Development of financial accounting standards, Accounting Standards

Assignment Help:

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.


Related Discussions:- Development of financial accounting standards

Determine the accounts payable days, SQB Corporation reports sales of $10,0...

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

IFRS, DOES THE ADOPTION OF IFRS BY DIFFERENT COUNTRIES NECESSARILY MEAN ACC...

DOES THE ADOPTION OF IFRS BY DIFFERENT COUNTRIES NECESSARILY MEAN ACCOUNTING PROCEDURES AND PRACTICES THEY ADOPT WILL BE CONSISTENT AND COMPARABLE INTERNATIONALLY

Current assets, Current Assets These are assets that will normally be ...

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

Financial executives institute, The Financial Executives Institute is an or...

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

What do you mean by accounting environment, Q. What do you mean by Accounti...

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

American women''s society of certified public accountants - a, It is a nati...

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

Data attributes for every entity, Make a new information system for this co...

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

Changing nature of generally accepted accounting principles, GAAP are usual...

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 ac, The book of Deven Ver...

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

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd