Accounting Standards - Conceptual Frameworks

Página 1

ACCT Standards - Conceptual Frameworks

Standard Setting Bodies in the US

A. SEC - established by act of 34, rules govern issuers

B. Committee on ACCT Procedure(CAP) - P/T committee of AICPA promulgated Acct research bulletins (ARB, determined GAAP 59-73

C. Acct Principles Board(APB) - issued opinions/interpretations 59-73

D. Financial Acct Board(FASB) - established 73, determines US GAAP, has 7 FT members who serve 5yr terms

US GAAP - FASB Acct Standards Codification

A. Authoritive literature included in Codification

1. Finacial acct

2. emerging issues task force

3. derivative implementation group issues

4. acct principles board opinions

5. acct research bulletins

6. acct interpretations

7. AICPA - stmts of position, AUD/ACCT guides

B. Ongoing standard setting proccess

- AS updates are not authoritative but provide background info

International Accounting Standards Board (IASB)

- established 2001 by IFRS, replaced board of int'l acct standards committee

- purpose is to produce a single set high quality global standards