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Accounting Police: Do
They Exist? by: John Day Who created accounting principles? Who sets and revises accounting standards? What if you don’t follow all the rules, do you go to jail? Is there an accounting police force that investigates and arrests violators? It would seem that there must be some regulatory force to make sure that providers of financial statements conform to the rules. There is, up to a point, and here is how it works: Mainly, it’s all voluntary and it works pretty well. First, double-entry accounting originated in Italy in the 1400’s, so its been around awhile. Accounting principles have evolved over the years just as have accounting standards. The reason why the system works is that the business community could not function if there was not commonality and consistency in financial statement reporting. It would be chaos, much like if there were no driving rules of the road. Therefore, in the United States, a body of experts known as the Financial Accounting Standards Board (FASB pronounced Fasbee) was established in 1973, which superseded another board called the Accounting Principles Board (APB). The FASB members go through a lengthy process of analyzing and reviewing problems in the accounting field that are brought to them. After much thought, they will make a pronouncement as to what they think the new or revised way of approaching the treatment of an accounting issue should be. They are a non-governmental organization that has private financing. A big supporter of FASB is the American Institute of Certified Public Accountants (AICPA). Many Certified Public Accountants (CPAs) belong to this prestigious organization and are obligated to abide by its guidelines and principles of behavior. Other countries no doubt have similar organizations that require high levels of accounting professional conduct. FASB established an accounting code called “Generally Accepted Accounting Principles” or (GAAP). The assumption is that if a business financial statement is prepared according to GAAP, then the user of that financial statement could rely on or trust the information more readily than if not prepared according to GAAP. Those businesses that deviate from GAAP, and many smaller businesses do, cannot say that their statements are prepared under GAAP; in fact, they should inform the reader that they are not. However, let the buyer beware. One governmental body that has a policing function is the Securities Exchange Commission (SEC). It is primarily concerned with public companies because their job is to protect investors from unscrupulous acts. Recently, the SEC has gotten into the act of establishing accounting standards. It has its hands full today. Since most businesses use their financial statements to prepare their required income tax returns, the Internal Revenue Service (IRS) may audit those tax returns and review the financial statements upon which the tax returns are based. Not following the rules can get you in trouble with this governmental body. You can see that in many ways compliance to the principles and standards is a mixture of voluntary and regulatory behavior. Currently, there is an effort underway to set international accounting standards due to the inexorable globalization process. This is a massive undertaking that will take years, but it is obviously necessary and inevitable. |
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YouTube :: Tag // accounting
Videos tagged with accounting
Former Congressman Chocola on Truth In Accounting, Pt. 1
by rss@youtube.com (truthinaccounting)
23 Jul 2008 at 5:33pm
Former Indiana Congressman Chris Chocola (R-2) talks about our real government debt and what he's doing to bring accurate and accepted accounting standards to the federal government. Learn more about the Institute for Truth in Accounting at http://www.truthin2008.org.
Author: truthinaccounting
Keywords: truth in accounting sheila weinberg federal government debt public chris chocola trillion
Added: July 23, 2008
Former Congressman Chocola on Truth In Accounting, Pt. 3
by rss@youtube.com (truthinaccounting)
23 Jul 2008 at 5:16pm
Former Indiana Congressman Chris Chocola (R-2) talks about our real government debt and what he's doing to bring accurate and accepted accounting standards to the federal government. Learn more about the Institute for Truth in Accounting at http://www.truthin2008.org
Author: truthinaccounting
Keywords: truth in accounting sheila weinberg federal government debt public chris chocola trillion
Added: July 23, 2008
Output Options
by rss@youtube.com (KevinJHarris)
23 Jul 2008 at 4:54pm
This video will show you how to save and send reports in Stonefield Query.
