CHAPTER 1 NV
The Financial Reporting Environment Soluti
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ons
Questions
Q1-
1 Financial information is a much broader concept than simply the financial statements and f
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ootnotes to the financial statements. Financial information includes items such as the President
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‘s letter to the owners, management‘s discussion and analysis, the auditors‘ report, the manag
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ement report and press releases. Of course, the basic financial statements and footnotes are in
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
cluded in the term financial information. The basic financial statements are: the balance sheet
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(also referred to as the statement of financial position), the statement of comprehensive inc
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ome (also referred to as the statement of net income and the statement of comprehensive inc
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ome), the statement of cash flows, and the statement of shareholders‘ equity. Financial infor
NV NV NV NV NV NV NV NV NV NV NV NV NV
mation is not synonymous with the term financial statements because the financial statements
NV NV NV NV NV NV NV NV NV NV NV NV
are a subset of the different types of financial information provided.
NV NV NV NV NV NV NV NV NV NV NV
Q1-
2 The purpose of generating financial statements is to provide useful information to users to e
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV
valuate economic entities and make efficient resource allocation decisions based on the risks
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and returns of a particular investment. The Financial Accounting Standards Board (FASB) i
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dentifies investors, lenders and other creditors as the primary users of the financial statement
NV NV NV NV NV NV NV NV NV NV NV NV NV
s. The financial statements are the culmination of the financial reporting process.
NV NV NV NV NV NV NV NV NV NV NV
Q1-
3 Capital is a scarce resource. Investors and creditors have to make decisions as to how much
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV N
Vcapital to invest in any given entity; therefore, they demand relevant and faithfully representa
NV NV NV NV NV NV NV NV NV NV NV NV NV
tive information about the economic performance and financial position of a company. This i
NV NV NV NV NV NV NV NV NV NV NV NV NV
nformation is provided in the financial statements.
NV NV NV NV NV NV
Q1-
4 External auditors ensure that the management of a company has prepared financial stateme
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nts in accordance with Generally Accepted Accounting Principles and fairly present the financ
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ial position and economic performance of a company. In addition, external auditors must be a
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
n independent party and cannot be employees of the company they are auditing. External au
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
ditors provide a significant amount of credibility to the financial statements.
NV NV NV NV NV NV NV NV NV NV
Q1-
5 Data analytics is the process of analyzing large data sets in order to draw useful conclusio
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ns. It involves converting raw data into useful knowledge. In financial reporting, data analytic
NV NV NV NV NV NV NV NV NV NV NV NV NV
s can be used to improve the quality of estimates and valuations.
NV NV NV NV NV NV NV NV NV NV NV
Q1-
6 Standard setters create accounting concepts, rules, and guidelines to ensure that financial sta
NV NV NV NV NV NV NV NV NV NV NV NV NV
tements accurately present the economic performance and financial position of a firm. The st
NV NV NV NV NV NV NV NV NV NV NV NV NV
andards encourage transparent and truthful reporting.
NV NV NV NV NV
,1 -2NV NV SO L UT IO NS
NV NV NV NV NV NV NV NV N V M AN U AL
NV NV NV NV NV N V FO R NV NV N V INTERMEDIATE
NV NV NV NV NV NV NV NV NV NV NV N V A
N V
C C O U N T ING
NV NV NV NV NV NV NV NV
Q1-
7 U.S. companies listed on U.S. stock exchanges do not have the option to report under IFR
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV
S. However, foreign companies that trade in the U.S. exchanges can report under IFRS. The
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV
SEC permits the use of IFRS-
NV NV NV NV NV
based financial statements by international companies with shares trading on U.S. stock exch
NV NV NV NV NV NV NV NV NV NV NV NV
anges.
Q1-
8 The FASB seeks and welcomes comments from all parties in the financial reporting proces
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s including managers, investors, accountants, preparers, creditors, lenders, financial statement
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users, governmental agencies, financial analysts, industry groups, and auditors. FASB also re
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ceives feedback from public roundtable discussions, public meetings, the FASAC, the Private
NV NV NV NV NV NV NV NV NV NV NV
Company Council, and EITF.
