Term
|
Definition
| Accounting Principles Board: (1) advance the written expression of accounting principles, (2) determine appropriate practices, (3) narrow the areas of difference and inconsistency in practice |
|
|
Term
|
Definition
| ensures that a company records events that change its financial statements in the periods in which the events occur, rather than only in the periods in which it receives or pays cash |
|
|
Term
|
Definition
| American Institute of Certified Public Accountants: the national professional organization of practicing Certified Public Accountants is an important contributor to the development of GAAP. |
|
|
Term
|
Definition
| to be based mainly on research studies, the boards official pronouncements |
|
|
Term
|
Definition
| Committee on accounting procedure |
|
|
Term
|
Definition
| Examples: president's letter or supplementary schedules in the corporate annual report, prospectuses, reports filed with government agencies, news releases, managements forecasts, and social or environmental impact statements |
|
|
