PPL 2010 Study Guide - Midterm Guide: Public Company Accounting Oversight Board, Governmental Accounting Standards Board, Financial Accounting Standards Board

• School: University of Virginia
• Department: Political Philosophy, Policy, and Law
• Course: PPL 2010
• Professor: All

Document Summary

Comm 180 exam 2 study guide part 1. Topic: sessions 10 & 11 understanding financial information. Reference materials: text chapter 17, class lecture, and session powerpoint slides (via. Fasb- financial accounting standards board defines the generally accepted accounting principles (gaap) that accountants must follow. Gasb- governmental accounting standards board, sets governmental accounting standards (federal bureau of investigation, the internal revenue service, the missouri department of natural resources, cook county department of revenue. Pcaob- public company accounting oversight board (sometimes called peekaboo) is a private- sector, non-profit corporation created by the sarbanes-oxley act, a 2002 united states federal law, to oversee the auditors of public companies. Its stated purpose is to "protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports. Foundations of accounting (see slides and lecture: the business entity, the business transaction, going concern, periodicity, money basis for reporting, objectively verifiable evidence, adequate disclosure, conservatism, materiality, consistency.