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#9, Accounting Principles ( part 1)
 
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chapter 4 Accounting principles accounting entity Principle Money measurement principle Accounting period principle full disclosure principle Accounts Adda video 9 #commerce #accounts #class11
Views: 23560 Accounts Adda
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) | Meaning and Need
 
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To support you can donate via PAYTM by following this link http://p-y.tm/PdIMBe8d7 OR via upi at [email protected] In this video I have tried to provide a basic idea of what GAAP is and why is it required. Hope this proves useful to anyone who watches it. Please let me know your comments on the video and if you like it please hit the like button. Do not forget to subscribe for more such videos in future. Thanks for watching my videos. Support, Share and Subscribe! Gear I use: For writing on screen: http://amzn.to/2wSA955 Microphone : http://amzn.to/2w8ktKk Laptop: http://amzn.to/2wJo8jd Link for my facebook page: https://facebook.com/thecommercetutor Website: http://www.thecommercetutor.com
Views: 82194 The Commerce Tutor
The Difference between GAAP and IFRS
 
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ZACH DE GREGORIO, CPA www.WolvesAndFinance.com First you need to understand what these things are. GAAP and IFRS are accounting standards. GAAP stands for Generally Accepted Accounting Principles which is the accounting framework used in the United States. IFRS stands for International Financial Reporting Standards which is the accounting framework used in the rest of the world. What is an accounting standard? They are basically a set of guidelines you need to follow for accounting in your business. It is not laws, but it is really self-regulation where accountants have gotten together and agreed on the methods to use. When we talk about GAAP and IFRS, we are describing two different accounting standards. In general, GAAP and IFRS are very similar already. The fundamentals of accounting are the same anywhere in the world. You still have the same financial statements and basic processes. However, there are still some significant differences. The biggest difference between GAAP and IFRS is that GAAP is rules based, whereas IFRS is principles based. GAAP actually writes out all these different rules that US companies are required to follow, which does not leave much room for interpretation. IFRS focuses on the principles. This means that GAAP is much longer and more detailed than IFRS. The reason that GAAP is so detailed, is there have been some pretty big accounting scandals in the US. Every time a business has a major accounting scandal, more rules get added to the list, to make sure there are no misunderstandings in the future. One of the biggest differences that has not yet been resolved is LIFO. LIFO means Last-In First-Out which is a method of valuing your inventory. US companies are allowed to use LIFO. International companies are not. A lot of US companies use LIFO, because most of the time it reduces your reported profit, which reduces your taxes. We are talking about a lot of money. No one knows for sure what the estimated tax savings is, but it is estimated at over $100 Billion in the US over 10 years. To give you an idea of how complicated this is, for treatment of LIFO to change, the US would have to change that part of the IRS tax code, which would require the US legislature to pass a law increasing corporate taxes by $100 Billion. This presents a real challenge. LIFO is just one example, but there are many more differences between GAAP and IFRS. Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.
Views: 18317 WolvesAndFinance
GAAP Generally Accepted Accounting Principles | Financial Accounting | CPA Exam FAR
 
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Website: www.farhatlectures.com Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/
How To Memorize All Accounting Standards in Just 10 Minutes
 
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Download The PDF of this video http://www.caclubindia.com/share_files/how-to-memorize-all-accounting-standards-in-a-fun-way-71829.asp “Welcome To Sumit Solution” In This Video, I am trying to build a story based memory technique to remember all the names of Accounting Standards in a fun way. I am pretty sure that after watching this video 3-4 times you will never forget any name of the ASs. The major part of the background narration in this video is in Hindi, BUT still is very useful for those who don’t understand Hindi. They can easily understand by watching the visuals. Note: Those who don’t understand Hindi may MUTE the audio and watch Video only. I Hope you guys will be surely benefited from this video. Please Like, Share and Comment on this video
Views: 178213 Sumit Swarnakar
International Accounting Standards Board (IASB)
 
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This video discusses the structure and role of the International Accounting Standards Board (IASB). The IASB, which is based in London, was formed in 2001 to create a single set of global accounting standards. The IASB periodically issues International Financial Reporting Standards which have been adopted as Generally Accepted Accounting Principles (GAAP) by more than one hundred countries. IASB board members are selected by IFRS Foundation Trustees. The IASB is supported by the IFRS Advisory Council and the IFRS Interpretations Committee. The advisory council provides guidance to the IASB and the Interpretations Committee aims to reduce divergent accounting practices by clarifying the appropriate accounting treatment with the existing IFRS. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 14579 Edspira
What are Accounting Standard | Accounting Concepts | Principles & Conventions | CA CPT | CS & CMA
 
