cfas - chapter 1: the accountancy profession

accounting the custody and administration of public funds

government accounting

they are essential for a uniform and globally accepted financial reporting standards

International Accounting Standards Board (IFRS)

It provides quantitative information that is financial in nature about an entity's economic activities that is useful for making economic decisions.

Accounting

Components of Accounting

Identifying, Measuring, and Communicating

The analytical component, the recognition and nonrecognition of business activities.

Identifying

the technical component, the assigning of peso amounts

measuring

the formal component, the preparing and distributing

communicating

composed of individual practitioners and small accounting firms

public accounting

employed in business entities as accounting staff, internal auditor, or chief accountant

private accounting

the accounting rules, procedures, and practices

Generally Accepted Accounting Principles (GAAP)

two types of transactions

external and internal

economic events involving one entity and another

external transactions

economic activities that take place within the entity

internal transactions

replaced the Accounting Standards Council (ASC)

Financial Reporting Standards Council (FRSC)

approved statements of FRSC

Philippine Accounting Standards (PAS)

accounting standards in the philippines

Philippines Financial Reporting Standards