley Act of 2002 Requires companies to maintain adequate internal controls, and to assess the effectiveness of those controls The independent auditor is required to report on managements internal control assert
11、ions and on the effectiveness of those controls Created the Public Company Accounting Oversight Board (PCAOB)o Registers public accounting firms that audit SEC registrantso Has authority to promulgate auditing standards to be used by registered firms in the audit of SEC registrantsPPT 16PPT 17PPT 18
12、4o Annual certification of corporate financial statements by CEOs and CFOs are filed with the PCAOBTraditional Assumptions of the Accounting Model Business Entity The business is a separate entity from its owners Going Concern or Continuity The entity will remain in business for an indefinite period
13、 of time Ignores the possibility of liquidation or bankruptcyTrump Hotels and Casino Resorts, Inc. “Accounting Impact of Chapter 11 Filing” Time Period Finite reporting periods are applied to the presumed infinite life of a business Monetary Unit U.S. dollar is used by domestic entities; inflation i
14、nformation is not presented Historical Cost Unless another measure is required by specific accounting standards, assets are reported at their acquisition price Conservatism Selection from various alternative reporting values is made so that the least impact on net income is achieved in the current p
15、eriod Realization Revenue is recognized when it can be reasonably and objectively determined; depending on circumstances, this can be:o Point of saleo End of productiono Receipt of casho During productiono Cost recovery Matching Revenue and costs associated with the generation of that revenue are ma
16、tched (recorded in the same fiscal period)PPT 215 Costs with no particular association to the revenue are recorded in the period they are incurred Consistency The same accounting treatment is given to comparable transactions from period to period Full Disclosure All facts that may influence the judgment of an informed reader must be presented in the financial statements or the accompanying notes Materi