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What are Accounting Standard, Learn Basics of Accounting Introduction. We have covered Meaning & Scope of Accounting, Accounting Concepts, Principles & Conventions, brief of accounting standards, Accounting Policies and Measurement Discipline. For Details Visit http://www.meraskill.com/ca-cpt/accounts/introduction-to-accounting WhatsApp Now: 8692900017 http://www.meraskill.com/ Our other chapters in this series Accounts by Sheela Madam http://bit.ly/AcctsIntro http://bit.ly/AcctJournaltoCB http://bit.ly/CR_ROE http://bit.ly/BankRecoS http://bit.ly/MSInventory http://bit.ly/MSDep http://bit.ly/MSFinalAc http://bit.ly/MSConsignment http://bit.ly/MSJointV http://bit.ly/MSBillsOfExchg http://bit.ly/MSSalesReturn http://bit.ly/MSPartnership1 http://bit.ly/MSPartnership2 http://bit.ly/MSCompanyActs1 http://bit.ly/MSCompanyActs2 Law by Bharat Sir http://bit.ly/MSNatureofContract http://bit.ly/MSConsideration http://bit.ly/MSEssentialElements http://bit.ly/MSPerformanceOfContract http://bit.ly/MSBreachOfContract http://bit.ly/MSContingent_Quasi http://bit.ly/MSFormationContractOfSale http://bit.ly/MSCondition_Wattanties http://bit.ly/MSTransferOfOwnership http://bit.ly/MSUnpaidSeller http://bit.ly/MSNatureOfPartnership http://bit.ly/MSRelationshipOfPartners http://bit.ly/MSRegistration_Dissolution Micro by Bharat Sir http://bit.ly/MSIntroMicroEconomics http://bit.ly/MSDemand http://bit.ly/MSTheoryofCB http://bit.ly/MSSupply http://bit.ly/MSTheoryOfProd http://bit.ly/MSTheoryOfCost http://bit.ly/MSMarket http://bit.ly/MSPriceDetermination Macro by Jaya Madam http://bit.ly/MSNatureOfIndianEconomy http://bit.ly/MSRoleOfDiffSectors http://bit.ly/MSNationalIncome_Tax http://bit.ly/MSPopulation_Poverty_Unemployment http://bit.ly/MSInfrastuctureChallnges http://bit.ly/MSBudget_Money_Banking http://bit.ly/MSEconomicsReforms Maths by Anand Sir http://bit.ly/MSRatio_Propr http://bit.ly/MSIndices_Log http://bit.ly/MSEquations http://bit.ly/MSInequalities http://bit.ly/MSInterest http://bit.ly/MSPermutaion_Combination http://bit.ly/MSAP_GP http://bit.ly/MSSets_Function http://bit.ly/MSLimits http://bit.ly/MSDifferentiation http://bit.ly/MSIntegration
Views: 40034 Mera Skill
Accounting Principles, concepts and conventions, GAAP class 11
 
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1. Business Entity Principle This principle assumes that, business and businessman are two separate entities.  All transactions are recorded from the point of view of business and not from the point of view of businessman.  Businessman is treated as creditor of business. 2. Money measurment Principle  Only those transactions are recorded in the books of accounts which can be measured in terms of Money.  Non – monetary transactions are not recorded in the books of accounts.  Strike, efficiency of management , quality of product, loyal employee., affects the business but cannot be measured in terms of money, that’s why they are not recorded in books of accounts. 3. Accounting Period Principle/Periodicity Principle  Life of business is indefinite, so Indefinite life is divided into periodic intervals, each intervals is known as accounting period(normally one year/12 months).  At the end of each accounting period an financial statements (P&L A/c and Balance sheet) are prepared to know the profitability and financial position of the business. 4. Cost concept or Historical cost concept  All business transaction are recorded at their cost price.  All business assets are recorded in books at cost i.e., the price paid to acquire it.  Any increase or decrease in the market price is not considered.  If nothing is paid to acquire an assets the same will not be recorded as an assets. For example : self generated goodwill, favourable location, managerial skills, moral of employee etc. 5. Matching principle  This concept is based on Accounting period concept.  In order to determined profit earned or loss suffered by a business duiring an accounting period, revenue of that period should be match with expenses incurred in that period.  Matching means association of Revenue with Related expenses.  Due to this concept adjustment should be made for like write off, outstanding expenses, prepaid expenses etc. 6. Dual Aspect Principle:  Every business transaction has double effect one is debited and other is credited.  If transaction is debited, the same should be credited with an equal amount.  Assets are always equal to liabilities.  Hence, Accounting Equation according to this principle is:  Assets = Capital + liabilities 7. Realisation principle or Revenue Recognition Principle  Revenue is considered as being earned on the date when goods are sold, wheather money is received or not. For example sales on approval not recorded as revenue until approved by customer. 8. Materiality  Only those transactions should be recorded which are material or relevant for the determination of income of the business. All immaterial or unimportant items should not be recorded.  For example: purchase of stationary is recorded as an expense even if the stationary purchased is an assets. 9. Conservatism  Anticipate no profits but provide for all possible losses.  Be ready to protect the possible losses, but don’t predict the profits.  For example: provision for bad debts.  Provision for depreciation. 10. Going concern concept/continuity concept  Business will continue for a long time.  There is neither the intention nor the necessity to liquidate the business.  Business activities will continue and transactions will be recorded accordingly. 11. consistency  one policy is used year by year, do not change the policy.  If we change the policy, accounts will not clear the financial statements.  If some proved and better method of accounting is made available it can be adopted by business, but not again and again. 12. Full disclosure  all material information should be disclosed. It means nothing should be hidden.  The concept say, “all information of A/c should show to the public not hide anything.” 13. Timliness  Provide all information to the mgmt. in time.  Record the information/transaction According to Date & time.  If information is not supplied in time it will obstruct the quick decision making.
Views: 108261 PRATHAM SINGH
Financial Accounting Standards Board (FASB)
 
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This video describes the structure and role of the Financial Accounting Standards Board (FASB). The FASB is a nonprofit organization that creates accounting standards for companies in the United States. The FASB has seven board members that are appointed by the Financial Accounting Foundation, which oversees the FASB's activities. FASB board members serve a 5-year term and work for the FASB full-time (they must sever ties with their former employer). The FASB board members periodically issue a new accounting standard, which is referred to as an Accounting Standard Update (ASU) because it amends the Accounting Standard Codification (ASC). Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 10751 Edspira
3 Generally Accepted Auding Standards
 
