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COC2
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4 categories of accounting users
- investors, creditors, owners (GAAP)
- regulators and supervisors (SAP)
- tax authorities
- management
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GAAP Accounting
- includes actg frameworks designed for a broad range of users
- focuses on value / performance of an organization as a going concern
- assumes that the organization will continue to operate indefinitely
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Regulatory / Supervisory Accounting
- more interest in runoff values than going-concern
- SAP: more emphasis on realizable values & liability settlement
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Tax Accounting
- may be directed or influenced by social engineering, public policy, political or verifiability concerns
- US use SAP with modifications
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Management Accounting
- many organizations create one or more additional sets of accounting frameworks on which to base their management decisions
- usually based on a combination of GAAP and regulatory
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