BUS-A - Business BUS-A 100 Lecture Notes - Lecture 2: Public Company Accounting Oversight Board, International Accounting Standards Board, U.S. Securities And Exchange Commission
28 Sep 2016
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Accounting system used to analyze, measure, record, summarize and report the results of a business"s activities. Iasb- international accounting standards board (ifrs-international financial reporting standards) Requires ceo and cfo to sign a report accepting responsibility for the financial statements and certifying the accuracy of the financial statements. Requires an audited system of internal controls. Aicpa american institute of certified public accountants. A business will continue in operation long enough to meet its obligations. Amounts that are large enough to influence a user"s decision. Results of business activities should be reported in an appropriate monetary unit. The transactions of a business must be kept separate from the personal transactions of its owners. Assumes that the long life of a company can be broken down into shorter time periods, such as months, quarters and fiscal years. Benefits of accounting for and reporting information should outweigh the costs.
