ACC/497 Advanced Topics in Accounting Research Week 1 DQ

What are Generally Accepted Accounting Principles (GAAP)? How does GAAP affect financial reporting? How does GAAP need to change to accommodate today's dynamic business environment?

What is the FASB Codification System? What is the purpose of the FASB Codification System? How can it be used to make better accounting decisions?

What tools can be used for financial statement analysis? What do these tools tell you about financial performance? What kinds of business decisions can be made using these tools?

Explain the authority of the SEC and state boards of accountancy with respect to auditors and the auditing profession.