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This is lesson reviews the principles of Generally Accepted Auditing Standards and Audit Quality. Learn more and become student at EF University for FREE - http://executivefinance.teachable.com/ Like us Facebook- https://www.facebook.com/exfinance/ Linkedin- https://www.linkedin.com/company/executive-finance Twitter- https://twitter.com/exfinance
Views: 15698 Executive Finance
Financial Accounting Standards  | Intermediate Accounting | CPA Exam FAR | Chp 1 p 1
 
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Please like and share my Facebook page: https://www.facebook.com/accountinglectures/ The  essential  characteristics  of  accounting  are  (1)  the  identification, measurement,  and  communication  of  financial  information  about  (2)  economic  entities  to  (3)  interested  parties.  Financial  accounting  is  the  process  that  culminates  in  the  preparation  of  financial reports on the enterprise for use by both internal and external parties.  3.  Financial statements are the principal means through which a company communicates  its financial information to those outside it. The financial statements most frequently provided are  (1)  the  balance  sheet,  (2)  the  income  statement,  (3)  the  statement  of  cash  flows,  and  (4)  the  statement  of  owners’  or  stockholders’  equity.  Note  disclosures  are  an  integral  part  of  each  financial statement. Other means of communication information that might not be included in the  financial  statements  include  the  president’s  letter  or  supplementary  schedules  in  the  corporate  annual  report,  prospectuses,  reports  filed  with  government  agencies,  news  releases,  management forecasts, and social or environmental impact statements.  4.  Accounting is important for markets, free enterprise, and competition because it assists in  providing information that leads to capital allocation. The better the information, the more effective  the process of capital allocation and then the healthier the economy. The  objective  of  general  purpose  financial  reporting  is  to  provide  financial  information  about  the  reporting  entity  that  is  useful  to  present  and  potential  equity  investors,  lenders,  and  other creditors. General­purpose financial statements provide financial reporting information to a  wide variety of users.  6.  The objective of financial reporting identifies investors and creditors as the primary users  for  general­purpose  financial  statements.  As  part  of  the  objective  of  general­purpose  financial  reporting, an entity perspective is adopted. Companies are viewed as separate and distinct from  their  owners. When  making  decisions,  investors  are  interested  in  assessing  (1) the  company’s  ability  to  generate  net  cash  inflows  and  (2)  management’s  ability  to  protect  and  enhance  the  capital providers’ investments.  7.  The  accounting  profession  has  developed  a  common  set  of  standards  and  procedures  known  as  generally  accepted  accounting  principles  (GAAP).  These  principles  serve  as  a  general  guide  to  the  accounting  practitioner  in  accumulating  and  reporting  the  financial  information of a business enterprise.
Accounting Standards Full | Accounting and Financial Management (ACCT101)
 
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http://goo.gl/D75S9t for more free video tutorials covering Accounting and Financial Management. This video gives an introduction on accounting standards full understanding the background of accounting principle & outlining the qualities and characteristics of financial information. GAAP, Generally Accepted Accounting Principles can be discerned by 2 origins- authoritative standard and conceptual framework. International Accounting Standards Board, IASB provides the foundational set of international accounting standards and Australian Accounting Standards Board, AASB uses these and adds on to them as necessary principle precise to Australia. IASB & AASB together have been considered as the base of authoritative standard. On the contrary, conceptual frameworks are developed by accounting professional to guide accountants when they prepare & present financial statement. Moving on, the video demonstrates the principles and SACS (Statement of Accounting Concepts) of conceptual frameworks in greater details. Next, it talks about the applications and difficulties of GAAP subsequently show how financial positions and performances as well as cash flows can allow users to make informed economic decision. Finally, the video talks about the quantitative characteristics of accounting standards that include relevance, reliability and comparability.
Views: 10242 Spoon Feed Me
The Accounting Standards Codification (ASC) U.S. GAAP
 
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This video discusses the Accounting Standards Codification (ASC) which contains the generally accepted accounting principles (GAAP) for companies in the United States. The Financial Accounting Standards Board (FASB) codified the accounting standards into one central location in 2009. Prior to the ASC, there was a hierarchy of GAAP with certain things being more authoritative than others. Now that the codification has taken place, there is a single layer of GAAP. The FASB periodically amends the ASC with an Accounting Standards Update (ASU). Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 5280 Edspira
FASB vs the IASB
 
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This video compares the Financial Accounting Standards Board (FASB) to the International Accounting Standards Board (IASB). The FASB is the standard-setter for Generally Accepted Accounting Principles (GAAP) in the United States. The IASB is the standard-setter that creates International Financial Reporting Standards (IFRS), which have been adopted by more than one hundred countries. The FASB and the IASB have a similar structure: each has a set of board members that are selected by a foundation that also provides oversight. Both the FASB and the IASB are also supported by an advisory council and an organization the addresses issues of divergent accounting practice (for the FASB this is the Emerging Issues Task Force; for the IASB this is the IFRS Interpretations Committee). The size of the IASB board is roughly double the size of the FASB board because the IASB has members from around the world. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 5876 Edspira
Generally Accepted Accounting Principles(GAAP): Financeera
 
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A video explains the concept of Accounting Principles in detail. Highly recommended and useful for beginners in accounting or non- accounting and finance professional
Views: 15664 Gaurav sharma
The new UK GAAP (Generally Accepted Accounting Practice) | Accountex 2015
 
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ICAEW's Marianne Mau discusses the new UK financial reporting regime, and the further changes for small companies expected in 2016 https://sage-exchange.co.uk/news/industry-news/accountex-2015
Views: 1125 Sage
Basic Accounting: IFRS Financial Reporting Principles
 
