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Financial Accounting Research Tools

Financial Accounting Research Tools. Chapter 4. Learning Objectives. Database research strategies Challenges of accounting research Content of the FASB’s Codification Research System The research process using the Codification SEC accounting for public companies

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Financial Accounting Research Tools

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  1. Financial Accounting Research Tools Chapter 4

  2. Learning Objectives Database research strategies Challenges of accounting research Content of the FASB’s Codification Research System The research process using the Codification SEC accounting for public companies Cases to practice accounting research

  3. Using a database Define information needed Determine sources to search Use appropriate search methods View results and manage the information (full text or citation) Communicate the research results

  4. Codification Comprehensive, but not complete, research on accounting issues for the private sector Ninety topical areas of prior level A-D GAAP Master glossary Limited SEC content for user ease (Regulation S-X, Financial Reporting Releases, Accounting Series Releases, Interpretive Releases, Staff Accounting Bulletins, EITF Topic D, and SEC Staff Observer Comments)

  5. Codification (contd.) • Codification supersedes all pre-existing non-governmental accounting and reporting standards. • Four main topical areas: • Presentation (codes 205-299) • Financial statement accounts (codes 305- 705) • Assets • Liabilities • Equity • Revenue • Expenses

  6. Codification (contd.) • Four main topical areas: (contd.) • Broad transactions (805 – 835) • Industries (905 – 999) • The topical areas are further refined into subtopics, sections and subsections (see figure 4-2)

  7. The Codification Research Process • Methods of searching • Topical category search • Master glossary search • Search inquiries • When should the researcher stop searching? • Consider primary vs. secondary sources • Consider authoritative vs. non-authoritative sources

  8. SEC SEC accounting is not the same as GAAP accounting SEC follows legal hierarchy to be discussed in a later chapter SEC has statutory authority to establish accounting rules and regulations for public companies (companies must file 10K’s, 8-K’s, 10Q’s) Regulation S-X – Form and Content of Financial Statements Regulation S-K – Integrated Disclosure Rules

  9. SEC (contd.) • Financial Reporting Releases (FRRs) – accounting principles that update Reg S-X and Reg S-K • Accounting and Enforcement Releases (AAER’s) – • Accounting Series Releases (ASRs) – predecessor to FFRs • SEC Staff Policy – not formally approved but published in interpretations. SAB’s similar to FASB technical bulletins • See Figure 5-10 for SEC hierarchy

  10. SEC (contd.) • Accessing SEC filings and regulations • Website (sec.gov) • Company websites • SEC’s next generation EDGARsystem • Commercial databases

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