Accounting - Financial Reporting

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• generally accepted accounting principles

  Financial reporting in federal government entities is regulated by the Federal Accounting Standards Advisory Board (FASAB).

• SFAS - Revenue Recognition

  SFAS 144 provides standard financial accounting and reporting for the disposal or impairment of long-lived assets (17).

• Understanding state and local financial reporting

  Accounting and financial reporting for governmental and not-for-profit organizations is also markedly different from accounting and financial reporting for businesses.

• What are International Financial Reporting Standards?

  These common accounting practices are known as International Financial Reporting Standard.

• Why should managers be allowed some flexibility in their financial accounting and reporting choices? Of the two approaches to accounting standard setting that are mentioned above, which best describes the current financial reporting environment in the United States?

  Why should managers be allowed some flexibility in their financial accounting and reporting choices? 2.

• Definitions about financial standards and reporting

  113709 Financial accounting and reporting Please answer the following questions about financial accounting 1. Differentiate broadly between financial accounting and managerial accounting. 2.

• Primary distinction between financial accounting and accounting

  Financial accounting is the area of accounting concerned with reporting financial information to INTERESTED EXTERNAL PARTIES. It uses financial statements to report to investors, government authorities, stock exchanges and other interested parties.

• Analyze the relationship between GASB and FASB

  Financial Accounting Standards Board (FASB) is responsible for establishing the standards of financial accounting and reporting for private entities since 1973(US GAAP).

• Differences between IASB AND FASB

  In other words, IASB develop global standards for financial reporting.

• Overview of Public Finance

  Both budgeting and financial reporting are the important constituents of the accounting system in a public sector organization. Financial reporting refers to an effort related to assessment of financial performance of the government.