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
Prepare the Trading Account from the subsequent figures: Opening Stock 40,000 Power 6,000 Purchases 1,80,000

procedure followed in govt.system of accounting in india

Question : (a) One of the characteristics of an agent is "proactiveness". Briefly explain the effect of this characteristic. (b) Give an example of a purely reactive syste

explain how accounting information may be used when an owner wants to justify a price in one of their lines of house paint

Question : (a) In relation to a non-profit organization describe social accounting and describe its main aims. (b) What are the needs an organisation wants to satisfy throug

The Financial Executives Institute is an organization established in 1931 whose members are mainly financial policy-making executives. Several of its members are chief financial of

Now assume that you have been asked how to account for the destroyed drilling operation in the Gulf Mexico in terms of the destroyed right and lost natural resources. Provide a rat

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

Hi, I work at a non-profit that recently received a $250,000 stock donation which is payment for a $1M pledge. The donor has written in an e-mail that he would like to give us th

Standards at International Level: In view of the development of international trade and multinational enterprises, the requirement for standardization at the international level w