NV NV NV NV
Q1-
9 Yes, the promulgation of financial accounting standards is a political process. There are se
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
veral groups that influence the standard setting process. The standard setting process is a poli
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
tical process that is affected by the impact of several lobbying groups. The government, thro
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
ugh the SEC, influences accounting standards. The SEC has the authority to issue accounting
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
standards but has assigned this responsibility to the private sector. Nonetheless, the SEC can
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
exert pressure on the FASB to issue accounting standards and veto the standards promulgated
NV NV NV NV NV NV NV NV NV NV NV NV NV
by the FASB. Auditing firms, the corporate sector, creditors, financial analysts, the financial
NV NV NV NV NV NV NV NV NV NV NV NV NV N
Vcommunity, accounting organizations, industry groups, and investors can influence the FASB
NV NV NV NV NV NV NV NV NV NV N
Vby written comments about Exposure Drafts and participation in public meetings and public
NV NV NV NV NV NV NV NV NV NV NV NV NV
roundtables regarding a proposed financial reporting standard.
NV NV NV NV NV NV
Q1-10 A principles- NV NV
based standard is consistent with a theoretical framework. In contrast, a rules-
NV NV NV NV NV NV NV NV NV NV NV
based standard does not necessarily rely on a consistent theoretical framework. Rather, it co
NV NV NV NV NV NV NV NV NV NV NV NV NV
ntains more specific and prescriptive rules.
NV NV NV NV NV
Q1-
11 Recently, the FASB has taken an asset/liability approach in setting standards. With this a
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
pproach, a transaction is recorded based on whether an asset or liability is created. Another t
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV
rend has been the movement toward the use of fair value measurements as an alternative to
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV
historical cost. FASB has also focused on the promulgation of principles-
NV NV NV NV NV NV NV NV NV NV
based standards instead of rules-based standards.
NV NV NV NV NV
Brief Exercises Solut NV NV
ion to BE1-1 NV NV
General-
purpose financial statements provide general financial information about an entity that will be
NV NV NV NV NV NV NV NV NV NV NV NV
useful to many types of users. General-
NV NV NV NV NV NV NV
purpose financial statements provide information to a wide spectrum of user groups: investors
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, creditors, financial analysts, customers, employees, competitors, suppliers, unions, and gover
NV NV NV NV NV NV NV NV NV NV
nment agencies. Most financial information in general purpose financial statements is provide
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d to satisfy users with limited ability or authority to obtain additional information, which incl
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
udes investors and creditors. The Financial Accounting Standards Board (FASB) identifies in
NV NV NV NV NV NV NV NV NV NV NV
© 2021 Pearson Education, In
NV NV NV NV
c.
, CH AP TE R 1 T HE
NV NV NV NV NV NV N V N V NV NV N V FIN ANC I AL
NV NV NV NV NV NV NV NV N V RE PO RT IN G
NV NV NV NV NV NV NV NV N V E 1 -3
NV NV
N V
N VIR ON MENT
NV NV NV NV NV NV NV NV NV NV
vestors, lenders, and other creditors as the primary users of the financial statements.
NV NV NV NV NV NV NV NV NV NV NV NV
© 2021 Pearson Education, In
NV NV NV NV
c.
, 1 -4
NV NV SO L UT IO NS
NV NV NV NV NV NV NV NV N V M AN U AL
NV NV NV NV NV N V FO R NV NV N V INTERMEDIATE
NV NV NV NV NV NV NV NV NV NV NV N V A
N V
C C O U N T ING
NV NV NV NV NV NV NV NV
Solution to BE1-2 NV NV
Financial accounting is the process of identifying, measuring, and communicating financial i
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nformation about an economic entity to various user groups within the legal, economic, polit
NV NV NV NV NV NV NV NV NV NV NV NV NV
ical, and social environment. This definition contains four major elements: 1. Financial infor
NV NV NV NV NV NV NV NV NV NV N V NV
mation; 2.Economic entity; 3. User groups and 4. Legal, economic, political, and social envir
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onment
Solution to BE1-3 NV NV
Financial Statement Users NV NV NV
and Other Parties NV NV Role
NV 10 Equity Investors
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10. Are shareholders of the company. NV NV NV NV
1. Are banks and other financial institutions that len
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NV 1 Creditors
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5. Use financial information to review and analy
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NV5 Financial Analysts
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ze reported results of the companies they cover
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and make investment recommendations.
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8 Employees and Labor Union
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s 8. Use financial information during negotiation of
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new labor agreements and compensation contracts
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NV2 Suppliers and Customers
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.
