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Accounting II

The development of accounting concepts and principles is closely related to the economic growth of the United States, as businesses grew in size, and outsiders increased their demand for financial information. Accounting principles focus on the users of accounting information. Principles have developed over a long period of time, and are continuously subject to revision as information needs change. It is the responsibility of accounting professionals, teachers and accounting organizations to keep accounting principles up-todate, relevant and useful.
The FASB was set up with the purpose of developing accounting principles in 1973. Today it is the most influential accounting organization. The FASB is involved in solving reporting problems and developing solutions. When Statements of Financial Accounting Standards are released by the FASB, they quickly become gerenally accepted accounting principles (GAAP) pertaining to standards, assumptions, conventions or concepts. When it is difficult to understand accounting peinciples, tinterpretions are released which have the same authority as the standards.

Từ khóa: Financial Accounting Standards, Accounting, accounting concepts, accounting principles, financial accounting, partnerships, capital

36 p conhi 28/09/2012 143 2

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