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Financial accounting is the preparation of financial statements that can be consumed by the public and the relevant stakeholders. Financial information would be useful to users if such qualitative characteristics are present. When producing financial statements, the following must comply: Fundamental Qualitative Characteristics:
The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information. [3]
The Financial Accounting Standards Advisory Council then voiced its concerns due to the increase of financial reporting guidance from the old U.S. GAAP standards, and the FASB responded by launching a new project to codify the standards. The project was approved in September 2004 by the Trustees of the Financial Accounting Foundation. [2]
Accounting standards are currently set by the Financial Accounting Standards Board and were historically set by the American Institute of Certified Public Accountants (AICPA) subject to U.S. Securities and Exchange Commission (SEC) regulations. [7] Auditors took the leading role in developing GAAP for business enterprises. [8]
A big advantage of computer-based accounting information systems is that they automate and streamline reporting, develop advanced modelling and support data mining. [1] Reporting is major tool for organizations to accurately see summarized, timely information used for decision-making and financial reporting. The accounting information system ...
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This is a list of the International Financial Reporting Standards (IFRSs) and official interpretations, as set out by the IFRS Foundation. It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.
AAA - Advanced Audit and Assurance; The ACCA full Professional qualification is regarded as the equivalent of a UK master's degree by the UK NARIC and Department for Education. Subjects include: Financial accounting, Management accounting, Financial reporting, Taxation, Company law, Audit and assurance and Financial management.