Far 1

Front 1

who has the legal authority to establish U.S. GAAP?

Back 1

the SEC

Front 2

What is regulation S-X?

Back 2

a prescribed regulation by the SEC that lays out the specific format and content of financial reports

Front 3

what was a part-time committee of the AICPA that promulgated Accounting research bulletins (ARB)?

Back 3

Committee on Accounting Procedure

Front 4

Who determined GAAP from 1939 to 1959?

Back 4

Committee on Accounting Procedure

Front 5

what was a part-time committee of the AICPA that issued accounting principles board opinions (APBO) and APB Interpretations?

Back 5

Accounting Principles Board (APB)

Front 6

Who determined GAAP from 1959 to 1973?

Back 6

Accounting Principles Board (APB)

Front 7

Who has determined GAAP since 1973?

Back 7

FASB

Front 8

who are the people on the FASB?

Back 8

five full-time members who serve for 5 year terms and may be reappointed to one additional five year term.

Front 9

Effective July 1, 2009, the _____ became the single source of authoritative nongovernmental U.S. GAAP.

Back 9

FASB Accounting Standards Codification

Front 10

Can accounting and financial reporting practices that are not included in the Codification be considered GAAP?

Back 10

no

Front 11

The Codification is composed of the following literature from FASB:

Back 11

1.Statements of Financial Accounting Standards
2. Interpretations
3. Technical Bulletins
4. Staff Positions
5. Staff Implementation Guides
6. Statement No. 138 Examples

Front 12

The Codification is composed of the following literature from AICPA:

Back 12

1. Statements of Position
2. Auditing and Accounting Guides (incremental accounting guidance only)
3. Practice Bulletins
4. Technical Inquiry Service (for software revenue recognition)

Front 13

The Codification is composed of the following authoritative pronouncements from the SEC:

Back 13

1. Regulation S-X
2. Financial Reporting Releases (FRR)
3. Accounting Series Releases (ASR)
4. Interpretative Releases (IR)
5. Staff Accounting Bulletins (SAB)
6. EITF Topic D and SEC Staff Observer Comments

Front 14

when does the FASB update the Accounting Standards Codification?

Back 14

for new U.S. GAAP issued by the FASB and for amendments to the SEC content with Accounting Standards Updates.

Front 15

Proposed FASB amendements to the AC are issued for public comment in the form of _____

Back 15

exposure drafts

Front 16

In proposed FASB amendments, when the board is satisfied that all reasonable alternatives have adequately been considered, what is the next step?

Back 16

the FASB staff prepares an accounting standards update for board consideration.

Front 17

Are accounting standards updates considered authoritative literature?

Back 17

no. they provide background info, update the codification, and describe the basis for conclusions on changes in the codification.

Front 18

who was the predecessor for the IASB?

Back 18

the board of the international accounting standards committee

Front 19

what is the purpose of the IASB?

Back 19

to develop a single set of high quality, global accounting standards

Front 20

who is on the IASB?

Back 20

twelve full-time members and two part-time members who are selected to provide a mix of practical experience among auditors, preparers, users, and academics.

Front 21

what does IFRIC stand for?

Back 21

International Financial Reporting Interpretations Committee

Front 22

what is the purpose of IFRIC?

Back 22

provides guidance on newly identified financial reporting issues not addressed in the IFRSs and assists the IASB in achieving international convergence of accounting standards

Front 23

who was the predecessor of IFRIC?

Back 23

the Standing Interpretations Committee (SIC)

Front 24

what kinds of things does the IASB issue?

Back 24

International Financial Reporting Standards (IFRSs)
Framework for the preparation and presentation of financial statements
exposure drafts
etc

Front 25

The term International Financial Reporting Standards includes:

Back 25

IFRSs
IASs
interpretations developed by the IFRIC and the former SIC

Front 26

what is the ongoing standard-setting process for IFRS?

Back 26

IASB generally publishes a discussion paper

after receiving and reviewing comments, the IASB prepares and exposure draft

publication of an exposure draft for public comments is required

nine members of IASB must approve draft for issuance

review all comment letters and position papers and re-deliberate

when the IASB is satisfied all alternatives have been considered, the IASB staff drafts the IFRS (approved by 9)

Front 27

What is the purpose of the "Framework for the preparation and presentation of financial statements (Framework)"?

Back 27

to assist the IASB in developing future IFRs and evaluating existing IFRSs. Framework provides a bassi for reducing the number of alternative accounting treatments permitted by IFRS.

Front 28

Is the Framework for Preparation and Presentation of Financial Statements and IFRS?

Back 28

no

Front 29

What is the difference between the IASB framework and the FASB Conceptual Framework?

Back 29

Under IFRS, entities are directed to refer to and consider the applicability of the concepts in the Framework when developing accounting policies in the absence of a standard or interpretation that specifically applies to an item.

under US GAAP, the conceptual framework cannot be applied to specific accounting issues.