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7 Cards in this Set

  • Front
  • Back
The FASB issues what three major types of pronouncements?
1. Standards, Interpretations, and Staff Positions.
2. Financial Accounting Concepts.
3. Emerging Issues Task Force Statements.
Accounting Standards Executive Committee (AcSEC)
AcSEC is the committee authorized to speak for the AICPA in the area of financial accounting and reporting.
AcSEC Written communications include
1. Audit and Accounting Guides
2. Statements of Position (SOP)
3. Practice Bulletins
Financial Accounting Standards Board Codification Research System (CRS)
CRS is an online real-time database that provides easy access to the Codification.
Internal controls
a system of checks and balances designed to prevent and detect fraud and errors
expectations gap
what the public thinks ac- countants should do and what accountants think they can do
Economic consequences
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.