accounting standards and financial statements 1

It is not always easy to read and understand financial statements. Format and standards are important for comparisons across companies and over time. To conclude the series of assignments for this course we will look at the agencies creating and enforcing the standards and some related concepts.

Search the course background information, the Internet and/or the Trident Online Library in addition to the Starbucks annual reports. Discuss the terms listed below. Explain why the following concepts/governing agencies are important to financial statements in general and to Starbucks.

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  • Financial Accounting Standards Board (FASB)
  • Generally Accepted Accounting Principles (US GAAP)
  • American Institute of Certified Public Accountants (AICPA)
  • International Accounting Standards Board (IASB)
  • International Financial Reporting Standards (IFRS)
  • Securities and Exchange Commission (SEC)
  • Public Company Accounting Oversight Board (PCAOB)
  • Annual report; and
  • 10-K, 10-Q, and 8-K

SLP Assignment Expectations

Use Word and respond in a question and answer format. There is no need to use Excel for this particular SLP.

Financial Reporting

The following articles will shed more light on the regulation of financial reporting.

The accounting standards and standard setting bodies. Retrieved from http://bizfinance.about.com/od/accountingandcash/a…

Diffen. Compare Anything. (n.d.). GAAP versus IFRS. Retrieved from http://www.diffen.com/difference/GAAP_vs_IFRS

Sarbanes Oxley 101. (n.d.). Retrieved from http://www.sarbanes-oxley-101.com/sarbanes-oxley-c…

Seay, S. S. (2014). The economic impact of IFRS: A financial analysis perspective. Academy of Accounting and Financial Studies Journal, 18(2), 119–139. Available in the Trident Online Library.

Ratio Analysis

Understanding and Evaluating Financial Performance

Ratio analysis is a common tool used to analyze and assess financial performance. Click on the following link for a brief introduction to ratio analysis and examples of categories of ratios often used in business.

http://www.zenwealth.com/businessfinanceonline/RA/RatioAnalysis.html

At the site below, read the section “Tools for Financial Statement Analysis” and watch the related videos on the same page.

Walther, L. (2017). http://www.principlesofaccounting.com/chapter-16/. Chapter 16. Retrieved from http://www.principlesofaccounting.com/youtube_player_poa/player.html?filename=lBkmrWh6JOk