The Financial Accounting Concepts
ACCT 2081 - Financial Accounting
University of Cincinnati
December 2, 2023
Generally Accepted Accounting Principles (US GAAP)
Generally Accepted Accounting Principles (GAAP) are the
communication standard about the business to the external users,
which might be banks or other investors. When communicating to the
external users, it is important to present the business as making a high
profit (AccountingWITT, 2010). However, every business must
follow the principles of financial accounting. There are three
assumptions forming the GAAP basis: assuming that there is a
business entity, an accounting period and that the business will remain
a going concern for as long as it persists (Jennifer Wilkinscolvin,
2015). The first assumption states that business owners must keep
their business activities and records separate from their personal. The
second assumption states that during the completion of financial
reports, the activities of a business are divided over a specific time
period – the accounting period. The third assumption is that as long
the business does not indicate otherwise, it is considered a going
concern (Jennifer Wilkinscolvin, 2015). Business failures are
common, but an accountant will assume that a business can continue
to operate until finding an indication that it can’t.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
Financial Accounting Standards Board (FASB)
Several organizations control GAAP establishment for businesses or
governmental organizations. The American Institute of Certified
Public Accountants (AICPA), a professional organization of certified
public accountants (CPAs), used to be the dominant organization in
developing accounting standards. In the 1970s, Financial Accounting
Standards Board (FASB) replaced the Accounting Principles Board
(APB), a successor of AICPA. Nowadays, the FASB has become the
developer of statements of financial accounting standards.
Importantly, the old accounting research bulletins and APB Opinions
are still effective unless specifically superseded by a FASB statement.
There are also opportunities for individuals and other organizations
such as the Financial Analysts Federation, the Securities Industry
Associates, and CPA firms to respond to exposure drafts of proposed
FASB statements.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is a government
agency overseeing the interstate sale of securities like stocks and
bonds. It is another organization that is quintessential in establishing
GAAP, along with AICPA, FASB, and others. The SEC is authorized
to prescribe accounting and reporting practices for enterprises under
its jurisdiction, including nearly every major US business corporation.
However, rather than exercising this power, the SEC tends to work
closely with the FASB to develop accounting standards. The
collaboration takes the form of the SEC indicating to the FASB the
accounting topics it believes the FASB should address. They are
partly linked through the AICPA, as the AICPA continues to influence
the development of accounting standards and practices. AICPA
committees consistently provide input to the FASB, the SEC, and
other regulatory agencies.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is more than an accountant – a
certified financial advisor who helps businesses, other organizations,
as well as individuals with planning and reaching their financial goals
(AICPA, 2020). Customers rely on businesses to communicate
relevant financial and non-financial information. However, decision-
makers must be confident that the information is reliable. Assuring
this reliability, otherwise known as assurance services, is the primary
job of CPAs. CPAs assure a broad range of subjects other than
traditional financial statements (AICPA, 2020). CPAs also take a
position in the income tax return preparation: when the tax season
arrives, the members of the general public may require the help of
their CPAs to represent them before the Internal Revenue Service
(IRS) (Kimberly Dunn, 2011). Many CPAs are in public accounting
practice.
Annual Report
An annual report is a document that public corporations must present
to shareholders each year describing their financial conditions and
operations. When completing financial reports, the activities of a
business are divided over a specific period – accounting period. For
most businesses, this period is one year, or annual (Jennifer
Wilkinscolvin, 2015). Typically, an annual report will consist of the
business overview, highlights, management’s discussion and analysis,
financial statements, and the data summary. The financial statements
present the profitability and strength of a company (Learn Basic
Accounting Easy, 2014). The financial statement reflecting company’s
profitability via reporting revenues and expenses is the income
statement (Heiler, 2011). The statement of cash flows entails the cash
inflows and outflows for a business over the year (Heiler, 2011). The
statement of retained earnings demonstrates what was retained in
earnings starting from the beginning until the end of a year. Finally,
the balance sheet reflects a company’s solvency and financial position.
10-K
A 10-K form is a detailed report filed every year by a company
engaged in public trade about the company’s financial performance.
This report is required and submitted to the SEC and entails a more
comprehensive version of the annual report. The purpose of the
requirement is so that investors know the company’s financial
condition and have enough information before buying or selling the
corporation’s stock or before investing in the company’s corporate
bonds (Learn Basic Accounting Easy, 2014). There are five sections in
the 10-K report: business overview, risk factors, selected financial
data, management’s analysis of financial conditions and performance,
and financial statements, along with supplementary data.
References
AccountingWITT. (2010).BWhat is Accounting?B[Video]. YouTube.
Web.
Association of International Certified Professional Accountants.
(2020).BAICPA 2020 Integrated ReportB(No. 2101–23511; p. 85).
Web.
Heiler, N. (2011).BWhat Is Accounting?B[Video]. Vimeo. Web.
Jennifer Wilkinscolvin. (2015).BThe-Accounting-Assumptions[Video].
YouTube. Web.
Kimberly Dunn. (2011).B1.1 Introduction to Accounting IB[Video].
YouTube. Web.
Learn Basic Accounting Easy. (2014).BPurpose of Accounting (video 2
of 14)B[Video]. YouTube. Web.
