Establishing financial accounting standards
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Establishing financial accounting standards report of the Study on Establishment of Accounting Principles. by American Institute of Certified Public Accountants. Study on Establishment of Accounting Principles.

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Published by American Institute of Certified Public Accountants in [New York] .
Written in English

Subjects:

  • Accounting -- Standards,
  • Financial statements

Book details:

Edition Notes

Includes bibliographical references.

Classifications
LC ClassificationsHF5635 .A478
The Physical Object
Pagination105 p.
Number of Pages105
ID Numbers
Open LibraryOL5297085M
LC Control Number72077164

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  Generally Accepted Accounting Principles - GAAP: Generally accepted accounting principles (GAAP) are a common set of accounting principles, .   The Financial Accounting Standards Committee of the American Accounting Association (“AAA”), the Standards Committee of the Auditing Section of the AAA and some individual accounting academics over the years have written a number of such letters, which have contributed to the discussion over proposed policies and standards. The SEC’s new tools require corporate financial executives to remain diligent in evaluating accounting accruals, establishing effective internal controls and ensuring proper XBRL labelling for financial disclosures. In addition, the SEC has disclosed a number of risk inducers and risk indicators that will most likely be flagged by AQM/CIRA. At the time, the IASB stated that it would adopt the body of standards issued by the Board of the International Accounting Standards Committee (which would continue to be designated ‘International Accounting Standards’ [1]), but any new standards would be published in a series called International Financial Reporting Standards (IFRS) [2].

The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for Location: Norwalk, Connecticut. In , the International Accounting Standards Board (IASB), formed under the International Financial Reporting Standards (IFRS) Foundation, replaced the IASC. The IASB announced that it would follow the standards already issued by the IASC, but stated that any new standards would be known as part of a series called the International Financial. Start studying Accounting basics. Learn vocabulary, terms, and more with flashcards, games, and other study tools. accumulated depreciation = book value. Title of income statement and statement of retained earnings. The first step taken in establishing financial accounting standards is a topic is identified and placed on the board's agenda. Rules-bases accounting provides specific rules or "bright-lines" for the accountant to follow while preparing financial statements. Principles based accounting does not provide these specific rules, thereby relying on professional judgment.