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adopted in 1973 http://www.aicpa.org/ Financial Accounting Standards Board
Financial Accounting Standards Board
Wheat Committee’s recommendations resulted in the creation of a the Financial Accounting Standards Board in 1973.
Financial Accounting Financial Accounting Foundation
Foundation Selects members of the FASB Funds their activities Exercises general oversight. Financial Accounting Financial Accounting Standards Board
Standards Board Mission to establish and improve standards of financial accounting and reporting. Financial Accounting Financial Accounting Standards Advisory Standards Advisory Council
1-14 Consult on major policy issues. Due Process
FASB relies on two basic premises:
Responsive to entire economic community
(2) Operate in full view of the public
(1) Step 1 = Topic placed on agenda
Step 2 = Research conducted and Discussion Memorandum issued.
Step 3 = Public hearing
Step 4 = Board evaluates research, public response and issues Exposure Draft
Step 5 = Board evaluates responses and issues final Statement of Financial Accounting Standard Chapter
1-15 How are standards enforced?
How are standards enforced?
1-16 SEC filing requirements
AICPA Code of Ethics – Rule 203
Stock exchange requirements
Bank requirements for loans
Bank LO 6
LO What is GAAP?
What is GAAP?...
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- Spring '11
- International Financial Reporting Standards, U.S. Securities and Exchange Commission, Financial Accounting Standards Board