Chapter 1
Financial Accounting and Auditing Organizations
1 Editor's Note: This chapter aggregates some key contributions of Chapters 1, 5, 9, and 28 from the 11th edition, for reader convenience and to reduce redundancy.
1.1 Role of Financial Accounting and Auditing in the U.S. Economy
(a) Objective of Financial Accounting
(b) A Wider Economic Perspective
(i) Linking the Economy to Fair Financial Statements
(c) Participants in the Financial Reporting System
1.2 Accounting Standards in the United States
1.3 Role of the Securities and Exchange Commission
(a) Background of the Securities and Exchange Commission
(b) Structure of the Securities and Exchange Commission
(c) Division of Corporation Finance
(d) Office of the Chief Accountant
(f) Regulations and Publications
1.4 Financial Accounting Standards Board
(b) Structure of the Financial Accounting Standards Board
(g) Some Criticisms of the Standards
1.5 Governmental Accounting Standards Board
(a) Structure of the Governmental Accounting Standards Board
1.6 Federal Accounting Standards Advisory Board
1.7 American Institute of Certified Public Accountants
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