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Watch 1000s of finance videos for free and advance your career. https://bluebookacademy.com
Views: 3027 BlueBookAcademy.com
Tricks To Learn | INDIAN Accounting Standards & IFRS | GAAP | All Concepts in Just A Few Minutes
 
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Introduction to GAAP (Generally Accepted Accounting Principles)
 
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This video discusses Generally Accepted Accounting Principles (GAAP). GAAP refers to the common set of rules companies must follow when preparing financial reports for external parties (investors and creditors). Not all countries use the same GAAP. A country may adopt International Financial Reporting Standards or it may create its own local GAAP. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 68258 Edspira
Accounting principle in hindi
 
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Thank you friends to support me Plz share subscribe and comment on my channel and Connect me through Instagram:- Chanchalb1996 Gmail:- [email protected] Facebook page :- https://m.facebook.com/Only-for-commerce-student-366734273750227/ Unaccademy download link :- https://unacademy.app.link/bfElTw3WcS Unaccademy profile link :- https://unacademy.com/user/chanchalb1996 Telegram link :- https://t.me/joinchat/AAAAAEu9rP9ahCScbT_mMA
Views: 42696 study with chanchal
The Importance of GAAP
 
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A look at why financial statement users need Generally Accepted Accounting Principles (GAAP) to make better-informed decisions about whether to provide capital, lend or donate money, or whether or not to support a voter referendum.
Standards-Setting Bodies: FASB, GAAP, SEC, AICPA | Intermediate Accounting | CPA Exam FAR | Chp 1 p2
 
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After the stock market crash in 1929 and the Great Depression, there were calls  for  increased  government  regulation  and  supervision—especially  financial  institutions  and  the  stock  market.  As  a  result,  the  federal  government  established  the  Securities  and  Exchange  Commission  (SEC)  to  help  develop  and  standardize  financial  information  presented  to  stockholders. The SEC is a federal agency and administers the Securities Exchange Act of 1934  and several other acts. Most companies that issue securities to the public or are listed on a stock  exchange are required to file audited financial statements with the SEC. In addition, the SEC has  broad powers to prescribe the accounting practices and standards to be employed by companies  that fall within its jurisdiction.  9.  At the time the SEC was created, it encouraged the creation of a private standards­setting  body. As a result, accounting standards have developed in the private sector either through the  American Institute of Certified Public Accountants (AICPA) or the Financial Accounting Standards  Board  (FASB).  The  SEC  has  affirmed  its  support  for  the  FASB  by  indicating  that  financial  statements  conforming  to  standards  set  by  the  FASB  will  be  presumed  to  have  substantial  authoritative support.  10.  Over its history, the SEC’s involvement in the development of accounting standards has  varied. In some cases, the private sector has attempted to establish a standard, but the SEC has  refused to accept it. In other cases, the SEC has prodded the private sector into taking quicker  action on setting standards.  11.  If  the  SEC  believes  that  an  accounting  or  disclosure  irregularity  exists  regarding  a  company’s  financial  statements,  the  SEC  sends  a  deficiency  letter  to  the  company.  If  the  company’s  response  to  the  deficiency  letter  proves  unsatisfactory,  the  SEC  has  the  power  to  issue a “stop order,” which prevents the registrant from issuing securities or trading securities on  the exchanges. Criminal charges may also be brought by the Department of Justice.  At  the  urging  of  the  SEC,  the  AICPA  appointed  the  Committee  on  Accounting  Procedure (CAP) in 1939. This group issued 51 Accounting Research Bulletins (ARBs) during  the years 1939 to 1959. In  1959,  the  AICPA  created  the  Accounting  Principles  Board  (APB).  The  major  purposes of this group were (a) to advance the written expression of accounting principles, (b) to  determine  appropriate  practices,  and  (c) to  narrow the  areas  of  difference  and  inconsistency  in  practice. Its  pronouncements,  known  as APB  Opinions,  were  intended to  be  based mainly  on  research studies and be supported by reason and analysis.  The FASB  14.  Early  in  its  existence  the  APB  was  criticized  for  lack  of  productivity  and  failing  to  act  promptly,  then  it  was  criticized  for  overreacting  to  certain  issues.  A  committee,  known  as  the  Study Group on Establishment of Accounting Principles (Wheat Committee), was set up to  study the APB  and  recommend  changes  in  its  structure  and  operation. The  result  of the Study  Group’s  findings  was  the  demise  of  the  APB  and  the  creation  of  the  Financial  Accounting  Standards Board (FASB) in 1973. The FASB represents the current rule­making body within the  accounting profession.  15.  The role of the AICPA in standard setting is now diminished, but has a Financial Reporting  Executive Committee  (FinREC), which is authorized to make public statements on behalf of the  AICPA  on  financial  reporting  matters.  FinREC  also  issues  audit  and  accounting  guides,  which  address  particular  areas  in financial  reporting.  Furthermore, the  AICPA  has  been the  leader  in  developing auditing standards through its Auditing Standards Board—but the Sarbanes­Oxley Act  now  requires  the  Public  Company  Accounting  Oversight  Board  to  oversee  the  development  of  auditing standards. The AICPA continues to develop and grade the CPA examination.  16.  The  mission  of  the  FASB  is  to  establish  and  improve  standards  of  financial  accounting  and reporting for the guidance and education of the public, which includes issuers, auditors
International financial reporting standards
 
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In this video I have explained meaning of #IFRS #IAS What is #IASB What is #IASC Watch this video to know all about IFRS and it's difference between GAAP and IFRS. Theory base of accounting https://youtu.be/OqUIRF3-Dqs Accounting concepts, principles and conventions Part 1https://youtu.be/RpzduMUdE8E Part 2 ,https://youtu.be/9YXsNiQHG84 Indian accounting standards https://youtu.be/s0Dk-WkzC54 Thanks for watching Please like , subscribe and share
Views: 563 Super commerce
Financial Accounting: GAAP Principles and Concepts
 
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For best viewing, switch settings to 1080p Help us caption & translate this video! http://amara.org/v/FgKs/
Views: 31612 ProfAlldredge
GAAP ( Accounting Standard)
 
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Let Learn about GAAP
Views: 251 Deepak Navik
What is GAAP?
 
