Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
25 Cards in this Set
- Front
- Back
|
Who sets the Accounting Standards & Framework?
|
SEC, CAP, APB, FASB
SEC has legal AUTHORITY to set GAAP. However, it has been the SEC (a little) and 3 bodies of accounting profession |
|
|
Accounting Standards & Framework
SEC legal AUTHORITY to set GAAP. However, it has been the SEC (a little) and what 3 bodies of accounting profession |
CAP
APB FASB |
|
|
Who was CAP, what does CAP stand for?
|
They were Part time committee of AICPA (the American Institute of CPAs) that promoted ARB- which made GAAP from 1939-59
|
|
|
What did CAP promote?
|
Accounting Reserach Bullentins-
which made GAAP from 1939-59 |
|
|
ARB
|
Accounting Reserach Bullentins
|
|
|
What years did these Bodies set GAAP?
SEC, CAP, APB, FASB |
SEC- 1934-Current?
CAP- 1939- 1959 APB: 1959-1973 FASB: 1973 to Current |
|
|
SEC has issued public acct rules & regs in what:
|
1. Regulation S-X
2. FRR- Financial Reporting Releases 3. ASR- Accounting Series Releases 4. IR- Interpretative Releases 5. SAB- Staffing Accounting Bulletins 6. EITF Topic D, and SEC Observer comments |
|
|
FRR
|
Financial Reporting Releases
|
|
|
ASR
|
Accounting Series Releases
|
|
|
IR
|
Interpretative Releases
|
|
|
SAB
|
Staffing Accounting Bulletins
|
|
|
FASB stands for what?
|
Financial Accounting Standards Board
|
|
|
FASB has issued what accounting?
|
SFAS- FIN- FTB- EITF-
FASB Staff Positions FASB Implementation Guides SFAC |
|
|
What does SFAS stand for?
|
Statements of Financial Accounting Standards
|
|
|
What does FIN stand for?
|
FASB Interpretations
|
|
|
What does FTB stand for?
|
FASB Technical Bulletins
|
|
|
What does EITF stand for?
|
Emerging Issues Task Force Statements
|
|
|
What does SFAC stand for?
|
Statements of Financial Accounting Concepts
|
|
|
What is the FASB Accounting Standards Codification?
|
All standards from all 3 bodies, plus additional guidance from the SEC & AICPA, coming together into one source for Authoritative U.S. GAAP for non-governmental
|
|
|
What was the effective date of the Codification?
|
July 1, 2009
|
|
|
What does FEDPRIA stand for?
|
FASB, EITF, Derivative Implementation Group Issues,
APBO, ARB, APB Interpretations & ACIPA |
|
|
FASB in FEDPRIA includes what literature?
|
1. SFAS 2. FIN 3. FTB
4. FASB Staff Postions 5. FASB Implementation Guides 6. Statement No. 138 Examples |
|
|
ACIPA in FEDPRIA includes what literature?
|
1. Statements of Postions
2. Auditing & Accounting Guides (incremental guidance only) 3. Practice Bullentins 4.Technical Inquiry Services (software rev recognition |
|
|
SEC Standards in the Codification include?
|
only relevant portions, mainly for reference
|
|
|
What SEC standards are included in the Codificiation?
|
1. Regulation S-X 2. FRR 3. ASR 4. IR
5. SAB 6. EITF Topic D, along with SEC Staff Observer comments |