Author: KevinJHarris
Keywords: Stonefield Query Report Writer Reporting Sage FrontRange Kevin Harris CRM Accounting Software Developers Kit
Added: July 23, 2008
Stonefield Query: Create a New Data Dictionary
by rss@youtube.com (KevinJHarris)
23 Jul 2008 at 4:49pm
This video will show you how to create a new data dictionary in Stonefield Query SDK. You will learn how to use the Configuration Utility, Read in the Structure of a Database, and customize the data dictionary.
Author: KevinJHarris
Keywords: Stonefield Query Report Writer Reporting Sage FrontRange Kevin Harris CRM Accounting Software Developers Kit
Added: July 23, 2008
Ask at Runtime
by rss@youtube.com (KevinJHarris)
23 Jul 2008 at 4:44pm
This video will show you how to use the ask at runtime option in Stonefield Query.
Author: KevinJHarris
Keywords: Stonefield Query Report Writer Reporting Sage FrontRange Kevin Harris CRM Accounting Software Developers Kit
Added: July 23, 2008
Everett Massachusetts (MA) Real Estate Tour
by rss@youtube.com (remaxcp)
23 Jul 2008 at 3:35pm
http://www.everettmarealestate.com -- Tour Everett, MA neighborhoods, condominium developments, subdivisions, schools, landmarks, recreational areas, and town offices. Everett, Massachusetts was settled in 1630, established as a town in 1870 and incorporated as a city in 1892. A close-knit, hardworking community just north of Boston, Everett has served as a gateway city to immigrants for most of its history. The community has a diversified industrial and commercial base with manufacturing accounting for approximately a third of all jobs, followed by services and retail trade. Everett's industries provide indispensable sustenance for the state's economy; the many companies located in the city produce an array of products for use around the world. In addition to a strong economy, Everett offers a convenient and accessible location abutting Boston on the Mystic River. The city is close to Interstate Highways 93 and 95, and is served by the MBTA. Logan International Airport is approximately 15 minutes away. Everett provides quality educational, public safety, public works and recreational services to its citizens at a modest tax rate.
Author: remaxcp
Keywords: Everett Massachusetts MA real estate homes condos land houses
Added: July 23, 2008
FASB Action Alert
by rss@youtube.com (SanfordLewis)
23 Jul 2008 at 3:12pm
The Financial Accounting Standards Board has issued proposals to improve disclosure of potential corporate liabilities. But it has missed the mark on one essential issue - the potential for severe long term risks that are misjudged by companies as only "remote." Attorney Sanford Lewis discusses the problem, and why investors need to weigh in before August 8.
Author: SanfordLewis
Keywords: FASB disclosure risk liability
Added: July 23, 2008
SMS Upload accounting software files
by rss@youtube.com (chirayuyou)
23 Jul 2008 at 11:10am
SMS Upload accounting software files
Author: chirayuyou
Keywords: SMS Upload accounting software files bse nse outstanding bill summary demat audit
Added: July 23, 2008
Episode 2: Investment Banking
by rss@youtube.com (atrismusic)
23 Jul 2008 at 6:46am
When our heroes in ??tr?s attempt to do their accounting at a TD Bank North they are suspected of being potential robbers. You'll never believe what happens next...
Author: atrismusic
Keywords: a'tris alternative rock atris boston Police Accounting Bankers TD Bank North Wethersfield CT
Added: July 22, 2008
Bersorley (part 2 of 3)
by rss@youtube.com (ironwaiden)
23 Jul 2008 at 6:35am
In this second period, Bersorley sets his sights on the next two members of the executive committee.
Author: ironwaiden
Keywords: Wade O'Neill Dennis Davison Bersorley NHL hockey Nolan Hergott Paul Schmold slashing penalty horror goon accounting skate cross check fighting misconduct slapshot
Added: July 22, 2008
Attorney Law Firm Internet Marketing Using Video
by rss@youtube.com (flatfeemls08)
23 Jul 2008 at 4:02am
http://www.GlobalizedUniverse.com Attorney and Law Firm Internet marketing using video. Learn how to advertise your accounting services online with a custom video broadcasted to YouTube and over 30 hosting sites.