2. Use financial statements to determine whether t
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NV7 Government Agencies
NV NV o conduct business or purchase products from
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a company. NV
NV 3 Competitors
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7. Review the financial statements of publicly traded
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companies for a variety of reasons that are in the
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NV 4 External Auditors
NV NV
public interest.
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NV 6 Internal Auditors
NV NV
3. Use financial information to determine their mark
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et position relative to the reporting entity and to
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NV 11 Regulatory Bodies
NV NV attempt to identify future strategies of the reporti NV NV NV NV NV NV NV
ng entity. NV
NV9 Professional Organizations
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4. Are independent of the company and responsibl
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e for ensuring that management prepares and iss
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ues financial statements that comply with accou
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nting standards and fairly present the financial
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position and economic performance of the com NV NV NV NV NV NV
pany.
6. Are employees of the company serving in an adv
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isory role to management. They provide informati
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on to management regarding the company‘s operat
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ions and proper functioning of its internal controls.
NV NV NV NV NV NV NV
11. Protect investors and oversee the accounting an NV NV NV NV NV NV
d auditing standard setting processes.
NV NV NV NV
9. Support accounting professionals throughout their NV NV NV NV
© 2021 Pearson Education, In
NV NV NV NV
c.
The Financial Reporting Environment Soluti
NV NV NV NV
ons
Questions
Q1-
1 Financial information is a much broader concept than simply the financial statements and f
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
ootnotes to the financial statements. Financial information includes items such as the President
NV NV NV NV NV NV NV NV NV NV NV NV
‘s letter to the owners, management‘s discussion and analysis, the auditors‘ report, the manag
NV NV NV NV NV NV NV NV NV NV NV NV NV
ement report and press releases. Of course, the basic financial statements and footnotes are in
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
cluded in the term financial information. The basic financial statements are: the balance sheet
NV NV NV NV NV NV NV NV NV NV NV NV NV
(also referred to as the statement of financial position), the statement of comprehensive inc
NV N V NV NV NV NV NV NV NV NV NV NV NV NV
ome (also referred to as the statement of net income and the statement of comprehensive inc
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV
ome), the statement of cash flows, and the statement of shareholders‘ equity. Financial infor
NV NV NV NV NV NV NV NV NV NV NV NV NV
mation is not synonymous with the term financial statements because the financial statements
NV NV NV NV NV NV NV NV NV NV NV NV
are a subset of the different types of financial information provided.
NV NV NV NV NV NV NV NV NV NV NV
Q1-
2 The purpose of generating financial statements is to provide useful information to users to e
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV
valuate economic entities and make efficient resource allocation decisions based on the risks
NV NV NV NV NV NV NV NV NV NV NV NV N
and returns of a particular investment. The Financial Accounting Standards Board (FASB) i
V NV NV NV NV NV NV NV NV NV NV NV NV
dentifies investors, lenders and other creditors as the primary users of the financial statement
NV NV NV NV NV NV NV NV NV NV NV NV NV
s. The financial statements are the culmination of the financial reporting process.
NV NV NV NV NV NV NV NV NV NV NV
Q1-
3 Capital is a scarce resource. Investors and creditors have to make decisions as to how much
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV N
Vcapital to invest in any given entity; therefore, they demand relevant and faithfully representa
NV NV NV NV NV NV NV NV NV NV NV NV NV
tive information about the economic performance and financial position of a company. This i
NV NV NV NV NV NV NV NV NV NV NV NV NV
nformation is provided in the financial statements.
NV NV NV NV NV NV
Q1-
4 External auditors ensure that the management of a company has prepared financial stateme
NV NV NV NV NV NV NV NV NV NV NV NV NV
nts in accordance with Generally Accepted Accounting Principles and fairly present the financ
NV NV NV NV NV NV NV NV NV NV NV NV
ial position and economic performance of a company. In addition, external auditors must be a
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
n independent party and cannot be employees of the company they are auditing. External au
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
ditors provide a significant amount of credibility to the financial statements.
NV NV NV NV NV NV NV NV NV NV
Q1-
5 Data analytics is the process of analyzing large data sets in order to draw useful conclusio
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV
ns. It involves converting raw data into useful knowledge. In financial reporting, data analytic
NV NV NV NV NV NV NV NV NV NV NV NV NV
s can be used to improve the quality of estimates and valuations.
