01.02. Types of Accounting Frameworks

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  1. 4 categories of accounting users
    • investors, creditors, owners (GAAP)
    • regulators and supervisors (SAP)
    • tax authorities
    • management
  2. 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
  3. Regulatory / Supervisory Accounting
    • more interest in runoff values than going-concern
    • SAP: more emphasis on realizable values & liability settlement
  4. Tax Accounting
    • may be directed or influenced by social engineering, public policy, political or verifiability concerns
    • US use SAP with modifications
  5. 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

Card Set Information

Author:
 COC2
ID:
 201610
Filename:
 01.02. Types of Accounting Frameworks
Updated:
2013-02-19 01:29:02
Tags:
accounting
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Description:
Types of Accounting Frameworks
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