It publishes the monthly journal the Journal of Accountancy The AICPA is

It publishes the monthly journal the journal of

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It publishes the monthly journal, the Journal of Accountancy.The AICPA is responsible for preparing and grading the Uniform CPA Examination.The AICPA continues to influence the establishment of accounting standards.
The American Accounting Association (AAA) is an organization of accounting professors.It sponsors national and regional meetings where accounting professors discuss technical research and share innovative teaching techniques and materials.The AAA publishes a number of academic journals, including The Accounting Reviewand Accounting Horizons.American Accounting Association
INTERNAL REVENUE SERVICEThe Internal Revenue Service (IRS)has the primary goal of equitably collecting revenue.Although not the same, there are many areas where tax and financial accounting are closely related.
INTERNATIONAL ACCOUNTING STANDARDS BOARDThe international nature of business requires companies to be able to make their financial statements understandable to users all over the world.In an attempt to harmonize conflicting standards, the International Accounting Standards Board (IASB)was formed in 1973 to develop worldwide accounting standards.
Similar to FASB, IASB develops proposals, circulates these among interested organizations, receives feedback, and then issues a final pronouncement.Board members are representatives from the United States, the United Kingdom, France, Sweden, China, Australia, South Africa, Brazil, and Japan.International Accounting Standards Board
Accounting standards issued by the IASB are referred to as International Financial Reporting Standards (IFRS)if issued since 2001, and International Accounting Standards (IAS)if issued prior to 2001.In 2008 the SEC began allowing non-U.S. companies with shares trading on U.S. stock exchanges to issue their financial reports using IASB standards. Appendix A in your textbook contains a summary of differences between U.S. GAAP and IFRS.International Accounting Standards Board
The SEC is considering whether to allow U.S. companies to use IASB standards, rather than FASB standards, in the financial reports that they provide to their U.S. stockholders. If this happens, the FASB may cease to exist.The SEC “work plan” does not envision a U.S. switch to IFRS until 2016 at the earliest, although some standards have already converged.International Accounting Standards Board
Global Accounting StandardsU.S. CongressIRSSECPCAOBFAFFASBU.S. GAAPGASBAICPAAAAIASBIFRSConverge?
You have just heard of FAF, FASB, GASB, SEC, IRS, etc etc. Who is most important? Why? Moment of Reflection: Authoritative Sources
Financial Statements
The balance sheetreports, as of a certain point in time, the resources of a company (the assets), the company’s obligations (the liabilities), and the equity of the owners.

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