NV NV NV NV NV NV NV NV NV NV NV
Q1-
6 Standard setters create accounting concepts, rules, and guidelines to ensure that financial sta
NV NV NV NV NV NV NV NV NV NV NV NV NV
tements accurately present the economic performance and financial position of a firm. The st
NV NV NV NV NV NV NV NV NV NV NV NV NV
andards encourage transparent and truthful reporting.
NV NV NV NV NV
,1 -2NV NV SO L UT IO NS
NV NV NV NV NV NV NV NV N V M AN U AL
NV NV NV NV NV N V FO R NV NV N V INTERMEDIATE
NV NV NV NV NV NV NV NV NV NV NV N V A
N V
C C O U N T ING
NV NV NV NV NV NV NV NV
Q1-
7 U.S. companies listed on U.S. stock exchanges do not have the option to report under IFR
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV
S. However, foreign companies that trade in the U.S. exchanges can report under IFRS. The
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV
SEC permits the use of IFRS-
NV NV NV NV NV
based financial statements by international companies with shares trading on U.S. stock exch
NV NV NV NV NV NV NV NV NV NV NV NV
anges.
Q1-
8 The FASB seeks and welcomes comments from all parties in the financial reporting proces
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
s including managers, investors, accountants, preparers, creditors, lenders, financial statement
NV NV NV NV NV NV NV NV NV N
users, governmental agencies, financial analysts, industry groups, and auditors. FASB also re
V NV NV NV NV NV NV NV NV NV NV NV
ceives feedback from public roundtable discussions, public meetings, the FASAC, the Private
NV NV NV NV NV NV NV NV NV NV NV
Company Council, and EITF.
NV NV NV NV
Q1-
9 Yes, the promulgation of financial accounting standards is a political process. There are se
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
veral groups that influence the standard setting process. The standard setting process is a poli
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
tical process that is affected by the impact of several lobbying groups. The government, thro
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
ugh the SEC, influences accounting standards. The SEC has the authority to issue accounting
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
standards but has assigned this responsibility to the private sector. Nonetheless, the SEC can
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
exert pressure on the FASB to issue accounting standards and veto the standards promulgated
NV NV NV NV NV NV NV NV NV NV NV NV NV
by the FASB. Auditing firms, the corporate sector, creditors, financial analysts, the financial
NV NV NV NV NV NV NV NV NV NV NV NV NV N
Vcommunity, accounting organizations, industry groups, and investors can influence the FASB
NV NV NV NV NV NV NV NV NV NV N
Vby written comments about Exposure Drafts and participation in public meetings and public
NV NV NV NV NV NV NV NV NV NV NV NV NV
roundtables regarding a proposed financial reporting standard.
NV NV NV NV NV NV
Q1-10 A principles- NV NV
based standard is consistent with a theoretical framework. In contrast, a rules-
NV NV NV NV NV NV NV NV NV NV NV
based standard does not necessarily rely on a consistent theoretical framework. Rather, it co
NV NV NV NV NV NV NV NV NV NV NV NV NV
ntains more specific and prescriptive rules.
NV NV NV NV NV
Q1-
11 Recently, the FASB has taken an asset/liability approach in setting standards. With this a
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
pproach, a transaction is recorded based on whether an asset or liability is created. Another t
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV
rend has been the movement toward the use of fair value measurements as an alternative to
NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV NV
historical cost. FASB has also focused on the promulgation of principles-
NV NV NV NV NV NV NV NV NV NV
based standards instead of rules-based standards.
NV NV NV NV NV
Brief Exercises Solut NV NV
ion to BE1-1 NV NV
General-
purpose financial statements provide general financial information about an entity that will be
NV NV NV NV NV NV NV NV NV NV NV NV
useful to many types of users. General-
NV NV NV NV NV NV NV
purpose financial statements provide information to a wide spectrum of user groups: investors
NV NV NV NV NV NV NV NV NV NV NV NV
, creditors, financial analysts, customers, employees, competitors, suppliers, unions, and gover
NV NV NV NV NV NV NV NV NV NV
nment agencies. Most financial information in general purpose financial statements is provide
NV NV NV NV NV NV NV NV NV NV NV
d to satisfy users with limited ability or authority to obtain additional information, which incl
NV NV NV NV NV NV NV NV NV NV NV NV NV NV
udes investors and creditors. The Financial Accounting Standards Board (FASB) identifies in
NV NV NV NV NV NV NV NV NV NV NV
© 2021 Pearson Education, In
NV NV NV NV
c.
