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AICPA Statements of Position (SOPs) are statements of position issued by the American Institute of Certified Public Accountants (AICPA) Standards Division. They are meant to influence the development of accounting standards and to propose revisions to the AICPA's Audit and Accounting Guide (AAGs) series.
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
The statement can be used to help show the financial position of a company because liability accounts are external claims on the firm's assets while equity accounts are internal claims on the firm's assets. Accounting standards often set out a general format that companies are expected to follow when presenting their balance sheets.
This article is an incomplete list of Financial Accounting Standards Board (FASB) pronouncements, which consist of Statements of Financial Accounting Standards ("SFAS" or simply "FAS"), Statements of Financial Accounting Concepts, Interpretations, Technical Bulletins, and Staff Positions, which together presented rules and guidelines for preparing, presenting, and reporting financial ...
Audit and Accounting Guidelines, which summarizes the accounting practices of specific industries (e.g. casinos, colleges, and airlines) and provides specific guidance on matters not addressed by FASB or the Governmental Accounting Standards Board (GASB). Statements of Position, which provides guidance on financial reporting topics until the ...
the statement of financial position (IPSAS 1), the statement of financial performance (IPSAS 1), the cash flow statement (IPSAS 2), the statement of changes in net assets/equity (IPSAS 1), the notes to the financial statements, or annex (IPSAS 1). When the cash basis of accounting underlies the preparation of the financial statements, the ...
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand.
Changes in financial position include cash outflows, such as capital expenditures, and cash inflows, such as revenue. It may also include certain non-cash changes, such as depreciation. The use of this statement is to provide relevant and focused on a period, so that users of financial statements with sufficient information to:
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