Development of financial accounting standards, Accounting Standards

Development of financial accounting standards

Several organizations are considerable in the establishment of generally accepted accounting principles (GAAP) for businesses or governmental organizations. These are the Financial Accounting Standards Board, the Governmental Accounting Standards Board, the American Institute of Certified Public Accountants, the American Accounting Association, the Securities and Exchange Commission, the Financial Executives Institute, and the Institute of Management Accountants. Every organization has contributed in a different way to the development of GAAP and the American Institute of Certified Public Accountants (AICPA) is a professional organization of CPAs. Numerous of these CPAs are in public accounting practice. Until recent years the AICPA was the main organization in the development of accounting standards. In a period of 20-year ending in 1959 the AICPA Committee on Accounting Procedure issued 51 Accounting Research Bulletins recommending certain principles or practices. From 1959 throughout 1973 the committee's successor the Accounting Principles Board (APB) issued 31 numbered Opinions that CPAs commonly are required to follow. Through its Journal of Accountancy, the monthly magazine, its research division, and its other divisions and committees. The AICPA keep on influencing the development of accounting standards and practices. Two of its committees 1) the Accounting Standards Committee and 2) the Auditing Standards Committee are particularly influential in providing input to the Financial Accounting Standards Board the current rule-making body and to the Securities and Exchange Commission and other regulatory agencies.

Posted Date: 6/29/2013 7:17:41 AM | Location : United States

Related Discussions:- Development of financial accounting standards, Assignment Help, Ask Question on Development of financial accounting standards, Get Answer, Expert's Help, Development of financial accounting standards Discussions

Write discussion on Development of financial accounting standards
Your posts are moderated
Related Questions
Consisting mainly of accounting educators the American Accounting Association (AAA) has sought to encourage research and study at a theoretical level into the concepts or standards

last changes in accounting standard in aias?

These comprise goods purchased only for production and selling purposes. Goods utilized as assets and not for sale are not comprised in this head. Net purchase is the dissimilarity

GAAP are usually developed through professional accounting bodies as American Institute of Certified Public Accountants (AICPA) and ICAI that is Institute of Chartered Accountants

How long after payment will it take to get a response#question?

Q. Accounting Education Change Commission? Accountants in practice as well as business executives have generally been dissatisfied with accounting graduates' capability to thin

To finish  this scenario, use the Confidence Interval Calculator Sheets 1,2,3. The Sacred Grounds coffee shop in Dead horse, AK, is considering changing its coffee brewing units

Government Accountability Office (GAO) - Accounting and auditing office of the United States government. An independent agency which reviews federal financial transactions and repo

Balance sheet is related along with reporting the financial position of an entity on a specific point in time. Such position is conveyed in terms of listing all the things of value

What take place in a rights issue of shares? 1. Any premium on issue is added to a capital reserve. 2. Any type of premium on the issue is added to a revenue reserve. 3. A