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GAAP stands for Generally Accepted Accounting Principles; these are the standard and commonly accepted ways of recording and reporting accounting. GAAP is the acronym for generally accepted accounting principles. That means the basic accounting principles and guidelines such as the cost principle, matching principle, full disclosure, etc., the detailed standards and other rules issued by the Financial Accounting Standards Board and its predecessor the Accounting Principles Board, and generally accepted industry practices. GAAP must be adhered to when a company distributes its financial statements outside of the company. If a corporation's stock is publicly traded, the financial statements must also adhere to rules established by the overseeing governmental agency. This includes having its financial statements audited by an independent accounting firm. Accountants use generally accepted accounting principles to guide them in recording and reporting financial information. GAAP comprises a broad set of principles that have been developed by the accounting profession. In 2008, the Securities and Exchange Commission issued a preliminary "roadmap" that may lead the United States to abandon Generally Accepted Accounting Principles in the and to join more than 100 countries around the world instead in using the London-based International Financial Reporting Standard. The SEC expressed their aim to fully adopt International Financial Reporting Standards in the U.S. by 2014. With the convergence of the U.S. GAAP and the international IFRS accounting systems, as the highest authority over International Financial Reporting Standards, the International Accounting Standards Board is becoming more important in the United States. By Barry Norman, Investors Trading Academy
What is IFRS?
 
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What are Accounting Standards Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP). Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements. The objective of such standards is to provide financial information to investors, lenders, creditors, contributors and others that is useful in making decisions about providing resources to the entity. What is IFRS? IFRS is short for International Financial Reporting Standards. IFRS is the international accounting framework within which to properly organize and report financial information. It is derived from the pronouncements of the London-based International Accounting Standards Board (IASB). It is currently the required accounting framework in more than 120 countries. IFRS requires businesses to report their financial results and financial position using the same rules; this means that, barring any fraudulent manipulation, there is considerable uniformity in the financial reporting of all businesses using IFRS, which makes it easier to compare and contrast their financial results. IFRS is used primarily by businesses reporting their financial results anywhere in the world except the United States. Generally Accepted Accounting Principles, or GAAP, is the accounting framework used in the United States. GAAP is much more rules-based than IFRS. IFRS focuses more on general principles than GAAP, which makes the IFRS body of work much smaller, cleaner, and easier to understand than GAAP. IFRS covers a broad array of topics, including: • Presentation of financial statements • Revenue recognition • Employee benefits • Borrowing costs • Income taxes • Investment in associates • Inventories • Fixed assets • Intangible assets • Leases • Retirement benefit plans • Business combinations • Foreign exchange rates • Operating segments • Subsequent events • Industry-specific accounting, such as mineral resources and agriculture There are several working groups that are gradually reducing the differences between the GAAP and IFRS accounting frameworks, so eventually there should be minor differences in the reported results of a business if it switches between the two frameworks. There is a stated intent to eventually merge GAAP into IFRS, but this has not yet occurred.
Views: 456 Presentations Buddy
Generally Accepted Accounting Principles (United States)
 
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Generally Accepted Accounting Principles, USA GAAP or GAAP stands for "generally accepted accounting principles". Although the U.S. Securities and Exchange Commission (SEC) has stated that it intends to move from US GAAP to the International Financial Reporting Standards (IFRS), they differ considerably from GAAP and progress has been slow and uncertain. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
Views: 4959 Audiopedia
History of the Accounting Standard Setting Process in the U.S.
 
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This video outlines the history of the accounting standard-setting process in the United States. This began with the Securities Act of 1933 and the Securities Exchange Act of 1934, which required publicly-traded firms to file extensive financial disclosures and created the Securities and Exchange Commission to regulate those disclosures. The SEC delegated the responsibility for creating accounting standards to a private organization, the Committee on Accounting Procedure, in 1939. The CAP was the standard-setter until 1959, when it was replaced by the Accounting Principles Board. The APB issued accounting standards until 1973, when it was replaced by the Financial Accounting Standards Board. The FASB has created a conceptual framework to guide the development of accounting standards, and in 2009 it codified the accounting standards to create a single level of GAAP. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 11057 Edspira
01 GAAP General Accepted Accounting Principles
 
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Generally accepted accounting Principles Introduction: Basic Accounting Principles And Guidelines. The general rules and conceptions that govern the subject of accounting are known as basic accounting principles and guidelines. The complicated, legalistic and detailed accounting rules are based on these basic accounting principles and guidelines. For instance, the FASB (Financial Accounting Standards Board) uses these basic accounting principles and guidelines as a basis for their own thorough and broad set of accounting rules and procedures. Generally accepted accounting Principles consists of the flowing three important sets of rules: (1) the basic accounting guidelines and principles, (2) the thorough rules and principles issued by FASB and its ancestor the APB (Accounting Principles Board) (3) The commonly acknowledged industry practices. Basic Accounting Principles and Guidelines Since GAAP is founded on the basic accounting principles and guidelines, we can better understand GAAP if we understand those accounting principles. The following is a list of the ten main accounting principles and guidelines together with a highly condensed explanation of each. 1. Economic Entity Assumption 2. Monetary Unit Assumption 3. Time Period Assumption 4. Cost Principle 5. Full Disclosure Principle 6. Going Concern Principle 7. Matching Principle 8. Revenue Recognition Principle 9. Materiality 10. Conservatism
Views: 354 Knowledge Zone
Mod-04 Lec-07 Accounting Concepts, Standards, IFRS
 
