Discussion Financial Reporting Environment And GAAP

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WEEK 1:

Discussion Financial Reporting Environment and GAAP
Generally Accepted Accounting Principles (GAAP)
The role of generally accepted accounting principles (GAAP) in the preparation of financial statements is a set of guidelines that inform businesses how to properly record accounting information in a fair and consistent manner.
“Is a rule” to meet that requirement, statements are prepared in accordance with GAAP, which encompasses the conventions, standards and procedures, necessary to define accepted accounting practice at a particular time and that accountants follow in recording and summarizing and in the preparation of financial statements.
In short it is called the common set of accounting principles, standards and procedures that companies use to compile their financial statements.

Financial Accounting Standards Board (FASB)
“Make the rule” a seven member independent board consisting of accounting professionals who establish and communicate standards of financial accounting and reporting in the United States. FASB standards, known as generally accepted accounting principles (GAAP), govern the preparation of corporate financial reports and are recognized as authoritative by the Securities and Exchange Commission (SEC).
The FASB's mission is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision useful information to investors and other users of financial reports.

Securities and Exchange Commission (SEC)
“Enforce the rules” is an independent agency of the United States federal government. It holds primary responsibility for enforcing the federal securities laws, proposing securities rules, and regulating the securities industry, the nation's stock and options exchanges, and other activities and organizations, including the electronic securities markets in the United States.

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