The Accounting Principles Board (APB) was the authoritative body that preceded the Financial Accounting Standards Board (FASB) in the USA. Established in 1959 by the American Institute of Certified Public Accountants (AICPA), it issued 31 Opinions that significantly contributed to the theory and practice of accounting and continue to influence Generally Accepted Accounting Principles (GAAP).
A definitive set of criteria used to guide financial accounting and reporting practices globally, formulated by various authoritative bodies such as FASB, IASB, and FRC.
A statement of theoretical principles that provides guidance for financial accounting and reporting. It serves as a foundation for setting accounting standards and provides a coherent system of interrelated objectives and fundamentals.
A contingent loss is an economic loss that may occur in the future depending on the outcome of a specific event, typically related to a contingent liability.
The Emerging Issues Task Force (EITF) was formed by the Financial Accounting Standards Board (FASB) with the purpose of providing assistance in identifying and implementing reporting issues in new and developing financial practices.
Emerging Issues Task Force (EITF) is responsible for assisting the Financial Accounting Standards Board (FASB) by suggesting appropriate treatments for emerging accounting issues and practices to accelerate standard-setting processes.
The Financial Accounting Standards Advisory Council (FASAC) serves as an advisory body to the Financial Accounting Standards Board (FASB) on matters related to accounting standards, offering broad perspectives from diverse financial communities, ensuring comprehensive and sustainable financial reporting standards.
The Financial Accounting Foundation (FAF) in the USA oversees and provides funding for the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). It appoints members and supervises the standard-setting process to ensure the integrity and reliability of accounting principles.
In the USA, a council that advises the Financial Accounting Standards Board (FASB) on agenda-setting and accounting standards to ensure the relevance and quality of financial reporting.
The Financial Accounting Standards Board (FASB) is an independent organization that establishes and improves standards of financial accounting and reporting for companies and non-profit organizations in the United States.
The Financial Accounting Standards Board (FASB) is an independent board responsible for establishing and interpreting Generally Accepted Accounting Principles (GAAP).
The Financial Accounting Standards Board (FASB) is a private, non-governmental organization established in 1973 to develop and issue standards for financial accounting and reporting. These standards are commonly referred to as Generally Accepted Accounting Principles (GAAP).
Conventions, rules, and procedures that define accepted accounting practice, including broad guidelines as well as detailed procedures, ensuring consistency and transparency in financial reporting.
Government accounting encompasses the principles and procedures unique to accounting for federal, state, and local governmental units, with established rules by the National Council on Governmental Accounting.
International Financial Reporting Standards (IFRS) are a set of accounting standards developed and maintained by the International Accounting Standards Board (IASB). They aim to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
A prior period adjustment is an accounting term used to describe a correction to an error in previously issued financial statements. These adjustments are necessary to accurately reflect the financial status of a company or organization.
Segment reporting is the presentation of financial information in an entity's annual report for different operational segments that meet specific criteria, ensuring transparency and insight into diverse business activities.
The Statement of Financial Accounting Concepts (SFAC) is a set of guidelines that provides a framework for the creation, presentation, and interpretation of financial reports prepared by the Financial Accounting Standards Board (FASB).
The Statement of Financial Accounting Concepts (SFAC) is a series of reports issued by the Financial Accounting Standards Board (FASB) to outline the foundational concepts underpinning financial accounting and reporting in the United States.
The Statement of Financial Accounting Standards (SFAS) was a formal set of authoritative rules and guidelines issued by the Financial Accounting Standards Board (FASB) that governed accounting practices in the United States until 2009.
Statements detailing the financial accounting and reporting requirements established by the Financial Accounting Standards Board (FASB), forming part of the generally accepted accounting principles (GAAP) in the USA.
The Trueblood Report, prepared by a committee chaired by Robert M. Trueblood and published by the American Institute of Certified Public Accountants (AICPA) in 1971, aims to define the fundamental objectives of financial statements. The report was instrumental in shaping the Financial Accounting Standards Board's (FASB) Statement of Financial Accounting Concepts No. 1.
