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美国CPA《财务会计与报告》知识点:基本的财务会计概念框架

来源: 中华会计网校 编辑: 2014/07/17 09:48:37 字体:

  中华会计网校特别为美国cpa学员整理了美国cpa考试《财务会计与报告》的内容,以备迎接美国CPA考试,祝您在网校学习愉快!

CONCEPTUAL FRAMEWORKS UNDERLYING FINANCIAL ACCOUNTING

Three Organizations

SEC(Securities and Exchange Commission)

FASB(Financial Accounting Standards Board)

IASB(International Accounting Standards Board)

SEC(F1-3)

SEC was established by the Securities Exchange Act of 1934

SEC has the legal authority to establish GAAP

SEC relinquished the task of establishing GAAP to the private sector(FASB)

FASB (US GAAP=Codification, Rules-based)(F1-3)

In 1973 FASB was established as an independent full-time organization.

FASB determine GAAP since 1973(Relinquished by SEC)

7 full-time members

IASB(IFRS≈PRC GAAP,Principles-based)(F1-5)

The goal of the IFRS Foundation and the IASB is to develop,in the public interest,a single set of high-quality,understandable,enforceable and globally accepted financial reporting standards based upon clearly articulated principles.

European Union,PRC,HK,Brazil,Russia,Japan…

IASB/FASB Convergence(F1-6)

Goal:A single set of high-quality,international accounting standards that companies can use for both domestic and cross-border financial reporting.

Status:In progress…

In Becker materials,if no difference between IFRS and U.S.GAAP is noted, then the accounting rules are substantially the same.

Adoption of IFRS in the United States(F1-6)

-SEC supports the IASB/FASB convergence project.

U.S.GAAP=FASB ACCOUNTING STANDARDS CONDIFICATION(F1-3)

Effective July 1,2009,the FASB Accounting Standards Codification became the SINGLE source of authoritative nongovernmental U.S.GAAP.

Now U.S.GAAP=Codification Or.Codification=U.S.GAAP

What included in the Codification?(F1-4)

-“FEDPRIA”

- Relevant portions of the following authoritative pronouncements issued by the SEC.

Ongoing Standard-Setting Process(F1-5)

Exposure Drafts

Accounting Standards Updates(ASU)

Integrate into ASC

  Conceptual framework provides a basis for financial accounting concepts for enterprises.

  FASB conceptual framework called Statements of Financial Accounting Concepts (SFAC)。

  SFAC serves as a basis for all FASB pronouncements.

  The SFAC are not GAAP

  FASB and IASB have a joint project to converge their financial reporting frameworks.

  SFAC NO. 8 Conceptual Framework for Financial report is the result of convergence. (F1-7)

  1 objective, 2 Fundamental, 4 Enhancing.

  1 objective – Decision useful (F1-7)

  2 fundamental qualitative characteristics – FAR (FAithful representation + Relevance) (F1-8)

  4 enhancing qualitative characteristics – Compare and verify in time to understand (F1-9)

  1 Objective: DECISION USEFUL.

  SFAC NO. 8-chapter 1: The Objective of General Purpose Financial Reporting (F1-7)

  Who make decision? Primary Users (existing and potential investors, lenders, and other creditors)

  What decision? Whether providing resources to reporting entity.

  How useful? use financial information (FI) to assess the reporting entity‘s prospects for future net cash inflows

  2 fundamental qualitative characteristics – FAR (FAithful representation + Relevance) (F1-8)

  SFAC NO. 8-chapter 3: Qualitative Characteristics of Useful Financial Information

  FAR = FAithful representation + Relevance

  Relevance – “Does it related to my decision?”

  “Passing Confirms Money (PCM)”

  “Confirm Predictive value is Material” (PCM)

  Predictive value: Help me predict future outcomes

  Confirming value: Help me evaluate earlier prediction.

  Materiality: Judgment. If an omission or misstatement of the information could affect the decision made by users, then it is material.

  Faithful Representation - “Can I depend on it?”

  “Completely Neutral is Free from error”

  Completeness: All facts embedded in the information.

  Neutrality: Free from bias; focus is on objectivity and balance.

  Freedom from Error: Judgement. Would a sufficiently knowledgeable third party derive the same result?

