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7 Cards in this Set
- Front
- Back
The FASB issues what three major types of pronouncements?
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1. Standards, Interpretations, and Staff Positions.
2. Financial Accounting Concepts. 3. Emerging Issues Task Force Statements. |
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Accounting Standards Executive Committee (AcSEC)
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AcSEC is the committee authorized to speak for the AICPA in the area of financial accounting and reporting.
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AcSEC Written communications include
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1. Audit and Accounting Guides
2. Statements of Position (SOP) 3. Practice Bulletins |
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Financial Accounting Standards Board Codification Research System (CRS)
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CRS is an online real-time database that provides easy access to the Codification.
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Internal controls
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a system of checks and balances designed to prevent and detect fraud and errors
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expectations gap
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what the public thinks ac- countants should do and what accountants think they can do
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Economic consequences
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the impact of accounting reports on the wealth positions of issuers and users of financial information, and the decision-making behavior resulting from that impact. The resulting behavior of these individuals and groups could have detrimental financial effects on the providers of the financial information.
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