Financial Accounting and Accounting Standards 1 1 PREVIEW OF CHAPTER 1 Intermediate Accounting 16th Edition Kieso ● Weygandt ● Warfield Question lesson1 Which F S is prepared 1st, 2nd, 3rd why? Who is interested in F S? What is the SEC? Who SEC protect? 1 Understand the financial reporting environment Identify the major policy setting bodies and their role in the standard setting process LEARNING OBJECTIVES Explain the meaning of generally accepted accounting principles (GAAP) and the rol.