  4 enhancing qualitative characteristics – Compare and verify in time to understand

  SFAC NO. 8-chapter 3: Qualitative Characteristics of Useful Financial Information

  4 enhancing qualitative characteristic

  “Compare and Verify in Time to Understandability”

  Comparability (Consistency): across entities or from period to period.

  Verifiability: Independent observers can reach consensus.

  Timeliness: Recent enough to influence decision.

  Understandability: Comprehensible by a user with reasonable understanding of business.

  SFAC No. 4, “Objectives of Financial Reporting by Nonbusiness Organizations” (F1-10)

  Nonbusiness organizations (Not for profit)

  -Most of resources come from contributions and grants (Non-reciprocal)

  -Operating purposes are other than for profit

  -Lack ownership interest

  Objectives is provide useful information in

  -Making resource allocation decisions

  -Assessing service and the ability to provide services

  -Assessing management stewardship and performance

  -The nature and relationship of in/out flow of resource

  SFAC No. 5, “Recognition and Measurement in the Financial Statements” (F1-11)

  Full Set of Financial Statements

  Statement of financial position (the balance sheet)

  Statement of earnings (the income statement)

  Statement of comprehensive income (IDEA+PUFER)

  Statement of cash flows

  Statement of changes in owners‘ equity

  Measurement Attributes for Assets and Liabilities (F1-12)

  Historical cost (F2-42): PP&E

  Current cost (F2-42): Inventory

  Net realizable value (F4-23): A/R

  Current market value: Marketable securities

  Present value of future cash flows: LT debt “bonds” (SFAC No.7 F1-15)

  4 Assumptions and 6 Principles (F1-12)

  “Ego up” + “Charm FAR”

  4 Assumptions-“Ego up”

  Entity Assumption

  GOing Concern Assumption (IFRS & GAAP)

  Monetary Unit Assumption

  Periodicity Assumption

  4 Assumptions and 6 Principles (F1-12)

  “Ego up” + “Charm FAR”

  6 Principles “Charm FAR”

  Conservatism Principle

  Historical Cost Principle

  Accrual Accounting (IFRS & GAAP)

  Revenue Recognition Principle

  Matching Principle

  Full Disclosure Principle

  Going Concern Assumption: continue to operate in the foreseeable future. (12 months)

  Accrual Accounting (basis) Vs. Cash basis

  Accrual basis records the transactions and events as they occur, not when the cash is received or expended. (F2-6)

  Accrual basis employ revenue recognition and matching principle.

  Cash basis records the transactions and events as the cash is received or expended, not when the transactions and events occur. (F2-53)

  Revenue recognition Principle (F1-12)

  -Recognition= recorded on the F/S

  -Earned=goods or service has been delivered

  -Realized=cash or near cash (AR) received

  Matching Principle (F1-13)

  -Expenses are matched against the revenues they generate.

  -Matching is the heart and soul of accrual basis accounting.

  SFAC No. 6, “Elements of Financial Statements” Elements = the components of the F/S.(F1-13)

  Comprehensive Income: CI = NI + OCI

  I/S: Revenues, Expenses, Gains, Losses

  B/S: Assets, Liabilities, Equity

  Excluded from CI: Investments by owners, Distributions to owners.

  SFAC No. 7, “Using Cash Flow Information and Present Value in Accounting Measurements” (F1-15)

  “Present value of future cash flows” is 1 of 5 measurement Attributes for Assets and Liabilities.(F1-12 point 5)

  What issue to be resolved? MEASUREMENTS

  Five elements of PV (F1-15)

  Fair value tiers: 1st tier determined in the market place; 2nd tier obtain an estimate of fair value (a present value of future cash flows)

  PV computation (F1-15)

  -Traditional Approach: PV bonds, scheduled known payments

  -Expected Cash Flow Approach: PV warranties, uncertain future payments.

  Liability Measurement Considers Additional Factors: Cost to settle, Credit standing of the company

  Catch-up Approach

  Reporting objective: Decision useful

  Tip: FAR=FA+R=Faithful Representation + Relevance

  FA: Completely neutral is free from error

  R: Confirm Predictive value is Material

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