GAAP The IASB and the US Financial Accounting Standards Board (FASB) have been working together since 2002 to achieve convergence of IFRSs and US generally accepted accounting principles (GAAP). A common set of high quality global standards remains a priority of both the IASB and the FASB. In September 2002 the IASB and the FASB agreed to work together‚ in consultation with other national and regional bodies‚ to remove the differences between international standards and US GAAP. This decision
Premium Financial Accounting Standards Board Gentlemen's agreement
Components of US GAAP - Financial Accounting Standards Board / Financial Accounting Standards - Accounting Research Bulletin - Accounting Principles Board - Emerging Issues Task Force - Statements of Position from AICPA (American Institute of Certified Public Accountants) - SEC (Securities and Exchange Commission) rules Hierarchy of pronouncements under US GAAP - FASB‚ APB & ARB - FASB Technical Bulletin‚ AICPA Statements of Position‚ Audit and Accounting Guides‚ Practice Bulletins
Premium Generally Accepted Accounting Principles Balance sheet Financial Accounting Standards Board
and Not-For-Profit Accounting GASB and FASB Comparison The Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB) have some similarities and differences even though it may seem on the surface to be the same. The fact the FASB created the GASB for governing not-for-profit and government organizations but with very different goals in mind. The same can be said for full accrual basis of accounting and modified accrual basis of accounting. Where full accrual
Premium Asset Generally Accepted Accounting Principles Balance sheet
Accounting Standards Update 2014-09 "Revenue from Contracts with Customers” Jade Nelson ACCT 4111-01 10/28/2014 Over the past few years‚ the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working closely together to develop a new set of revenue recognition standards in an effort to merge the standards of FASB and IASB‚ lessen the amount of industry-specific differences in the standards‚ and make the standards more principles-based
Premium International Financial Reporting Standards Financial Accounting Standards Board
Property‚ Plant and Equipment Property‚ Plant and Equipment I- Nature of Accounting Issues Businesses purchase and use a variety of fixed assets‚ such as equipment‚ furniture‚ tools‚ machinery‚ buildings‚ and land. These fixed assets are long-term or relatively permanent assets. Also‚ they are tangible assets because they exist physically. They are owned and used by the business and are not offered for sale as part of normal operations. Perhaps the most descriptive titles these assets are
Premium Depreciation Generally Accepted Accounting Principles International Financial Reporting Standards
116 Stat. 745‚ enacted July 30‚ 2002)‚ also known as the ’Public Company Accounting Reform and Investor Protection Act’ (in the Senate) and ’Corporate and Auditing Accountability and Responsibility Act’ (in the House) and commonly called Sarbanes–Oxley‚ Sarbox or SOX‚ is a United States federal law enacted on July 30‚ 2002‚ which set new or enhanced standards for all U.S. public company boards‚ management and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes (D-MD) and
Premium International Financial Reporting Standards Financial Accounting Standards Board Operational risk
assignment Chapter 1: Comprehensive Question 1-23 (Organizations associated with the public accounting profession) Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations. 1. License individuals to practice as CPAs. State Boards of Accountancy 3. Issue Statements on Auditing Standards. Auditing Standards Board (ASB) 4. Regulate the distribution and trading of securities offered for public sale. Securities
Premium Certified Public Accountant Accountant Accountancy
The major regulatory bodies include: Internal Revenue Service‚ Securities and Exchange Commission‚ Financial Accounting foundation‚ Government Accounting Standards Board‚ Federal Accounting Standards Advisory‚ International Accounting Standards Board‚ Public Company Accounting Oversight Board‚ and the American Institute of Certified Public Accountants. The major regulatory body Internal Revenue Service‚ also known as the IRS‚ has a function of enforcing all the internal revenue laws. Each taxpayer
Premium Financial Accounting Standards Board Internal Revenue Service Finance
Matthew Fryman‚ and Robin Ramos Date: May 2nd‚ 2011 Re: Week Two Team Assignment Case 1-3: Politicalization of Accounting Standards a) The Committee on Accounting Procedure of the AICPA was established in the mid- to late 1930s and functioned until 1959‚ at which time the Accounting Principles Board came into existence. In 1973‚ the Financial Accounting Standards Board was formed‚ and the APB went out of existence. Do the reasons these groups were formed‚ their methods of operation while
Premium Financial Accounting Standards Board
fair value accounting—the practice of measuring assets and liabilities at estimates of their current value—has been on the ascent. This marks a major departure from the centuries-old tradition of keeping books at historical cost. It also has implications across the world of business‚ because the accounting basis—whether fair value or historical cost—affects investment choices and management decisions‚ with consequences for aggregate economic activity. The argument for fair value accounting is that
Premium Balance sheet Asset Generally Accepted Accounting Principles