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Managerial Accounting by Dr. Varadraj Bapat,Department of Management,IIT Bombay.For more details on NPTEL visit http://nptel.ac.in
Views: 3939 nptelhrd
What is International financial reporting standards IFRS and difference with accounting standard
 
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In this video we will discuss What is International financial reporting standards IFRS and their difference with Indian accounting standard in Hindi  this video will be beneficial for the students of class 11th CA Foundation CPT CS Foundation IPCC and for beginners I hope you will like this video if you have any doubt please ask me in the comment box  ___________________________________________  Link for the PDF and notes : https://digeshshala.blogspot.com/2018/09/international-financial-reporting.html ___________________________________________   Playlist of all classes chapterwise in hindi   Class 12th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdATlcwk5xxuL9MTNAL9rYYx    Class 11th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdCyPUEqE9TN3SzIkiO_gJDJ   Class 11th Business studies lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdDSZWPBpHY78okveJI4Bhrx   GST all chapters playlist in Hindi : https://m.youtube.com/playlist?list=PLUsUBXYVOqdBIX5qqLF53derbjKsMGHW5 All Basic terms of accounting  https://m.youtube.com/playlist?list=PLUsUBXYVOqdAC3VKvwXWJr6X3oMZtbm-c   class 10thmaths from ncert book/cbse in hindi chapterwise with solutions  https://m.youtube.com/playlist?list=PLUsUBXYVOqdDs10r2RYPgYEfMYHZBCj-e     Learn all the journal entries in 5 minutes: https://youtu.be/bRxRM6a12sA   What is Asset? Expense? Capital? Liability? Income?????: https://youtu.be/S1iBPIR6umY ___________________________________________    You can contact me on:   Facebook page     :  https://www.facebook.com/Digeshshala.digeshsoni/?view_public_for=367201753757403   WhatsApp no. 9039927843   Whatsapp group : https://chat.whatsapp.com/0gSogGmkWk2AbJpP0bnpGn   Telegram group : https://t.me/joinchat/Jwr_IA7tbNG44-mdg7pvfw   Facebook profile : https://m.facebook.com/Digesh.soni.31   instagram : https://www.instagram.com/digesh.soni/   twitter : https://twitter.com/soni_digesh
Views: 14389 DIGESHSHALA
Generally Accepted Accounting Principles | GAAP | SSC CGL 2018 | CAG AAO
 
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GAAP for AAO in CAG through SSC CGL Paper 4 (AAO CAG). Finance and Economics paper Tier 2 . very important topic for concepts and numericals. This forms the basis of accountancy.
Views: 12091 Exambay
IFRS IN HINDI
 
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Accounting principles:- https://youtu.be/fmwsdCiV9PA Thank you friends to support me Plz share subscribe and comment on my channel and Connect me through Instagram:- Chanchalb1996 Gmail:- [email protected] Facebook page :- https://m.facebook.com/Only-for-commerce-student-366734273750227/ Unaccademy download link :- https://unacademy.app.link/bfElTw3WcS Unaccademy profile link :- https://unacademy.com/user/chanchalb1996 Telegram link :- https://t.me/joinchat/AAAAAEu9rP9ahCScbT_mMA
Views: 19342 study with chanchal
Accounting concepts principle convension assumptions accounting standards ifrs class 11th in-hindi
 
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In this video we will discuss what is accounting concept accounting assumption accounting principle accounting standards in Hindi this video will be beneficial for the students of class 11th CA Foundation CPT CS Foundation IPCC and for beginners I hope you will like this video if you have any doubt please ask me in the comment box #accounting #principle #standards #assumption #concept ___________________________________________ Link for the PDF and notes : https://digeshshala.blogspot.com/2018/09/accounting-concept-principles-and.html?m=1 ___________________________________________ Playlist of all classes chapterwise in hindi Class 12th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdATlcwk5xxuL9MTNAL9rYYx Class 11th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdCyPUEqE9TN3SzIkiO_gJDJ Class 11th Business studies lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdDSZWPBpHY78okveJI4Bhrx GST all chapters playlist in Hindi : https://m.youtube.com/playlist?list=PLUsUBXYVOqdBIX5qqLF53derbjKsMGHW5 All Basic terms of accounting  https://m.youtube.com/playlist?list=PLUsUBXYVOqdAC3VKvwXWJr6X3oMZtbm-c class 10thmaths from ncert book/cbse in hindi chapterwise with solutions https://m.youtube.com/playlist?list=PLUsUBXYVOqdDs10r2RYPgYEfMYHZBCj-e    Learn all the generalentries in 5 minutes: https://youtu.be/bRxRM6a12sA What is Asset? Expense? Capital? Liability? Income?????:https://youtu.be/S1iBPIR6umY ___________________________________________ You can contact me on: Facebook page : https://www.facebook.com/Digeshshala.... WhatsApp no. 9039927843 Whatsapp group : https://chat.whatsapp.com/0gSogGmkWk2... Telegram group : https://t.me/joinchat/Jwr_IA7tbNG44-m... Facebook profile : https://m.facebook.com/Digesh.soni.31 instagram : https://www.instagram.com/digesh.soni/ twitter : https://twitter.com/soni_digesh
Views: 1531 DIGESHSHALA
#11, Accounting Principles (Part 3)
 
