three sets of books

1.Financial Accounting"財(cái)務(wù)會(huì)計(jì)"

-standardized reports for external stakeholders

2.Tax Accounting“稅務(wù)會(huì)計(jì)”

-IRS rules for computing taxes payable

3.Managerial Accounting “管理會(huì)計(jì)”

-custom reports for internal decision making

financial reporting requirements

1.Securities and Exchange Commission(SEC)“證券交易委員會(huì)” require periodic financial statement filings“要求定期提交財(cái)務(wù)報(bào)表”:

--10-K:annual report (年度報(bào)告)

--10-Q:quarterly report（季度報(bào)告）

--8-K：current report(material events)（當(dāng)期事項(xiàng)“重大報(bào)告”）

--must be prepared in a accordance with Cenerally Accepted Accounting Principles (GAAP)(公認(rèn)會(huì)計(jì)原則)

2.periodic filing requirements create much of the"tension" in financial accounting

--ship goods to a customer in one quarter, collect cash in the next

=when did the sale occur?(銷(xiāo)售發(fā)生在什么時(shí)候)

--buy equipment in one quarter, use it for the next 23 quarters

=when does the expense occur?（費(fèi)用是什么時(shí)候發(fā)生的）

who make the rules?

1.Cenerally Accepted Accounting Principles (GAAP) established by:

--U.S. Congress,but they delegate to:

--the SEC“證券交易委員會(huì)” ,but they delegate to:

--Financial Accounting Standards Board(FASB)"財(cái)務(wù)會(huì)計(jì)標(biāo)準(zhǔn)委員會(huì)"

=Emerging Issues Task Force(EITF)"緊急問(wèn)題工作組"

=American Institute of CPA's(AICPA)”美國(guó)會(huì)計(jì)師協(xié)會(huì)“

2.International Financial Reporting Standards (IFRS)”國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則“ are established by the IASB"國(guó)際會(huì)計(jì)準(zhǔn)則事理會(huì)" and are required in over 100 countries

--US GAAP"美國(guó)通用會(huì)計(jì)準(zhǔn)則" is still required for US firms

--for intro accounting topics, there is a high degree of overlap in the two standards

who is responsible for financial reporting?

1.management is responsible for preparing financial statements

--the audit committee the board of directors provides oversight og management's process

--audiors are hired by the board to "express an opinion" about whether the statements are prepared in conformity with GAAP

2.the SEC "美國(guó)證券交易委員會(huì)"and other regulators take action against the firm if any violations of GAAP or other rules are found

（違反規(guī)則，委員會(huì)采取行動(dòng)）

3.information intermediaries (stock analysts”股票分析師“, institutional investors”機(jī)構(gòu)投資者“, the media”媒體“) may expose or flee firms with questionable accounting.

信息中介機(jī)構(gòu)可能會(huì)揭露或逃離會(huì)計(jì)存在問(wèn)題的公司

what are the required financial statements?

1.Balance Sheet"資產(chǎn)負(fù)債表"

--financial position“財(cái)務(wù)狀況” (listing of resources and obligations“債務(wù)”) on a specific date

2.Income Statement"收入表"

--results"結(jié)果" of operations”經(jīng)營(yíng)“ over a period of time using accrual accounting(i.e.,recognition tied to business activities)

"使用權(quán)責(zé)發(fā)生制會(huì)計(jì)（與商業(yè)活動(dòng)掛鉤的認(rèn)可）"

3.Statement of Cash Flows"現(xiàn)金流量表"

--sources”來(lái)源“ and uses”使用“ of cash over a period of time

4.Statement of Stockholders'Equity”股東權(quán)益表“

--changes”變動(dòng)“in stockholders' equity over a period of time