FINANCIAL ACCOUNTING AND REPORTING

FAR -01

ASC Accounting - is a service activity. Its function is provide quantitative information and primarily financial in nature, about
economics entities , that is intended to be useful in making economic decision.
AICPA Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money,
transactions and events in which are in part at least of a financial character and interpreting the result thereof.
AAA Accounting is the process of identifying, measuring and communicating economic information to permit informed
judgement and decision by users of the information.

Important points:
1. Quantitative information
2. Financial in nature
3. Useful in decision making

Component ;
1. Identifying -analytical component
2. Measuring -technical component
3. Communicating - formal component