, CH AP TE R 1 T HE
NV NV NV NV NV NV N V N V NV NV N V FIN ANC I AL
NV NV NV NV NV NV NV NV N V RE PO RT IN G
NV NV NV NV NV NV NV NV N V E 1 -3
NV NV
N V
N VIR ON MENT
NV NV NV NV NV NV NV NV NV NV
vestors, lenders, and other creditors as the primary users of the financial statements.
NV NV NV NV NV NV NV NV NV NV NV NV
© 2021 Pearson Education, In
NV NV NV NV
c.
, 1 -4
NV NV SO L UT IO NS
NV NV NV NV NV NV NV NV N V M AN U AL
NV NV NV NV NV N V FO R NV NV N V INTERMEDIATE
NV NV NV NV NV NV NV NV NV NV NV N V A
N V
C C O U N T ING
NV NV NV NV NV NV NV NV
Solution to BE1-2 NV NV
Financial accounting is the process of identifying, measuring, and communicating financial i
NV NV NV NV NV NV NV NV NV NV NV
nformation about an economic entity to various user groups within the legal, economic, polit
NV NV NV NV NV NV NV NV NV NV NV NV NV
ical, and social environment. This definition contains four major elements: 1. Financial infor
NV NV NV NV NV NV NV NV NV NV N V NV
mation; 2.Economic entity; 3. User groups and 4. Legal, economic, political, and social envir
NV NV NV NV NV NV NV NV NV NV NV NV NV
onment
Solution to BE1-3 NV NV
Financial Statement Users NV NV NV
and Other Parties NV NV Role
NV 10 Equity Investors
NV NV
10. Are shareholders of the company. NV NV NV NV
1. Are banks and other financial institutions that len
NV NV NV NV NV NV NV
NV 1 Creditors
NV d money to the company.NV NV NV NV
5. Use financial information to review and analy
N V NV NV NV NV NV NV
NV5 Financial Analysts
NV NV
ze reported results of the companies they cover
NV NV NV NV NV NV NV
and make investment recommendations.
NV NV NV NV
8 Employees and Labor Union
NV NV NV NV NV
s 8. Use financial information during negotiation of
NV NV NV NV NV NV
new labor agreements and compensation contracts
NV NV NV NV NV
NV2 Suppliers and Customers
NV NV NV
.
2. Use financial statements to determine whether t
NV NV NV NV NV NV
NV7 Government Agencies
NV NV o conduct business or purchase products from
NV NV NV NV NV NV NV
a company. NV
NV 3 Competitors
NV
7. Review the financial statements of publicly traded
N V NV NV NV NV NV NV
companies for a variety of reasons that are in the
NV NV NV NV NV NV NV NV NV NV
NV 4 External Auditors
NV NV
public interest.
NV NV
NV 6 Internal Auditors
NV NV
3. Use financial information to determine their mark
NV NV NV NV NV NV
et position relative to the reporting entity and to
NV NV NV NV NV NV NV NV NV
NV 11 Regulatory Bodies
NV NV attempt to identify future strategies of the reporti NV NV NV NV NV NV NV
ng entity. NV
NV9 Professional Organizations
NV NV
4. Are independent of the company and responsibl
NV NV NV NV NV NV
e for ensuring that management prepares and iss
NV NV NV NV NV NV NV
ues financial statements that comply with accou
NV NV NV NV NV NV
nting standards and fairly present the financial
NV NV NV NV NV NV NV
position and economic performance of the com NV NV NV NV NV NV
pany.
6. Are employees of the company serving in an adv
N V NV NV NV NV NV NV NV NV
isory role to management. They provide informati
NV NV NV NV NV NV
on to management regarding the company‘s operat
NV NV NV NV NV NV
ions and proper functioning of its internal controls.
NV NV NV NV NV NV NV
11. Protect investors and oversee the accounting an NV NV NV NV NV NV
d auditing standard setting processes.
NV NV NV NV
9. Support accounting professionals throughout their NV NV NV NV
© 2021 Pearson Education, In
NV NV NV NV
c.
