美国会计准则课程PPT.pptVIP

Financial Accounting Foundations ACCT 600 Fall 2011 Week Two Lecture Notes Week Two Learning Objectives Continue gaining an understanding of the historical background of the accounting profession overall and standard setting specifically Apply the historical background to understanding why accounting standard setting is structured in the format used in the U.S. Your Thoughts Why is historical cost so widely used as a valuation basis? Who has the most influence on accounting standards? Journal of Accountancy Origin is linked to the 1904 World Congress of Accountants in St. Louis First articles noted the rapid recognition of the accounting going from technician (bookkeeper) to professional Articles noted that during WWII that accountants played a major role in the beginning of efforts of cost control, containment, budgeting and planning due to the enormous expenditures in a short time period Readership in the JOA went from less than 2k in 1904 to almost 400k in 2011 Key Accounting Standard Milestones Interstate Commerce Commission sought to establish standard set of accounting practices for railroads in 1905 U.S. Census bureau calls for uniform municipal accounting in 1906 in 1913: 16th Amendment establishes Federal Income Taxes Federal Reserve Act is passed creating the Federal Reserve Federal Reserve Bulletin issues “Uniform Accounting” study by the AICPA predecessor in 1917 Federal Budget and Accountability Act in 1922 creates GAO and OMB Ultramares case defines auditor’s liability for fraud and negligence in 1931 NYSE mandates listed firms to have audits in 1932 1933 and 34 Securities Acts were issued in response to 1929 Market Crash creates SEC and requires all listed firms to have audits Term GAAP appears in 1938 article Committee on Accounting Procedure was formed in 1938 becoming first formalized standard setting body issues first codification in 1953 Accounting Research Bulletin 53 Accounting Principles Board replaces CAP in 1959 and becomes the officia