Author: flatfeemls08
Keywords: "attorney Internet marketing using video" "how to advertise online" "video advertising" "YouTube" "Law firm
Added: July 22, 2008
Emeka Okafor - Alpha Omega Supreme
by rss@youtube.com (VeoShock)
23 Jul 2008 at 3:54am
Chukwuemeka Ndubuisi Okafor, abbreviated as Emeka Okafor (born September 28, 1982, in Houston, Texas), is an American professional basketball player playing at power forward and center for the Charlotte Bobcats of the National Basketball Association. Prior to the NBA, Okafor attended Houston's Bellaire High School, and the University of Connecticut. Both of Okafor's parents are natives of Nigeria, and Emeka was the first member of his family born in the United States.[1] "Emeka" is a nickname for the Igbo name "Chukwuemeka" (meaning "God has done great"). Emeka's family moved to Bartlesville, Oklahoma when he was young because his father worked for Phillips Petroleum Company, headquarted in Bartlesville. While in Bartlesville, Emeka's father Pius took his son to the Bartlesville YMCA to learn the game of basketball. As a child growing up in the Houston area Okafor idolized Houston Rockets center Hakeem Olajuwon and has said he models his game after Olajuwon. On April 16, 2004, he declared his eligibility for the 2004 NBA Draft, giving up his one remaining year of college athletic eligibility. He did however receive his undergraduate degree in Accounting/ Finance in three academic years. On June 24, Okafor was selected second overall in the draft, becoming the first ever draft pick by the expansion Charlotte Bobcats. The following day, he accepted an invitation to join the United States team for the 2004 Summer Olympics, which finished with the bronze medal in Athens. During the offseason he continued his tutorials with Hakeem Olajuwon, which he took up after his rookie season, and lost the 20 pounds which he had gained for his second season. Okafor feels this weight loss gives him more energy and mobilily. He currently leads the Bobcats in rebounds per game, blocks per game, and field goal percentage. He also had 8 blocks in one game this season against the Dallas Mavericks. On January 12, 2007, he would record an NBA season high 10 blocks in one game against the New York Knicks.
Author: VeoShock
Keywords: basketball sports talk personals tv entertainment news
Added: July 22, 2008
Frontier, United to cut 130 jobs
by rss@youtube.com (employmentcrossing)
23 Jul 2008 at 2:21am
Frontier and United... Denver's two largest airlines will cut an additional 130 local jobs in coming months. Citing high fuel costs as the main culprit. United Airlines ? Denver's largest carrier ? plans to let go 17 pilot jobs. While, Frontier Airlines ? the second-largest carrier at Denver International ? plan to cut 113 positions. Company spokesman Steve Snyder says that Flight attendants, mechanics, customer service agents and other employees who work at Denver International, will be the first to feel the layoffs. While the next wave will hit employees that work in reservations, training, customer service, human resources, safety and accounting. The job cuts are set to be effective in November of this year.
Author: employmentcrossing
Keywords: Frontier United to cut 130 jobs AviationCrossing TransportationCrossing TravelCrossing Denver International Airport
Added: July 22, 2008
Accountant Internet Marketing Using Video
by rss@youtube.com (mlsbroker08)
23 Jul 2008 at 2:03am
http://www.GlobalizedUniverse.com Accountant Internet marketing using video. Learn how to advertise your accounting services online with a custom video broadcasted to YouTube and over 30 hosting.
Author: mlsbroker08
Keywords: Accountant Internet marketing using video Learn how to advertise your accounting services online with custom broadcasted YouTube and over 30 hosting
Added: July 22, 2008
VH1 Face The Music - ENRON
by rss@youtube.com (coldyboldy)
22 Jul 2008 at 8:32pm
VH1 behind the music parody starring ENRON~ - "Face The Music - ENRON".
Author: coldyboldy
Keywords: Enron VH1 Comedy Humor Animation Funny Music Sexy Political Bush Cheney Accounting Corporation Parody
Added: July 22, 2008
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