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There have been 8 concepts published to date, of which 5 have been superseded. [11] Technical Bulletins or Staff Positions, guidelines on applying standards, interpretations, and opinions. Usually solve some very specific accounting issue that will not have a significant, lasting effect or respond to questions from practitioners.
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
Management accounting is an applied discipline used in various industries. The specific functions and principles followed can vary based on the industry. Management accounting principles in banking are specialized but do have some common fundamental concepts used whether the industry is manufacturing-based or service-oriented.
GAAP / IFRS – Generally Accepted Accounting Principles: standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards. Goodwill – accounting concept meaning the value of an entity over and above the value of its assets. Historical cost – original monetary value of an ...
The classification of equity as a distinctive element for classification of accounts is disputable on account of the "entity concept", since for the objective analysis of the financial results of any entity the external liabilities of the entity should not be distinguished from any contribution by the shareholders.
Prior to 1929 no group – public or private – was issuing or responsible for any accounting [4] standards. After the 1929 stock market crash, a call to regain the public's confidence and investor's trust was demanded and the Securities and Exchange Act of 1934 was passed resulting in public companies being supervised by the U.S. Securities and Exchange Commission.