ACCT 3110- Final Exam Guide - Comprehensive Notes for the exam ( 36 pages long!)
1 Dec 2017
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Document Summary
Terry"s top ten from chapters 1 and 2 (1) the financial accounting standards board (fasb) is responsible for setting us generally accepted accounting principles (us gaap) and the. International accounting standards board (iasb) is responsible for setting international financial reporting standards (ifrs). (2) substantially all us gaap is now contained in the fasb"s accounting. Standards codification (asc), which is periodically updated when the. Fasb issues new accounting standards updates (asu). (3) all us publicly-held companies must report to the securities & exchange. Commission with various periodic financial information, principally 10- Q"s for quarterly financial statements and 10-k"s for annual audited financial statements. Privately-held companies aren"t required to submit their financial statements to anyone unless required by lenders, vendors, shareholders, etc. (4) the sarbanes-oxley act (sox) created an additional level of oversight over public company financial reporting, including it formed the public. Touche, ernst & young, kpmg, and pricewaterhousecoopers. (8) a company recognizes revenue when it completes its performance obligation.
