Flashcards
FASB and Standard Setting
Cards in this deck (14)
- 1Financial Accounting and Reporting is concerned with providing relevant information to who? (5)1. Investors
2. Creditors
3. Competitors
4. Employees
5. Regulatory Bodies - 2Define Generally Accepted Accounting PrinciplesThe rules of financial reporting for business enterprises. GAAP are also called accounting standards.
- 3What three aspects of financial reporting does GAAP address?1. Recognition
2. Measurement
3. Disclosure - 4Current standard-setting body in the United StatesFinancial Accounting Standards Board (FASB)
- 5The Federal government agency that administers the securities of the USSecurities and Exchange Commission (SEC)
- 6National professional organization for practicing CPAs; provides resources, information, and leadership to benefit members' clients, employers, and the general publicAmerican Institute of Certified Public Accountants (AICPA)
- 7What year was the Committee on Accounting Procedure (CAP) established?1939
- 8How many Accounting Research Bulletins (ARBs) did CAP issue?51
- 9In what year did the AICPA create the Accounting Principles Board?1959
- 10Which of its organizations, that was created by the AICPA, required all its members to be CPAs?Accounting Principles Board (APB)
- 11How many opinions did the Accounting Principles Board issue?31
- 12What committee was created in 1971 by the AICPAWheat Committee
- 13Who recommended the formation of the FASB in 1973?The Wheat Committee
- 14What are the 5 main points of the mission of FASB?1. Improve the usefulness of financial reporting
2. Maintain current accounting standards
3. Promptly address deficiencies in accounting standards
4. Promote international convergence of accounting standards
5. Improve the common understanding of the nature and purposes of information in financial reports
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- CPA Accounting (Framework: 1. Financial: Role and Standard-Setting Process) Flashcards on FASB and Standard Setting, created by Winston Maxwell on 21/09/2016.
- Created by
- Winston Maxwell · Sep 2016
- Updated
- Sep 22, 2016
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