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Download as PDF; Printable version; In other projects ... Aggregated articles pertaining to US GAAP. Pages in category "United States Generally Accepted Accounting ...
Accounting Standards Codification, the only source of authoritative nongovernmental U.S. GAAP. In 2009, the Codification superseded the FASB's Statements of Financial Accounting Standards. 168 standards had been issued before the Codification. Concepts Statements, first issued in 1978. They are part of the FASB's conceptual framework project ...
The ASC is published by the Financial Accounting Standards Board, and access to the ASC is free through the Basic View on the FASB web site. The ASC became effective on July 1, 2009, and has since been the authoritative source for all U.S. GAAP, Generally Accepted Accounting Principles (USA). [1]
Before the Codification, accounting standards lacked a consistent and logical structure. For the last 50 years, U.S. GAAP consisted of thousands of standards with multiple standard setters. The old U.S. GAAP were difficult to interpret, and the complexity of the standards made it hard for users to stay up to date.
Hence, American companies follow GAAP — generally accepted accounting principles, which are set by the Financial Accounting Standards Board or by the Governmental Accounting Standards Board ...
The board was created by American Institute of Certified Public Accountants (AICPA) in 1959 and was replaced by Financial Accounting Standards Board (FASB) in 1973. Its mission was to develop an overall conceptual framework of US generally accepted accounting principles (US GAAP). APB was the main organization setting the US GAAP and its ...
Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required. Some important elements that accounting standards cover include identifying the exact entity which is reporting, discussing any "going concern" questions, specifying ...
In 2010, the SEC instructed the staff to create and implement a work plan that addresses whether, when and how U.S. GAAP should be merged into a global reporting model developed by International Accounting Standards Board (IASB)—the standards setting body designated by the International Financial Reporting Standards (IFRS).
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