Accounting Specifications Board Newspaper
February 25, 2013
Accounting Standards Table Paper
Based on the American Institute of Accredited Public Accountants (AICPA) website, it was founded in 1887. Accountancy began as a recognized profession with thorough educational requirements, high requirements and a strict code of ethics. According to the Monetary Accounting Normal Board (FASB), private non-profit organization responsible for developing and interpreting the (GAAP) in the us but it is definitely not affiliated with US govt. Two committees were developed by the AICPA in 1971. The Wheat panel was in fee of deciding how the accounting principals were to be established. This committee suggested that the original accounting primary board always be eliminated and it was replaced with the FASB " the brand new board was to comprise reps from different organizationsвЂќ (Schroeder, R. G., Clark, Meters. W., & Cathey, M. M. 2011, p. being unfaithful par 2). The Trueblood committee is at charge of studying the objectives with the financial statements " the analysis group wanted that its reportsвЂ¦ in developing objectives and significant efforts must be made to continue progressвЂќ (Schroeder, R. G., Clark, Meters. W., & Cathey, L. M. 2011, p. 9 par 3). The pecking order of the FASB, consist of a board of trustees, American Accounting Connection, the AICPA, Financial Executive Institute, Economic Analyst Federation and the Countrywide Association of Accountants " The identity was after changed in 1997 for the Institute Management of AccountantsвЂќ (Schroeder, 3rd there’s r. G., Clark, M. W., & Cathey, J. M. 2011, p. 9 par 3) The Financial Accounting Foundation (FAF) governs the FASB. The FAF can be charge of appointing the Financial Accounting Standards Admonitory Council (FASAC). The FASAC helps the FASB make decision upon policies also to work through the agenda. Furthermore, the minimum number of members is 20 members " the bylaws at least call for for...
References: Frequently Asked Questions about the AICPA. (2006-13). Retrieved on January doze, 2013 coming from http://www.aicpa.org
Kimmel, P. Deb., Weygandt, J. J., & Kieso, M. E. (2007). В Financial accounting: Tools for people who do buiness decision makingВ (4th ed. ). Hoboken, NJ-NEW JERSEY: Wiley.
Schroeder, R. G., Clark, Meters. W., & Cathey, M. M. (2011). В Financial accounting theory and analysis: Textual content readings and casesВ (10th education. ). Hoboken, NJ: Wiley.