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Under the AICPA's Code of Professional Ethics under Rule 203 – Accounting Principles, a member must depart from GAAP if following it would lead to a material misstatement on the financial statements, or otherwise be misleading. In the departure, the member must disclose, if practical, the reasons why compliance with the accounting principle ...
The AICPA Council designated FASAB as the body that establishes GAAP for federal entities in 1999. [ 5 ] The Chief Financial Officers Act of 1990 required annual, audited financial statements for the United States Government and its federal reporting entities.
Commonly referred to as Generally Accepted Accounting Principles (GAAP), these set of guidelines provide the basis in the preparation of financial statements, although many companies voluntarily disclose information beyond the scope of such requirements.
The Financial Accounting Standards Board (FASB) is a private standard-setting body [1] whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest.
Regulation S-X and the Financial Reporting Releases (Staff Accounting Bulletins) set forth the form and content of and requirements for financial statements required to be filed as a part of (a) registration statements under the Securities Act of 1933 and (b) registration statements under section 12, [2] annual or other reports under sections 13 [3] and 15(d) [4] and proxy and information ...
Statements of Financial Accounting Concepts are a part of the FASB conceptual framework project. They set fundamental objectives and concepts that FASB will use in developing future U.S. generally accepted accounting principles (GAAP), however, they are not a part of the US GAAP. To date, 8 Concept Statements have been issued.
The GASB has issued Statements, Interpretations, Technical Bulletins, Concept Statements and Implementation Guides defining GAAP for state and local governments since 1984. GAAP for the Federal government is defined by the Federal Accounting Standards Advisory Board. In January 2020, GASB appointed Joel Black to succeed David Vaudt as the chair.
SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole (issued February 2010); and; SAS No. 120, Required Supplementary Information (issued February 2010). SAS No. 122 also withdraws SAS No. 26, Association With Financial Statements, as amended. The AICPA is the source of the most up-to-date information.
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