FAR 1- Ch 1 History of Acc
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33 terms
Terms | Definitions |
|---|---|
 GAAP-Generally accepted accounting principles | Dynamic set of both broad and specific guidleines that companies should follow when measuring and reporting the information in their financial statements |
| Accounting profession began to establish standards after | -stock market crash of 1929 |
| Securites and Exchange Commission (SEC) | 1934-Congress gave the SEC authority to set accounting and reporting standards for companies whose securities are publicly traded. |
| The SEC releases | Financial Reporting Releases (FRRs), which regulate what information companies must report to it as well as Staff Accounting Bulletins, authoritative supplements for reporting issues. |
| Committee on Accounting Procedure (CAP) | 1938-The first private sector body to assume the task of setting accounting standards |
| Committee on Accounting Procedure (CAP)issued | 51 Accounting Research bulletins (ARBs), which dealt with specific accounting and reporting problems. |
| Committee on Accounting Procedure (CAP) was a committee of the.. | American Institute of Accountants (AIA) |
| The American Insistitute of Accountants was later renamed | 1957- American Institute of Certified Public Accountants (AICPA), the national professional organization for certified public accountants. |
| Accounting Principles Board (APB) | 1959-replaced the CAP in response to criticism of the accounting profession having no theoretical framework. The APB was established for this purpose, but failed to do so. |
| Accounting Principles Board (APB) was part of | the AICPA and supported financially by it. Was not independent of AICPA. |
| Accounting Principles Board (APB) issued | 31 Accounting Principles Board opinions (APBOs), various interpretations and four Statements. |
| Financial Accounting Standards Board (FASB) | 1973-5 Full Time Members, representing various constituencies concerned with accounting standards. |
| Financial Accounting Standards Board (FASB) is supported financially by | the Financial Accounting Foundation (FAF), which selects the members and oversees the FASB. (The FASB is independent of the AICPA) |
| Once of the Financial Accounting Standards Board's most important activity | -the creation of a conceptual framework |
| The FASB issued | over 160 specific accounting standards called Statements of Financial Accounting Standards (SFASs), as well as numerous FASB interpretations, Staff Positions, and Technical Bulletins |
| Emerging Issues Task Force (EITF) | 1984- formed to provide more timely responses to emerging financial issues. |
| The Emerging Issues Task Force (EITF) includes | 12 individuals from public accounting and private industry, along with a representative from the FASB and an SEC observer. |
| FASB Accounting Standards Codification (ASC) | 2007- integrates and topically organized all relevant accounting pronouncements comprising GAAP in a searchable online database. |
| The order of Accounting organizations | 1938-Committee of Accounting procedure- (CAP) part of AICPA or formerly called American Institute of Accountants (AIA) 1959-Accounting Principles Board (APB) replaced CAP- part of AICPA 1973-Financial Accounting Standard Board replaced APB- part of Financial Accounting Foundation (FAF) |
| CAP | Committee of Accounting procedure |
| AIA | American Institute of Accountants |
| AICPA | American Institute of Certified Pubic Accountants |
| APB | Accounting Principles Board |
| FAF | Financial Accounting Foundation |
| FASB | Financial Accounting Standards Board |
| IASC | International Accounting Standards Committee-formed 1973 to develop global accounting standards |
| IASB | International Accounting Standards Board- created in 2001 |
| IASC issued | 41 International Accounting Standards (IASs) |
| IASB issued | 9 International Financial Reporting Standards (IFRSs) and revised many of the standards the IASC issued. |
| The CAP issued | Accounting Research Bulletins (ARBs) |
| The APB issued | Accounting Principles Board Opinions (APBOs) |
| The FASB issued | Statements of Financial Accounting Standards (SFASs) |
| EITF issued | EITF Issues |
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