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Unformatted text preview: ements is fairly presented. (Audit Report)
GAAP: Generally Accepted Accounting Principles, developed to provide guidelines for financial
accounting practices. Currently FASB (Financial Accounting Standards Board) has responsibility for
developing accounting standards.
Organizations that influence current practice:
• FASB: Financial Accounting Standards Board (establishes GAAP today)
• SEC: Securities and Exchange Commission (determines financial statement rules for public
• PCAOB: Public Company Accounting Oversight Board (auditing standards)
• AfPA: American Institute of Certified Public Accountants: Professional association of CPAs
IASC: International Accounting Standards Board: Developing...
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