ACCOUNTING: THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization whose primary purpose is to develop generally acce
ACCOUNTING: THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization whose primary purpose is to develop generally acce
"generally "grandfathered-in" "to (60%) (AICPA) (CPAs) (FASB) (FASB), (FASB.) (GAAP) (IQEX) (PCAOB) (SEC) (in (or (such 1934. 1970s, 1973, 1990s, 2000s, 2002. 2006), 330,525 40% A ACCOUNTING AICPA AICPA's AICPA. Accountants Accountants. Accounting Act America. American Approximately As August BOARD Before Board Board's Board, CPA CPAs CPAs, Certified Commission Commission's Committee Company Congress Enron Exam, Examination Examination; Exchange FAS-123(R) FAS-123(R), FASB FASB. FINANCIAL Financial Following For However, If In Institute Institute's International It New Only Oversight PCAOB PCAOB's PCAOB, Part Principles Prior Procedure Pronouncements Public Qualification SEC SEC's SFAS STANDARDS Sarbanes-Oxley Securities Standards States THE The These This Throughout To U.S. Uniform United Until While With WorldCom Worldcom, a ability academic accepted accepted" accomplish accountants accounting accounting, accounting. addition, adhere affect agencies. all allegations, also amended an ancillary and any appointed are area areas areas. as assistance associated association, attest audit auditing auditing, auditors' auditors, audits authority awards, bankruptcies be because been before benefits; better biannual billions bodies body body. bottom business business' by can cases center. changed clients clients' community companies companies, companies. company's competence. compromised computer concerned, concluded considerable considered consulting consulting, control, corporate could created created, creation debar demonstrates designated details develop developed developing develops devoted document documents documents, dollars. dramatically, during dwindling each early earn earning education education. educational, empowered enable enforcement engaged enhance ensure entities entities. entity entry-level especially essentially establish established ethics ethics, evaluate ever-increasing every exam examination example, exams exchanges expectation expenses expenses. expensing experience extent federal fees field. financial firm firm's firm, firms firms, first five for force formal formed four from fulfill function function. functions functions, general generally given government government, governmental group guidance had has have held help her) high-profile higher his history, however, huge improve in include: includes including increase independence independent individuals individuals. industry industry, industry. information." interest. investigative investors involving is issued issued, issuers, issuing it its jurisdiction large largest law law, level license, licensing line. listed maintain major majority makers managers many may meet member members mission monitoring monopoly more most necessary newly non-CPA non-audit non-governmental not not-for-profit now number of offer often on one operating option or organization organizations. other out over overriding part passage perform permitted person personal planning policies policy possession. power powers, practice practice. practice; practicing practitioners. predecessor preparing present primary principles private private, privately profession profession's professional programs programs; promote provide provide. providing public public's public, publicly purpose quality recently record-setting refers refuses regulate regulated regulators related relation relations releases rely remain replacing reporting representing require requirement. requirements resources respected response responsibility responsible restatements result result, retained retains role roles rules scandals sector seek selected self-regulated self-regulation series serve services services). services, services. set sets setting setting, share-based should similar six standards standards; state statement statements states statutory stock structure subpoenas such superseded support suspend tACCOUNTING: taken tax taxation, technical technology. test testimony testing than that the their them. then these this this, those three through to transferred transparency. true two two-day types under unless use users valuation, variations variety virtually visible was were where which who whose will with within wo work
ACCOUNTING: THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)
The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization whose primary purpose is to develop 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 public companies in the U.S. It was created in 1973, replacing the Accounting Principles Board and the Committee on Accounting Procedure of the American Institute of Certified Public Accountants.
The Financial Accounting Standards Board's mission is "to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information." The Financial Accounting Standards Board is not a