| Title: |
A Review of Generally Accepted Accounting Principles |
| Prerequisite: |
None |
| Advance Preparation: |
None |
| Knowledge: |
Basic |
| Subject Matter Area: |
Accounting |
| Date of Publication: |
May 2007 |
| Copyright: |
© 2007 by Bisk Education, Inc. All rights reserved. |
| Recommended CPE Credits: |
1 QAS/Registry (based on 50-minute hour) |
| Expiration Date: |
One year from date of receipt to complete program and submit quizzer to obtain credit |
| Passing Grade for Quizzer: |
70 percent or higher |
This program will examine the standards that comprise Generally Accepted Accounting Principles, who sets these standards, the impact on audit reports of not using GAAP, and what makes up the basic financial statements.
Note: Reporting of CPE credit to a CPA's state board is the responsibility of the CPA. Subscribers to CPE Network Accounting & Auditing Report may not receive duplicate credit for this material, which previously aired in the May 2007 edition of this program.
This text is divided into three chapters:
Chapter 1 includes an interview with J. Russell Madray and Kurt Oestriecher in which they provide their insights on the development of Generally Accepted Accounting Principles, who sets the standards, and the potential implications of failing to use GAAP.
Chapter 2 contains supplemental materials with information on the relationship of GAAP and financial reporting, the underlying assumptions and basic accounting principles, and the GAAP hierarchy.
Chapter 3 contains review problems that help illustrate the topics covered in the previous chapters.
J. Russell Madray, CPA, CIA, CMA, CFM, is president of The Madray Group, which specializes in knowledge transfer. Mr. Madray has more than 15 years of professional experience, including 10 years in public practice. Mr. Madray is the author of numerous publications and articles on accounting and auditing topics, including the AICPA's Compilation and Review Alert.
Kurt Oestriecher, CPA, is a partner with Oestriecher and Company. Kurt is the partner in charge of accounting and auditing services, and he is also involved in litigation support and small business consulting engagements. He is a member of the AICPA and the current President of the Louisiana Society of CPAs.