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This document discusses tools and strategies for accounting research. It covers the FASB Codification system, which consolidates US GAAP into a single online database. The document outlines the Codification's structure and how to perform searches. It also discusses SEC accounting requirements and resources for public companies, including regulations, staff bulletins, and where to access SEC filings. The overall goal is to provide guidance on researching accounting issues for private and public entities using the Codification and SEC resources and hierarchy.
This document discusses tools and strategies for accounting research. It covers the FASB Codification system, which consolidates US GAAP into a single online database. The document outlines the Codification's structure and how to perform searches. It also discusses SEC accounting requirements and resources for public companies, including regulations, staff bulletins, and where to access SEC filings. The overall goal is to provide guidance on researching accounting issues for private and public entities using the Codification and SEC resources and hierarchy.
This document discusses tools and strategies for accounting research. It covers the FASB Codification system, which consolidates US GAAP into a single online database. The document outlines the Codification's structure and how to perform searches. It also discusses SEC accounting requirements and resources for public companies, including regulations, staff bulletins, and where to access SEC filings. The overall goal is to provide guidance on researching accounting issues for private and public entities using the Codification and SEC resources and hierarchy.
Financial Accounting Research Tools Learning Objectives
Database research strategies
Challenges of accounting research
Content of the FASBs Codification
Research System The research process using the Codification
SEC accounting for public companies
Cases to practice accounting research
Using a database
Define information needed
Determine sources to search
Use appropriate search methods
View results and manage the information
(full text or citation) Communicate the research results Codification
Comprehensive, but not complete, research on
accounting issues for the private sector Ninety topical areas of prior level A-D GAAP Master glossary Limited SEC content for user ease (Regulation S-X, Financial Reporting Releases, Accounting Series Releases, Interpretive Releases, Staff Accounting Bulletins, EITF Topic D, and SEC Staff Observer Comments) Codification (contd.)
Codification supersedes all pre-existing
non-governmental accounting and reporting standards. Four main topical areas: Presentation (codes 205-299) Financial statement accounts (codes 305- 705) Assets Liabilities Equity Revenue Expenses Codification (contd.)
Four main topical areas: (contd.)
Broad transactions (805 835) Industries (905 999) The topical areas are further refined into subtopics, sections and subsections (see figure 4-2) The Codification Research Process Methods of searching Topical category search Master glossary search
Search inquiries
When should the researcher stop
searching? Consider primary vs. secondary sources Consider authoritative vs. non-authoritative sources SEC
SEC accounting is not the same as GAAP
accounting SEC follows legal hierarchy to be discussed in a later chapter SEC has statutory authority to establish accounting rules and regulations for public companies (companies must file 10Ks, 8-Ks, 10Qs) Regulation S-X Form and Content of Financial Statements Regulation S-K Integrated Disclosure Rules SEC (contd.) Financial Reporting Releases (FRRs) accounting principles that update Reg S-X and Reg S-K Accounting and Enforcement Releases (AAERs) Accounting Series Releases (ASRs) predecessor to FFRs SEC Staff Policy not formally approved but published in interpretations. SABs similar to FASB technical bulletins See Figure 5-10 for SEC hierarchy SEC (contd.)