TAILIEUCHUNG - Lecture Financial accounting: Chapter 5 - Robert Libby, Patricia A. Libby, Daniel G. Short
Chapter 5 - Communicating and interpreting accounting information. After studying this chapter, you should be able to: Recognize the people involved in the accounting communication process, their roles in the process, and the guidance they receive from legal and professional standards; identify the steps in the accounting communication process, including the issuance of press releases, annual reports, quarterly reports, and SEC filings, as well as the role of electronic information services in this process;. | Communicating and Interpreting Accounting Information Chapter 5 Chapter 5: Communicating and Interpreting Accounting Information. Players in the Accounting Communication Process This graphic identifies the people involved in the accounting communication process. They include regulators, managers, directors, auditors, information intermediaries, and users. Each person or group plays a unique role in the process and is guided by legal and professional standards. Regulators Securities and Exchange Commission Primary Responsibility Protect investors and maintain the integrity of the securities market. Stock Exchanges Primary Responsibility Along with state governments, set overall corporate governance standards. Financial Accounting Standards Board Primary Responsibility Set Generally Accepted Accounting Standards (GAAP). Public Company Accounting Oversight Board Primary Responsibility Sets auditing standards for independent auditors (CPAs) of public companies. The mission of the . Securities and Exchange Commission (SEC) is to protect investors and maintain the integrity of the securities markets. As part of this mission, the SEC oversees the work of the Financial Accounting Standards Board (FASB) that sets generally accepted accounting principles (GAAP), the Public Company Accounting Oversight Board (PCAOB) that sets auditing standards for independent auditors (CPAs) of public companies, and the stock exchanges (., New York Stock Exchange), that, along with state governments, set overall corporate governance standards. Managers Management Primary Responsibility Responsible for the information in the financial statements and disclosures. Chief Executive Officer (CEO): highest officer of the company Chief Financial Officer (CFO): highest officer associated with the financial and accounting side of the business Accounting Staff: prepare the details of the reports and bear professional responsibility for the accuracy of the information. The .
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