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Ch 7: Evaluating the Current Financial Reporting Environment

About This Chapter

If you need to study the current financial reporting environment for an exam or assignment, take a look at these simple and convenient online accounting lessons. The chapter also comes with brief quizzes to help you retain your financial reporting environment knowledge.

Evaluating the Current Financial Reporting Environment - Chapter Summary

This comprehensive accounting chapter explores important topics pertaining to the current financial reporting environment. As you progress through the chapter, you'll examine concepts like accounting theory, financial reporting standards, the Sarbanes-Oxley Act, hedging transactions and the foreign currency consolidation process. Try the accompanying self-assessment quizzes to reinforce your understanding of these financial reporting environment topics. Our expert accounting instructors are available to answer any questions you may have, and the chapter is available to study at any time. By the end of the chapter, you should be able to:

  • Explain accounting theory and describe the financial reporting environment
  • Tell how interim and segment reporting can be applied to accounting theory
  • Recognize international financial reporting and accounting standards
  • Describe the process of presenting and measuring financial statements worldwide
  • Summarize the history of the Securities and Exchange Commission
  • Identify the components of the Sarbanes-Oxley Act
  • Connect foreign currency transactions to accounting theory and financial reporting
  • Compare various types of hedging transactions related to the management of foreign currency exposure
  • Understand several rate methods for foreign currency financial statements
  • Outline foreign currency consolidation accounting procedures

5 Lessons in Chapter 7: Evaluating the Current Financial Reporting Environment
Accounting Theory & the Financial Reporting Environment

1. Accounting Theory & the Financial Reporting Environment

This lesson will focus on accounting theory and how it has evolved to influence and regulate financial reporting. We will look at the main aspects of the theory, as well as the elements from accounting theory that are used for financial reporting.

International Accounting Standards & Financial Reporting

2. International Accounting Standards & Financial Reporting

This lesson will cover the International Financial Reporting Standards and how they apply to financial statements. We will also look at how these standards create uniformity in financial statements across the world.

Presenting & Measuring Financial Statements Worldwide

3. Presenting & Measuring Financial Statements Worldwide

This lesson will cover how other nations deal with financial statements and reporting. This lesson will focus attention on the International Financial Reporting Standards and how other nations choose whether or not to comply with them and what the components of this system are.

The Securities & Exchange Commission: Definition, History & Purpose

4. The Securities & Exchange Commission: Definition, History & Purpose

The accounting industry is regulated by several organizations. Each of these were created by the Securities and Exchange Commission. In this lesson, you will learn the definition, history and purpose of the SEC.

The Sarbanes-Oxley Act: Definition and Explanation

5. The Sarbanes-Oxley Act: Definition and Explanation

Government regulations play a major role in corporate financial reporting. In this lesson, you will learn about one of the most important regulations enacted in the last two decades - the Sarbanes-Oxley Act.

Final Exam
Status
Accounting 304: Advanced Accounting II
This course currently has no final exam ready
Chapter Exam
Status
Evaluating the Current Financial Reporting Environment
Status: Not Started

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