PPT-Objective 1.01: Generally Accepted Accounting Principles (GAAP)

Generally Accepted Accounting Principles Defined as the set of accepted industry rules practices and guidelines for financial accounting Includes the standards conventions and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. Joanne Charles, . Shawnee State University. Angie . Lewis, CPA, Crowe . Horwath. LLP. Pete . Ugo, CPA, Crowe . Horwath. . LLP. Speaker Introductions. Joanne . Charles. Shawnee State University. Accounting Changes and Error Corrections. Both GAAP and IFRS treat changes in accounting . estimates. prospectively. Changes in accounting . principles. are accounted for retrospectively for both GAAP and IFRS.. Statutory Accounting. Insurers produce financial statement prescribed by NAIC. Filed with insurance department of regulators. Based on Statutory Accounting Principles. More conservative than GAAP. SAP - . RICHARD G. SCHROEDER . MYRTLE . W. CLARK . JACK . M. CATHEY. THEORY . AND. ANALYSIS: . TEXT AND CASES. 11. TH. EDITION. CHAPTER 1. THE DEVELOPMENT OF ACCOUNTING THEORY. Introduction. What is theory?. Julia . Makarieva. Jennifer . Waclawik. Becky Fay . Grayson . Schrantz. Alex Perez. Definition of Inventory. US GAAP- considered more. rules based. IFRS- considered more principle based. The. aggregate of those items of tangible personal property that are:. Insurers produce financial statement prescribed by NAIC. Filed with insurance department of regulators. Based on Statutory Accounting Principles. More conservative than GAAP. SAP - . 2. Policyholders’ Surplus.  . . . STATE . OF.  . CONNECTICUT. 20x8. . COMPREHENSIVE. ANNUAL. . FINANCIAL. REPORT. Fiscal Year Ended. June 30, 20x8. . Kevin Lembo. State Comptroller. Overview of OSC Requests. Criselle Espiritu, Financial Reporting Analyst SFSR, . Chancellor’s Office. Learning . Objectives. Know the GAAP Accounting and Reporting Manual updates and key changes. Know the changes in the supplementary schedule. College Accounting A Contemporary Approach Fourth Edition Chapter 1 Accounting: The Language of Business Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Principles – Accounting Constraints, Concepts, Assumptions, and Principles. GAAP PowerPoint . #3. Hierarchy of Qualitative Information. Cost/Benefit. Materiality. www.fasb.org. Discussed in PPT #2. Isabel Wang. Associate professor . Department of Accounting . & Information Systems. Broad School of Business. Michigan State University. Friedman (2005): the world is flat... . However, accounting is still diverse.. Definition and Governing Bodies. . GAAP PowerPoint #1. Generally Accepted Accounting Principles. Defined as the set of accepted industry rules, practices and guidelines for financial accounting . Includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. (A) Accounting concepts.. (B) Accounting conventions.. Accounting concepts- . Accounting concepts are the fundamental assumptions on which transactions are recorded and financial statements are prepared. These concepts provide base for accounting process. While doing accounting use of these concepts are compulsory and they are not optional. More or less they are rigid and can not be changed. . n. a. n. cial. . R. e. p. o. rting. . S. t. a. n. d. a. rds. (. I. F. R. S. ). S. u. b. :. . F. i. n. a. n. c. ial. . R. e. p. o. r. ting. . a. n. d. . A. n. a. l. y. sis. C. o. u. r. s. e. . :.