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14 Cards in this Set

  • Front
  • Back

Fraud triangle

1) Opportunity 2) pressure/incentive 3) rationalization/attitude

SOX

Sarbanes - Oxley Act, public accounting oversight to companies that sell stock

Dodd-Frank Wall Street reform & consumer protection plan

Promotes accountability, ends "too big to fail", protects consumers from abusive financial services

Clawback

Mandates recovery of excess incentive compensation (Dodd-Frank)

GAAP

Generally accepted accounting principles. Relevant, reliable & comparable

SEC

Securities and Exchange Commission. Oversees GAAP

FASB

Financial Accounting and Standards Board.

IASB

International Accounting Standards Board.

IFRS

International Financial Reporting Standards (similar but sometimes different from GAAP)

FASB

Conceptual framework: objectives, qualitative character/elements & recognition/measurement

Accounting principles

1) Measurement/Cost principle


2) revenue cognition


3) expense recognition/matching principle


4) Full disclosure

Accounting assumptions

1) Going concern


2) monetary unit


3) time period


4) business entity

Accounting constraints

1) materiality


2) benefit exceeds cost


3) conservatism & industry practice

Expanding accounting equation

Assets = liability + (owner capital - owner withdrawals + revenues - expenses)