中級財務(wù)會計I（雙語）課程課件

中級財務(wù)會計I（雙語）課程課件CHAPTER1FINANCIALREPORTINGANDACCOUNTINGSTANDARDSIntermediateAccountingIFRSEditionKieso,Weygandt,andWarfield

CHAPTER1FINANCIALREPIdentifythemajorfinancialstatementsandothermeansoffinancialreporting.Explainhowaccountingassistsintheefficientuseofscarceresources.Explaintheneedforhigh-qualitystandards.Identifytheobjectiveoffinancialreporting.Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.ExplainthemeaningofIFRS.Describethechallengesfacingfinancialreporting.LearningObjectivesIdentifythemajorfinancialsGeneral-purposefinancialstatementsCapitalprovidersEntityperspectiveDecision-usefulnessGlobalMarketsObjectiveofFinancialReportingStandard-SettingOrganizationsFinancialReportingChallengesFinancialstatementsandfinancialreportingAccountingandcapitalallocationHigh-qualitystandardsIOSCOIASBHierarchyofIFRSPoliticalenvironmentExpectationsgapSignificantfinancialreportingissuesEthicsInternationalconvergenceFinancialReportingandAccountingStandardsGeneral-purposefinancialstatGlobalMarketsWorldmarketsarebecomingincreasinglyintertwined.Top20GlobalCompaniesInTermsOfSalesGlobalMarketsWorldmarketsarGlobalMarketsSignificantnumberofforeigncompaniesarefoundonnationalexchanges.Illustration1-2InternationalExchangeStatisticsGlobalMarketsSignificantnumbLO1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.GlobalMarketsFinancialStatementsandFinancialReportingCharacteristicsofaccountingare:theidentification,measurement,andcommunicationoffinancialinformationabouteconomicentitiestointerestedparties. LO1IdentifythemajorfinanFinancialInformationAccounting?IdentifyandMeasureandCommunicateStatementofFinancialPositionIncomeStatementorStatementofComprehensiveIncomeStatementofCashFlowsStatementofChangesinEquityNoteDisclosuresPresident’sletterProspectusesReportsfiledwithgovernmentalagenciesNewsreleasesForecastsEnvironmentalimpactstatementsEtc.FinancialStatementsAdditionalInformationEconomicEntityGlobalMarketsLO1Identifythemajorfinancialstatementsandothermeansoffinancialreporting.FinancialInformationStateResourcesarelimited.Efficientuseofresourcesoftendetermineswhetherabusinessthrives.LO2Explainhowaccountingassistsintheefficientuseofscareresources.Illustration1-3

CapitalAllocationProcessAccountingandCapitalAllocationGlobalMarketsResourcesarelimited.EfficiLO3Explaintheneedforhigh-qualitystandards.HighQualityStandardsGlobalMarketsGlobalizationdemandsasinglesetofhigh-qualityinternationalaccountingstandards.Someelements:Singlesetofhigh-qualityaccountingstandardsestablishedbyasinglestandard-settingbody.Consistencyinapplicationandinterpretation.Commondisclosures.Commonhigh-qualityauditingstandardsandpractices.Commonapproachtoregulatoryreviewandenforcement.Educationandtrainingofmarketparticipants.(Continued)LO3ExplaintheneedforhigLO3Explaintheneedforhigh-qualitystandards.HighQualityStandardsGlobalMarketsGlobalizationdemandsasinglesetofhigh-qualityinternationalaccountingstandards.Someelements:Commondeliverysystems(e.g.,eXtensibleBusinessReportingLanguage—XBRL).CommonapproachtocorporategovernanceandlegalframeworksaroundtheworldLO3ExplaintheneedforhigLO3Explaintheneedforhigh-qualitystandards.LO3ExplaintheneedforhigObjectiveofFinancialAccountingLO4Identifytheobjectivesoffinancialreporting.Objective:

Providefinancialinformationaboutthereportingentitythatisusefultopresentandpotentialequityinvestors,lenders,andothercreditorsinmakingdecisionsintheircapacityascapitalproviders.ObjectiveofFinancialAccountCapitalProviders(Investors)Investorsaretheprimaryusergroup.ObjectiveofFinancialAccountingLO4Identifytheobjectivesoffinancialreporting.General-PurposeFinancialStatementsProvidefinancialreportinginformationtoawidevarietyofusers.Providethemostusefulinformationpossibleattheleastcost.CapitalProviders(Investors)IDecision-UsefulnessObjectiveofFinancialAccountingLO4Identifytheobjectivesoffinancialreporting.Investorsareinterestedinassessingthecompany’sabilitytogeneratenetcashinflowsandmanagement’sabilitytoprotectandenhancethecapitalproviders’investments.EntityPerspectiveCompaniesviewedasseparateanddistinctfromtheirowners.Decision-UsefulnessObjectiveoTheobjectiveoffinancialreportingplacesmostemphasison:reportingtocapitalproviders.reportingonstewardship.providingspecificguidancerelatedtospecificneeds.providinginformationtoindividualswhoareexpertsinthefield.ReviewQuestionObjectiveofFinancialAccountingLO4Identifytheobjectivesoffinancialreporting.TheobjectiveoffinancialrepGeneral-purposefinancialstatementsarepreparedprimarilyfor:internalusers.externalusers.auditors.governmentregulators.ReviewQuestionObjectiveofFinancialAccountingLO4Identifytheobjectivesoffinancialreporting.General-purposefinancialstatTwoMajorOrganizations:InternationalAccountingStandardsBoard(IASB)IssuesInternationalFinancialReportingStandards(IFRS).Standardsusedonmostforeignexchanges.StandardsusedbyforeigncompanieslistingonU.S.securitiesexchanges.IFRSusedinover115countries.LO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.Standard-SettingOrganizationsTwoMajorOrganizations:LO5中級財務(wù)會計I（雙語）課程課件中級財務(wù)會計I（雙語）課程課件TwoMajorOrganizations:FinancialAccountingStandardsBoard(FASB)IssuesStatementsofFinancialAccountingStandards(SFAS).RequiredforallU.S.-basedcompanies.LO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.Standard-SettingOrganizationsTwoMajorOrganizations:LO5中級財務(wù)會計I（雙語）課程課件LO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.Standard-SettingOrganizationsInternationalOrganizationofSecuritiesCommissions(IOSCO)Doesnotsetaccountingstandards.Dedicatedtoensuringthatglobalmarketscanoperateinanefficientandeffectivebasis./LO5Identifythemajorpolic中級財務(wù)會計I（雙語）課程課件LO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.Standard-SettingOrganizationsInternationalAccountingStandardsBoard(IASB)Composedoffourorganizations—InternationalAccountingStandardsCommitteeFoundation(IASCF)InternationalAccountingStandardsBoard(IASB)StandardsAdvisoryCouncilInternationalFinancialReportingInterpretationsCommittee(IFRIC)LO5IdentifythemajorpolicLO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.Standard-SettingOrganizationsIllustration1-4InternationalStandard-SettingStructureLO5IdentifythemajorpolicIFRSstandsfor:InternationalFederationofReportingServices.IndependentFinancialReportingStandards.InternationalFinancialReportingStandards.IntegratedFinancialReportingServices.ReviewQuestionStandard-SettingOrganizationsLO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.IFRSstandsfor:ReviewQuestioThemajorkeyplayersontheinternationalsidearethe:IASBandFASB.SECandFASB.IOSCOandtheSEC.IASBandIOSCO.ReviewQuestionStandard-SettingOrganizationsLO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.ThemajorkeyplayersontheiWhichbodyfromtheU.S.sideissimilartotheIASB?SEC.FASB.FASC.FAF.ReviewQuestionStandard-SettingOrganizationsLO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.WhichbodyfromtheU.S.sideDueProcessTheIASBdueprocesshasthefollowingelements:Independentstandard-settingboard;Thoroughandsystematicprocessfordevelopingstandards;Engagementwithinvestors,regulators,businessleaders,andtheglobalaccountancyprofessionateverystageoftheprocess;andCollaborativeeffortswiththeworldwidestandard-settingcommunity.LO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.DueProcessTheIASBdueprocesDueProcessIllustration1-4InternationalStandard-SettingStructureLO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.DueProcessIllustration1-4LOAccountingstandard-settersusethefollowingprocessinestablishinginternationalstandards:Research,exposuredraft,discussionpaper,standard.Discussionpaper,research,exposuredraft,standard.Research,preliminaryviews,discussionpaper,standard.Research,discussionpaper,exposuredraft,standard.ReviewQuestionDueProcessLO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.Accountingstandard-settersusIssuedbytheIASB:TypesofPronouncementsInternationalFinancialReportingStandards.Frameworkforfinancialreporting.Internationalfinancialreportinginterpretations.LO5Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.IssuedbytheIASB:TypesofPr中級財務(wù)會計I（雙語）課程課件TypesofPronouncementsHierarchyofIFRSCompaniesfirstlookto:InternationalFinancialReportingStandards;InternationalAccountingStandards;andInterpretationsoriginatedbytheInternationalFinancialReportingInterpretationsCommittee(IFRIC)ortheformerStandingInterpretationsCommittee(SIC).LO6ExplainthemeaningofIFRS.TypesofPronouncementsHierarcIFRSiscomprisedof:InternationalFinancialReportingStandardsandFASBfinancialreportingstandards.InternationalFinancialReportingStandards,InternationalAccountingStandards,andinternationalaccountinginterpretations.InternationalAccountingStandardsandinternationalaccountinginterpretations.FASBfinancialreportingstandardsandInternationalAccountingStandards.ReviewQuestionTypesofPronouncementsLO6ExplainthemeaningofIFRS.IFRSiscomprisedof:ReviewQuFinancialReportingChallengesLO7Describethechallengesfacingfinancialreporting.IFRSinaPoliticalEnvironmentIllustration1-6UserGroupsthatInfluencetheFormulationofAccountingStandardsFinancialReportingChallenges

