O'Reilly logo

Intermediate Accounting For Dummies by Maire Loughran

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 2

Walking Through the Conceptual Framework of Financial Accounting

In This Chapter

arrow Understanding the FASB’s conceptual framework

arrow Highlighting useful framework concepts for your intermediate accounting class

arrow Walking through limits to financial accounting

arrow Thinking about financial accounting principles

arrow Highlighting the three financial statements

arrow Looking at some industries’ special rules to follow

The calculator may seem mightier than the sword, but accountants are beholden to certain rules of practice. They have to follow the rules on their preparation, which are called generally accepted accounting principles (GAAP). GAAP is the law, but every law needs a body to interpret it, and the world of accounting is no exception. The Financial Accounting Standards Board (FASB) is a nonprofit, non-government-affiliated organization that interprets GAAP and sets guidelines and practices ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required