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Aggregated articles pertaining to US GAAP. Pages in category "United States Generally Accepted Accounting Principles" The following 38 pages are in this category, out of 38 total.
Currently, the SEC works closely with various private organizations setting GAAP, but does not set GAAP itself. In 1939, urged by the SEC, the American Institute of Certified Public Accountants (AICPA) appointed the Committee on Accounting Procedure (CAP). During 1939 to 1959 CAP issued 51 Accounting Research Bulletins that dealt with a variety ...
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.
Audit Committee Communications full-text: December 1999 91: Federal GAAP Hierarchy full-text: April 2000 92: Auditing Derivative Instruments, Hedging Activities, and Investments in Securities full-text: September 2000 93: Omnibus Statement on Auditing Standards-2000 full-text: October 2000 94
Applying FASB Statement No. 34 to Oil and Gas Producing Operations Accounted for by the Full Cost Method—an interpretation of FASB Statement No. 34 Aug. 1980: None; 34. Disclosure of Indirect Guarantees of Indebtedness of Others—an interpretation of FASB Statement No. 5 Mar. 1981: Superseded by FASB Interpretation 45, para. 19; 35.
] U.S. accounting firms are opposed to convergence because of the familiarity of GAAP, the unfamiliarity with international accounting principles, and other countries' accounting systems. U.S. firms and other CPAs have been reluctant to adapt and learn a new accounting system, and believe that IFRS lacks guidance compared to the GAAP.
Some publications were considered more authoritative than others, and a GAAP hierarchy of five levels was recognized; see Statement on Auditing Standards No. 69 full-text.. The AICPA Industry Audit and Accounting Guides are part of the second tier of authoritative publications in the GAAP hierarchy.
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 opinions are still an important part of it. All of the Opinions have been superseded in 2009 by FASB's Accounting Standards Codification.