Term
| Accounting Principles Board (APB) |
|
Definition
| (1) Advance the written expression of accounting principles, (2) determine appropriate practices, and (3) narrow the areaas of difference and inconsistency in practice. |
|
|
Term
| Accounting Research Bulletins |
|
Definition
| Bulletins containing recommended accounting procedures for the accounting community. The publications are written and issued by the accounting principles board (APB), and were issued by the committee on accounting procedure of the American Institute of Certified Public Accountants (AICPA) prior to 1959. |
|
|
Term
| American Institute of Certified Public Accountants (AICPA) |
|
Definition
| National professional membership organization that represents practicing CERTIFIED PUBLIC ACCOUNTANTS (CPAs). The AICPA establishes ethical and auditing standards as well as standards for other services performed by its members. Through committees, it develops guidance for specialized industries. It participates with the FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) and the GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB) in establishing accounting principles. |
|
|
Term
|
Definition
Senior technical committee of the AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) which issued pronouncements on accounting principles from 1959-1973. The APB was replaced by the FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)
. |
|
|
Term
|
Definition
In the United States, the Auditing Standards Board (ASB) is the senior technical committee designated by the American Institute of Certified Public Accountants (AICPA) to issue auditing, attestation, and quality control statements, standards and guidance to certified public accountants (CPAs) for non-public company audits.[1] Created in October 1978, it is composed of 19 members representing various industries and sectors, including public accountants and private, educational, and governmental entities. It issues pronouncements in the form of statements, interpretations, and guidelines, which all CPAs must adhere to when performing audits and attestations
. |
|
|
Term
| Committee on Accounting Procedure (CAP) |
|
Definition
| The Committee on Accounting Procedure (CAP) was the first private sector organization that had the task of setting accounting standards in the United States. It was a committee run by the American Institute of Accountants (now known as the American Institute of Certified Public Accountants).[1] |
|
|
Term
| Emerging Issues Task Force (EITF) |
|
Definition
| Assists the FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) and provides guidance on early identification of emerging issues affecting financial reporting and problems in implementing authoritative pronouncements. |
|
|
Term
|
Definition
| The difference in perception between the public and the CPA as a result of accounting and audit service. |
|
|
Term
|
Definition
| Historically, the FASB staff has issued Staff Implementation Guides on specific topics. |
|
|
Term
|
Definition
| Financial accountancy (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. |
|
|
Term
| Financial Accounting Standards Board (FASB) |
|
Definition
| ndependent, private, non-governmental authority for the establishment of ACCOUNTING principles in the United States. |
|
|
Term
| Financial Accounting Standards Board Codification (Codification) |
|
Definition
| The FASB Accounting Standards Codification™ is an advanced application that allows users to access the authoritative content, perform research, and submit feedback. |
|
|
Term
| Financial Accounting Standards Board Codification Research Systems (CRS) |
|
Definition
| An online, real-time database that provides easy access to the codification through a topically organized structure subdivided into topics subtopics sections and paragraphs using a numerical index system |
|
|
Term
|
Definition
| Reporting of finacial information other than in formal financial statements. Examples include the presidents letter or supplementary schedules in the corportate annual report prospectuses reports filed with government agencies news releases managments forecasts and social or enviromental impact statements pg.4 |
|
|
Term
|
Definition
| the principle means through which a company communicates its finanfical information. These statements reflect the collection, tabulation, and final summarization of the accounting data. The statements most frequently provided are the 1) balance sheet 2) income statement 3) statement of cashflows 4) statement of owners or stockholders equity pg 4 |
|
|
Term
| Generally Accepted Accounting Priniciples (GAAP) |
|
Definition
| Conventions, rules, and procedures necessary to define accepted accounting practice at a particular time. The highest level of such principles are set by the FINANCIAL ACCOUNTING STANDARDS BOARD (FASB). |
|
|
Term
| International Accounting Standards Board (IASB) |
|
Definition
| The International Accounting Standards Board (IASB) is an independent, privately-funded accounting standard-setter based in London, England. |
|
|
Term
| International Financial Reporting Standards (IFRS) |
|
Definition
| International Financial Reporting Standards (IFRS) are principles-based Standards, Interpretations and the Framework [1] adopted by the International Accounting Standards Board (IASB). |
|
|
Term
|
Definition
| Prepared by the American Institute of Certified Public Accountants (Aicpa) while the Accounting Principles Board was in existence (1959 to 1973). Interpretations gave guidance to practitioners about accounting issues. Unlike APB Opinions, Interpretations are not requirements subject to the AICPA Code of Professional Ethics. |
|
|
Term
| Objective of Financial Reporting |
|
Definition
Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that
-
is useful to existing and potential investors and creditors and other users in making rational investment, credit, and similar decisions;
-
helps existing and potential investors and creditors and other usear to assess the amounts, timing, and uncertainty of pro spective net cash inflows to the enterprise;
-
identifies the economic resources of an enterprise, the claims to those resources, and the effects that transactions, events, and circumstances have on those resources.
|
|
|
Term
| Public Company Accounting Oversight Board (PCAOB) |
|
Definition
| The Public Company Accounting Oversight Board (or PCAOB) is a private-sector, non-profit corporation created by the Sarbanes–Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. |
|
|
Term
| Sarbanes-Oxley Act of 2002 |
|
Definition
| The Sarbanes–Oxley Act of 2002 (Pub.L. 107-204, 116 Stat. 745, enacted July 30, 2002), also known as the 'Public Company Accounting Reform and Investor Protection Act' (in the Senate) and 'Corporate and Auditing Accountability and Responsibility Act' (in the House) and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which set new or enhanced standards for all U.S. public company boards, management and public accounting firms. |
|
|
Term
| Sercurities and Exchange Commission (SEC) |
|
Definition
| Agency authorized by the United States Congress to regulate the financial reporting practices of most public corporations. |
|
|
Term
|
Definition
| Accounting approach, in which 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. Thus, a company recognizes revenues when it earns them rather than when it receives cash, and it recognizes expenses when it incurs them rather than when it pays them. (p. 6). |
|
|
