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External Users

Actual or potential investors (stockholders and bondholders) and creditors

Internal Users

Company managers who plan and control its operations on a day-by-day and long term basis

Financial Accounting

Information accumulation, processing and communication system designed to provide investment and credit decision making informatino for external users

Managerial Accounting

Information accumulation , processing, and communication system designed to provide decision-making information for internal users

Financial Reporting

Process of communicating financial accounting information about a company to external users


Financial Accounting Standards Board (accounting policy-making bodies)


American Institute of Certified Public Accountants (accounting policy-making bodies)


Accounting Principles Board (accounting policy-making bodies)

FASB Accounting Standards Codification

Provides all authoritative literature related to a particular topic in one place related to US GAAP


Committee on Accounting Procedure formed by AICPA in 1938


Accounting Research Bulletins, where conclusions pronounce findings that narrow the differences in accounting procedures and practice

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