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The flashcards related to concepts and standards will cover these
topics:
- Objectives of External Financial Reporting
- Financial reporting objectives, Statements of Financial Accounting Concepts, fundamental objectives of financial reporting, usefulness of financial information, qualitative characteristics of accounting information, objectives of financial reporting by nonbusiness organizations, recognition and measurement in financial statements, measurement attributes, earnings vs. comprehensive income, 10 elements of financial statements, fundamental accounting assumptions, fundamental accounting principles, entries to recognize revenues and expenses, matching principle, modifying conventions, classes of net assets, similarities between business and nonbusiness organizations.
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- Financial Statements and their Purpose
- Purpose of balance sheet, advantages and disadvantages of balance sheet, purpose of income statement, single-step vs. multi-step income statement, purpose of cash flow statement, benefits of cash flow statement, 2 methods for preparation of cash flow statement, categories of cash receipts and payments under direct method, statement of shareholders' equity, statement of comprehensive income, prior period adjustments, limitations of financial statement information.
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- SEC and Financial Disclosure
- SEC influence on standard setting, purpose of securities laws, SEC Form S-1, S-2 S-3, S-4 and S-8, Regulation S-X and S-K, Securities Act of 1933 and 1934, proxy statements, Form 8-K, SEC safe harbor rule, Form 10-Q, Form 10-K, purpose of independent auditors' report, red herring prospectus, shelf-registration, Summary of Significant Accounting Policies, related party disclosure, extraordinary items, remote loss contingencies, defined contribution pension plans, intangible assets, long-term obligations, financial instruments with credit risk.
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