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different types of accounting principles class 11th accounts dual aspect of duality principle revenue recognition principle verifiable principle accounting standards accounts Adda video 11 #commerce #accounts #class11
Views: 9084 Accounts Adda
NFRA, GAAP, AS, IND AS, IFRS all Concepts | in hindi
 
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Free Study Material for paper 1, 2 https://youtu.be/sLn6SJqhiMU For notes and PDF: https://navclasses.blogspot.in/2018/03/gaap-as-ind-as-ias-ifrs-nfra-notes.html Full Study Playlist for CBSE UGC NET in Hindi: https://goo.gl/1NvyMk Paper 1 Important topics and time table for UGC NET June 2018: https://youtu.be/-MKDioVT0Zk Human resource management in Hindi: https://goo.gl/v96yPm If any one wants to get PDFs by Navclasses then click here: https://www.facebook.com/groups/navclasses/files/ Subscribe Nav Classes for regular lectures Ask you doubts here in comment box If any one wants to get PDFs by Navclasses then click here: https://www.facebook.com/groups/navclasses/files/ Nav classes Videos in English language: https://goo.gl/iXUuG8 CBSE UGC NET in Hindi: https://goo.gl/1NvyMk Data Interpretation tricks: https://goo.gl/Or5lWg HRD lectures in Hindi: https://goo.gl/MiPZLF HRD lectures in English: https://goo.gl/Hg7cWg Reasoning Tricks in Hindi: https://goo.gl/WULwTn Math Tricks: https://goo.gl/3WYJDu CBSE UGC NET: https://goo.gl/j4qvzZ SHRM: https://goo.gl/oMU6IP Human resource management in English: https://goo.gl/2E4Py8 Human resource management in Hindi: https://goo.gl/v96yPm Arrangement puzzles: https://goo.gl/xWFWSP Syllogisms: https://goo.gl/chw3Vq Nav Online Classes for all commerce Lectures & tricks to crack exams All carve for Knowledge ends here Here you will get all possible help and personal assistance Procedure 1. Subscribe https://goo.gl/r6rSqV and Ring Bell with it to get all lectures on your inbox 2. New lecture Daily Featured Sunday for CBSE UGC NET, SSC, CGL, BANK PO, IBPS, Railway, CPO, UPSC, BOB & NIACL AO and ASSISTANT, DENA BANK, SBI PO MAINS 3. Google Group for more interaction: https://groups.google.com/d/forum/navclasses 4 like Facebook Page: https://www.facebook.com/navclassesonline/ 5 Join Fb Group https://www.facebook.com/groups/navclasses/ Subscribe to http://navclasses.blogspot.in/ for written notes and MCQs
Views: 15505 Nav classes
FASB's Conceptual Framework for Accounting
 
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This video provides an overview of the conceptual framework created by the Financial Accounting Standards Board (FASB) to guide the development of Generally Accepted Accounting Principles (GAAP) in the United States. The conceptual framework includes the objective of financial reporting, the elements of financial reports (assets, liabilities, etc.), and the qualitative characteristics of accounting information. The conceptual framework also highlights assumptions that are made when preparing financial reports, as well as several principles and constraints that affect financial accounting. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 13155 Edspira
Accounting Standards and International Financial Reporting Standard for class 11 , 12  and Bcom.
 
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In this video you will be learning Generally Accepted Accounting Principles (GAAP) & the term I.F.R.S (International Financial Reporting Standard). Please watch the full video as this video is very helpful for all COMMERCE STUDENTS . Please Like and subscribe this channel For getting more new videos notifications. THANKS -A-LOT..
Financial Statement Fundamentals (5 of 43): IASB, FASB and Accounting Standards
 
