LibGuides: MBA 512 Accounting for Managers: GAAP & IFRS

GAAP & IFRS

The boxes below will explain more about U.S. and international accounting standards, as well as provide you links to relevant resources.

If you need help finding or accessing an article or database, contact a librarian.

GAAP

The FASB Accounting Standards Codification is the source of authoritative generally accepted accounting principles (GAAP).

Free online access is available for free to everyone, though it requires registration with FASB.

FASB Accounting Standards Codification
Government Accounting Standards Board
Established in 1984, the Governmental Accounting Standards Board (GASB) is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).

IFRS

International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.

Access is available to the public for free online, though registration is required. The free edition is limited in functionality and does not include interpretations. Follow the link below and then click on Register under Basic, as shown in the screenshot below.

https://www.ifrs.org/

Wiley GAAP 2016 - Interpretation and Application of Generally Accepted Accounting Principles by Joanne M. Flood
ISBN: 9781119106074
The complete, cross-referenced GAAP guide, with illustrations, explanations, and examples Wiley GAAP 2016 contains the most comprehensive coverage of all GAAP pronouncements in a single volume, providing professionals with a complete reference to the entire GAAP hierarchy. This new edition includes the latest updates to the standards, along with AICPA ASEC statements of position and a comprehensive cross-reference of accounting topics to the new FASB codification system. All pronouncements are fully explained in detail, including terminology, and practice exercises demonstrate real-world application. Each chapter includes a discussion of perspectives and issues, sources of GAAP, definitions, concepts, rules, and examples, with specific appendices where applicable. This useful guide contains numerous examples and illustrations, and all original pronouncements are referenced to the FASB Current Text.

Streaming Media on Good Accounting Practices

Why It's Necessary to keep up with FASB's Agenda
Besides its agenda of joint projects with international standard setters, the FASB continues to propose, and issue, changes to its Accounting Standards Codification. Loscalzo Associates' John Fleming analyzes the impact that several recent FASB releases - from going concern to discontinued operations - will have on your business.
Full Disclosure vs. Effective Disclosure: Your Responsibility
From potential investors to management, the users of financial statements expect to be completely aware of a company's financial situation. Against the background of recent FASB commentary and the possibility of a new disclosure framework, Bruce Pounder distinguishes between providing "full disclosure" and "effective disclosure."
How Do You Prevent and Detect Financial Fraud
The good news is that the economy is painfully emerging from the recession and financial crisis. The bad news is that, during times of economic upturn, the pressure for spectacular financial results returns. Attorney Mich'l R. Young, author of "Financial Fraud Prevention and Detection," reminds us what you and your organization can do to prevent and detect financial fraud.