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| The process of providing information to external users |
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| Mechanism that fosters the efficient allocation of resources |
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| Secondary Market Transactions |
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| The transfer of stocks and bonds among individuals and instiutions |
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| The difference between cash receipts and cash disbursements during a reporting period from transactions |
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| Generally Accepted Accounting Principles - guidelines that companies should follow for financial statements |
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| Securities and Exchange Commission - reporting standards for companies that are publicly traded |
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| Committee on Accounting Procedure - First sector body to assume the task of setting acct standards |
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| American Institute of Accountants - Step above CAP |
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| American Institute of Certified Public Accountants --- Same as AIA |
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| Accounting Principles Board -- replaced CAP |
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| Financial Accounting Standards Board |
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| Financial Accounting Foundation --- FASBs parent organization |
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| Emerging Issues Task Force --- a FASB force for quick responses |
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| theoretical and conceptual issues and provides an underlying structure for current and future standards |
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| Government Accounting Standards Board |
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| International Accounting Standards Committee |
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| International Accounting Standards Board |
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| International Financial Reporting Standards |
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| Independent intermediary to help back up GAAP standards |
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| Institute of Management Accountants |
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| Institute of Internal Auditors |
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| accounting and disclosure requirements for initial offerings of security |
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| SEC has the power to oversee companies that are publicly traded |
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| Predictive Value and Confirmatory Value |
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| Faithful Representation Elements |
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Definition
| Completeness, Neutrality, and Free from material error |
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Definition
| Decreases in equity resulting from transfers to owners |
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| The change in equity from nonowner transactions |
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| Economic Entity Assumption |
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| All economic events can be identified to one entity |
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| Business will continue to operate indefinitely |
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| Common denominator to all information |
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| Assets and liabilities hold their original transaction value |
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| Match expenses to the revenue that they generate |
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| The Full Disclosure Principle |
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Definition
| Disclose important information |
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