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Financial Statement Fundamentals (5 of 43): IASB, FASB and Accounting Standards Support the AccoFina Patreon if you're a fan, or believer, in my work: https://patreon.com/accofina Time Markers: 1) GAAP (Generally Accepted Accounting Principles) 0:20 2) Standards (Accounting 'Rules') 1:14 3) The 2 Major Accounting Standards Bodies 2:11 4) Are Accounting Standards Mandatory? 3:56 5) Conclusion 5:49 Please Help Translate this Video's Captions, Title or Description; many thanks: http://www.youtube.com/timedtext_video?v=XlDbpfE0K2Y&ref=share FINANCIAL STATEMENT FUNDAMENTALS: How to Understand the Story of Any Business at Any Time Lecture: The IASB & FASB and Accounting Standards GAAP (Generally Accepted Accounting Principles): * Earlier we spoke about GAAP (how they related to financial accounting & management accounting) However... GAAP is a ‘generic’ term or could even be a more ‘USA-centric’ term What I was trying to express using the term ‘GAAP’ ...I was taking the concise, easy option to express: Some sort of formal, codified set of financial accounting guidelines ...or ‘rules’ THE IASB & FASB “Standards”: Financial Accounting ‘Rules’ * Standards give financial accountants guidance: on how to account for, present & disclose the majority of transactions. * Standards “Limit accounting policy choice” THE IASB & FASB are The 2 Main Standard Setters * The IASB sets the IFRS * or The International Accounting Standards Board sets The International Financial Reporting Standards * The FASB sets the US GAAP * or The Financial Accounting Standards Board sets US Generally Accepted Accounting Principles There are some differences between the two sets of standard systems (IFRS & US GAAP). But there is a harmonisation process underway. Accouting Standards: Following Standards is Sometimes Mandatory ...and Sometimes Not Following IFRS & US GAAP is often legal or regulatory enforceable e.g. for organisations with many stakeholders or with otherwise economic importance Following Standards are Sometimes Mandatory ...and Sometimes Not e.g. often not mandatory for many smaller organisation) ...but wouldn’t it always be better to record and report transactions universally, consistently and transparently whenever possible? THE IASB & FASB So now you know who’s at the top of the pyramid ...and now you have the Power! The IASB & FASB restricts financial accountants on how to behave and “limits accounting policy choice” ...Next time someone in accounting ‘tells’ you this is “how it’s done” Ask (or even check yourself!) if they are following or using IFRS or US GAAP. So now you know who’s at the top of the pyramid ...and now you have the Power! IASB: www.ifrs.org FASB: www.fasb.org This video was brought to you by AccoFina... Subscribe to the Channel: https://goo.gl/84Sfeg Or just check out the Channel Page: https://goo.gl/yTj9Bs Most Popular YouTube Video: https://goo.gl/Jbv685 Latest YouTube Upload: https://goo.gl/wDM83Y http://www.accofina.com http://www.amazon.com/author/axeltracy http://www.twitter.com/accofina http://plus.google.com/+accofina https://www.instagram.com/axel_accofina/ https://www.facebook.com/AccoFina.Page #Accounting #FinancialEducation #FinancialStatementFundamentals
Views: 33 AccoFina
AS-1 : Disclosure of Accounting Policies & Principles || Financial Accounting || Short & Simple
 
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Useful for all commerce graduation students, CA , CS, ICWA, MCOM, BCOM and other courses related to accounts Learn from one of the most popular faculties in teaching in short and simple manner
Views: 20775 Ruchi2Learn
What is accounting standards difference between accounting standard and principle in Hindi class 11
 
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In this video we will discuss What is accounting standards difference between accounting standard and principle in Hindi  this video will be beneficial for the students of class 11th CA Foundation CPT CS Foundation IPCC and for beginners I hope you will like this video if you have any doubt please ask me in the comment box  #accounting #standards #principle #difference ___________________________________________  Link for the PDF and notes : https://digeshshala.blogspot.com/2018/09/accounting-standards-of-india.html ___________________________________________   Playlist of all classes chapterwise in hindi   Class 12th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdATlcwk5xxuL9MTNAL9rYYx    Class 11th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdCyPUEqE9TN3SzIkiO_gJDJ   Class 11th Business studies lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdDSZWPBpHY78okveJI4Bhrx   GST all chapters playlist in Hindi : https://m.youtube.com/playlist?list=PLUsUBXYVOqdBIX5qqLF53derbjKsMGHW5 All Basic terms of accounting  https://m.youtube.com/playlist?list=PLUsUBXYVOqdAC3VKvwXWJr6X3oMZtbm-c   class 10thmaths from ncert book/cbse in hindi chapterwise with solutions  https://m.youtube.com/playlist?list=PLUsUBXYVOqdDs10r2RYPgYEfMYHZBCj-e     Learn all the journal entries in 5 minutes: https://youtu.be/bRxRM6a12sA   What is Asset? Expense? Capital? Liability? Income?????: https://youtu.be/S1iBPIR6umY ___________________________________________    You can contact me on:   Facebook page     :  https://www.facebook.com/Digeshshala.digeshsoni/?view_public_for=367201753757403   WhatsApp no. 9039927843   Whatsapp group : https://chat.whatsapp.com/0gSogGmkWk2AbJpP0bnpGn   Telegram group : https://t.me/joinchat/Jwr_IA7tbNG44-mdg7pvfw   Facebook profile : https://m.facebook.com/Digesh.soni.31   instagram : https://www.instagram.com/digesh.soni/   twitter : https://twitter.com/soni_digesh
Views: 1267 DIGESHSHALA
#3 ACCOUNTING PRINCIPLES/CONCEPTS, AS, IFRS I CA CMA RAVI KUMAR I IMP FOR EVERY COMMERCE STUDENTS
 
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ACCOUNTING PRINCIPLES/CONCEPTS, AS, IFRS I CA RAVI KUMAR I IMPORTANT FOR EVERY COMMERCE STUDENTS I FREE EDUCATION FOR ALL I KEEP SHARING. GO TO PLAYLIST AND FIND YOUR SUBJECT AND START LEARNING.
EuroMaTech International Financial Reporting Standards (IFRS)
 
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The diminishing differences between generally accepted accounting principles (GAAP), principally established by the Financial Accounting Standards Board (FASB), and international financial reporting standards (IFRS), as established by the International Accounting Standards Board (IASB”, is narrowing at a faster pace. IFRS are now the world’s most widely accepted and applied accounting standards with more than 100 countries now requiring or permitting their use. EuroMaTech is a trustful and reliable training company with multiple locations.Check out our video #Euromatech #euromatechtraining #training #trainingcourse #trainingseminar #trainingprogramme #trainingprogram #managementandleadership #projectmanagement #oilandgas #financeandaccounting #administrationandsecretarial #consulting #management #leadership #maintenacemanagement #humanresources #hr #dubai #uk #london #amsterdam #geneva #newyork #oman #dubaitraining #managementtraining #corporatetraining #worldclasstraining #audittraining #finanace #contractsmanagement #healthandsafetytraining #instrumentationtraining #hrtraining #leadershiptraining
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Class 11th Accountancy Chapter: Theory Base of Accounting
 
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