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below is 2 student posts, from alice and benjamin plese reply to them and make a post to the below topic.
Discussion 5: In financial accounting much of what one learns is governed by various rules and principles. The Financial Accounting Standards Board is the organization that sets all of the accounting rules and principles. These are called Generally Accepted Accounting Principles (GAAP). In your discussion answer the following questions.
- Do such standards exist with managerial accounting information?
- Please do some research and see what standards there are for managerial accounting
- If there are standards, what are they?
- If not, do you think there should be? Why or why not?
Post an original response to the discussion question by Wednesday at 11:59 p.m. ET. All posts are to be substantial and related to the discussion question.
Post at least two replies to classmate responses for this week’s discussion board by Sunday at 11:59 p.m. ET. Postings must be made on three separate days. Your grade for the discussion is out of 15 points and will be based on the rubric:
- Completing the initial question by the due date: three points
- Making two responses to other posts: two points
- Having well-thought-out posts that further the discussion: five points
- Making posts that incorporate the reading assignments and using outside sources other than
Due to financial accountiand ng reports are for objective outside sources, they must follow GAAP, according to Accounting for Management. This means that reports must be delivered in accordance with set ground rules to remain consistent ad concrete every time. For instance, the GAAP requires a piece of land by assessed at its cost in the past, while if a company is thinking about purchasing a plot of land, management will want to see the current value of the land, along with projections for future value. The Institute of Management Accountants has developed four standards of ethical professional conduct which includes competence, confidentiality, integrity, and credibility. GAAP is exceedingly useful because it attempts to standardized and regulate accounting definitions, assumptions, and methods. Due to generally accepted accounting principles, we are able to assume that there is consistency from year to year in methods used to prepare a company’s financial statements. Over the years the generally accepted accounting principles have become more complex because financial transactions have become more complex. Since GAAP is founded on the basic accounting principles and guidelines, we can better understand GAAP if we understand the accounting principles. Which are economic entity assumption, monetary unit assumption, time period assumption, cost principle, full disclosure principle, going concern principle, matching principle, revenue recognition principle, materiality, and conservatism.
The Generally Accepted Accounting Principles are rules that are governed by compliance that must be followed when a company distributes its financial statements outside of the company. The standards should be the same for managerial accounting, in my opinion, and as such line items should be reported as true as possible. It is most certainly illegal to give misleading information to the general public. While it may not be entirely illegal to classify line items at the company’s discretion, internal managerial accounting information should be heavily scrutinized as it could potentially alter forward looking statements. The Securities and Exchange Commission has been cracking down on misleading forward looking statements and false reporting and should include reporting internal managerial accounting information as well.