Whatthepublicthinksaccountantsshoulddovs.whataccountantsthinktheycando.FinancialReportingChallengesTheExpectationsGapLO7Describethechallengesfacingfinancialreporting.SignificantFinancialReportingIssuesNon-financialmeasurementsForward-lookinginformationSortassetsTimeliness WhatthepublicthinksaccounEthicsintheEnvironmentofFinancialAccountingCompaniesthatconcentrateon“maximizingthebottomline,”“facingthechallengesofcompetition,”and“stressingshort-termresults”placeaccountantsinanenvironmentofconflictandpressure.IFRSdoesnotalwaysprovideananswer.Doingtherightthingisnotalwayseasyorobvious.FinancialReportingChallengesLO7Describethechallengesfacingfinancialreporting.EthicsintheEnvironmentofFInternationalConvergenceIn2002theIASBandtheFASBformalizedtheircommitmenttotheconvergenceofU.S.GAAPandinternationalstandards.TheBoardsagreedto:Maketheirexistingfinancialreportingstandardsfullyconvergedassoonaspracticable,andCoordinatetheirfutureworkprogramstoensurethatonceachieved,convergenceismaintained.FinancialReportingChallengesLO7Describethechallengesfacingfinancialreporting.InternationalConvergenceIn20Theexpectationsgapis:whatfinancialinformationmanagementprovidesandwhatuserswant.whatthepublicthinksaccountantsshoulddoandwhataccountantsthinktheycando.whatthegovernmentalagencieswantfromstandard-settingandwhatthestandard-settersprovide.whattheusersoffinancialstatementswantfromthegovernmentandwhatisprovided.ReviewQuestionFinancialReportingChallengesLO7Describethechallengesfacingfinancialreporting.Theexpectationsgapis:ReviewThefactthattherearedifferencesbetweenIFRSandU.S.GAAPshouldnotbesurprisingbecausestandard-settershavedevelopedstandardsinresponsetodifferentuserneeds.IFRStendstobesimplerandmoreflexibleinitsaccountinganddisclosurerequirements.TheU.S.SECrecentlyeliminatedtheneedforforeigncompaniesthattradesharesinU.S.marketstoreconciletheiraccountingwithU.S.GAAP.ThefactthattherearedifferAppendix1ATHEU.S.STANDARD-SETTINGENVIRONMENTOrganizationsresponsiblefordevelopingfinancialaccountingstandards(GAAP)intheUnitedStates:SecuritiesandExchangeCommission(SEC).FinancialAccountingStandardsBoard(FASB).//Appendix1ATHEU.S.STANDARD-SSecuritiesActof1933SecuritiesActof1934SecuritiesandExchangeCommissionEstablishedbyfederalgovernmentAccountingandreportingforpubliccompaniesEncouragedprivatestandard-settingbodySECrequirespubliccompaniestoadheretoGAAPSECOversightEnforcementAuthorityLO8Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.SecuritiesActof1933SecuritiFinancialAccountingStandardsBoardWheatCommittee’srecommendationsresultedinthecreationofatheFinancialAccountingStandardsBoard(FASB)

in1973.FinancialAccountingFoundationSelectsmembersoftheFASBFundstheiractivitiesExercisesgeneraloversight.FinancialAccountingStandardsBoardFinancialAccountingStandardsAdvisoryCouncilMissiontoestablishandimprovestandardsoffinancialaccountingandreporting.Consultonmajorpolicyissues.LO8Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.FinancialAccountingStandardsMissionsistoestablishandimprovestandardsoffinancialaccountingandreporting.DifferencesbetweenFASBandAPBinclude:FinancialAccountingStandardsBoardSmallerMembershipFull-time,RemuneratedMembershipGreaterAutonomyIncreasedIndependenceBroaderRepresentationLO6Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.MissionsistoestablishandiFASBreliesontwobasicpremises:ResponsivetoentireeconomiccommunityOperateinfullviewofthepublicFinancialAccountingStandardsBoardStep1= TopicplacedonagendaStep2= ResearchconductedandDiscussionMemorandumissued.Step3= PublichearingStep4= Boardevaluatesresearch,publicresponseandissuesExposureDraftStep5= BoardevaluatesresponsesandissuesfinalStatementofFinancialAccountingStandardLO8Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.DueProcessFASBreliesontwobasicpremiFinancialAccountingStandardsBoardStandards,Interpretations,andStaffPositions.FinancialAccountingConceptsEmergingIssuesTaskForceStatementsLO8Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.TypesofPronouncementsFinancialAccountingStandardsPrinciplesthathavesubstantialauthoritativesupport.MajorsourcesofGAAP:FASBStandards,Interpretations,andStaffPositionsAPBOpinionsAICPAAccountingResearchBulletinsU.S.GenerallyAcceptedAccountingPrinciplesFinancialAccountingStandardsBoardLO8Identifythemajorpolicy-settingbodiesandtheirroleinthestandard-settingprocess.WhentheBoardapprovesanewstandard,s