Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
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.
SQB Corporation reports sales of $10,000,000 for Year 2, with a gross profit margin of 40%. 20% of SQB's sales are on credit. Year 1 Year 2
DOES THE ADOPTION OF IFRS BY DIFFERENT COUNTRIES NECESSARILY MEAN ACCOUNTING PROCEDURES AND PRACTICES THEY ADOPT WILL BE CONSISTENT AND COMPARABLE INTERNATIONALLY
payment made to vendor but rejected by bank
Current Assets These are assets that will normally be converted in cash within a year or inside the operating cycle. The operating cycle is the duration in time considered by
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
Q. What do you mean by Accounting Environment? Record keeping in an accounting sense is deliberation to have begun about 4000 BCE. The control, record-keeping, and verification
It is a national organization of female Certified Public Accountants (CPAs) in America. The AWSCPA was established to encourage the interests of female CPAs in America by diverse
Make a new information system for this company. Your solution should contain the following items: 1. An overview of the primary features of the new system, describing why this
GAAP are usually developed through professional accounting bodies as American Institute of Certified Public Accountants (AICPA) and ICAI that is Institute of Chartered Accountants
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd