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12 Cards in this Set
- Front
- Back
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Statements of Financial Accounting Concepts
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The pronouncements comprising the FASB's Conceptual Framework
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The 4 primary sources of GAAP
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1. FASB Statements
2. FASB Interpretations 3. APB Opinions (those not superceded) 4. Accounting Research Bulletins (those not superceded) |
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AICPA
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The entity which appointed the first accounting standard-setting body.
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SEC
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The entity having the ultimate authority to set GAAP for businesses.
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The issues within 3 general areas addressed by GAAP
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1. Recognition
2. Measurement 3. Disclosure |
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The process of attributing a dollar amount to an account.
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Measurement
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Accrual
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The basis of accounting required by GAAP.
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Form 10-K
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The annual report which must be filed with the SEC by publicly held firms.
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Accounting Principles Board
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The entity which published 31 opinions, some of which are still included in GAAP.
Took over the work of CAP(Committee on Accounting Procedure)in 1959 and was taken over by FASB(Financial Accounting Standards Board)in 1971. |
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Due Diligence
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The process by which FASB includes the input of interested parties in the deliberations leading to accounting standards.
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Public Company Accounting Oversight Board
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The entity which now promulates auditing standards.
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Sarbanes-Oxley Act
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Act which created the Public Company Accounting Oversight Board
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