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Intermediate Accounting
Curtis L. Norton, Northern Illinois University
Michael Diamond, University of Southern California
Donald Pagach, North Carolina State University
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Learning Objectives
Chapter 2: Financial Reporting: The Cornerstone of a Market Economy
- Describe the economic and regulatory purposes of financial reporting.
- Identify the groups that establish accounting standards and describe
their roles in the standard-setting process.
- Describe the environment in which international accounting standards
are set and identify the functions of the International Accounting Standards
Board.
- Explain how accounting standards are set in actual practice.
- Summarize the authoritative hierarchy of generally accepted accounting
principles.
- Discuss the FASB's conceptual framework for financial reporting,
including the objectives of financial reporting and the qualitative characteristics
of accounting information.
- Discuss the challenges facing the accounting profession.
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