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Accounting Chapter 1

Accounting Chapter 1 - Term Definition Accounting...

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Term: Accounting Principles Board (APB) Definition: Private standard-setting organization from 1959 to 1973, whose mission was to develop an overall conceptual framework. Its official pronouncements, called APB Opinions, were to be based mainly on research studies and be supported by reasons and analysis. The APB issued 31 opinions in its lifetime. Term: Accounting Research Bulletins (ARBs) Definition: Fifty-one bulletins from the Committee on Accounting Procedure (CAP) during the years 1939 to 1959, issued to deal with accounting Problems as they arose. Subsequently, the AICPA created the Accounting Principles Board to provide a structured body of accounting principles. Term: Accounting Standards Updates Definition: The products of standard-setting (e.g., FASB standards, staff positions, EITF consensuses) included in the FASB Codification. The Updates include the background and basis for conclusions for the new pronouncement in a common format, regardless of the form in which such guidance may have been issued. Updates are also issued for amendments to the SEC content in the Codification.
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Term: American Institute of Certified Public Accountants (AICPA) Definition: The national professional organization of practicing Certified Public Accountants (CPAs), whose various committees and boards have been an important contributor to the development of GAAP. Term: APB Opinions Definition: The official pronouncements of the Accounting Principles Board, intended to be based mainly on research studies and be supported by reasons and analysis. Between its inception in 1959 and its dissolution in 1973, the APB issued 31 opinions. Term: Financial Accounting Standards Board Accounting Standards Codification (Codification) Definition: Developed by the FASB, it provides in one place all the authoritative literature related to a particular topic. Term: Committee on Accounting Procedure (CAP) Definition: Committee established by the AICPA in 1939 at the urging of the SEC to deal with accounting Problems. The CAP issued 51 Accounting Research Bulletins and was replaced by the Accounting Principles Board in 1959.
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Term: Emerging Issues Task Force (EIFT) Definition: Group created in 1984 by the FASB to reach a consensus on how to account for new and unusual financial transactions that might create differing financial reporting practices.
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