article thumbnail

FASB Accepting Comments on Proposed New Chapter of Its Conceptual Framework Measurement

CPA Practice

The Financial Accounting Standards Board has issued a proposed new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. A Statement of Financial Accounting Concepts is nonauthoritative and does not establish or change generally accepted accounting principles.

article thumbnail

Study: ChatGPT Won’t Be Replacing Accounting Professors In the Near Future

Going Concern

This study determines how ChatGPT can become a human agent for students on two financial accounting course units, multiple choice question assessments. There were ten questions for the Introductory Financial Accounting and 10 for the Advanced Financial Accounting course units.

Account 107
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

An Essential Guide to Accounting and Basic Accounting Principles for Beginners

Snyder

In short, accounting principles matter…a lot. Accepted accounting principles: Generally Accepted Principles vs International Financial Reporting Standards. Understanding these concepts is essential for anyone who wants to work in finance, be an effective business owner or manage a company. Accrual principle.

article thumbnail

FASB Took It Easy in 2022

Going Concern

While the PCAOB has been on a mission to scare the pants off of auditors everywhere in the past year with record fines and scary speeches, the Financial Accounting Standards Board took a much more chill approach to 2022. 8—Conceptual Framework for Financial Reporting—Chapter 2: The Reporting Entity.