Statement by the Accounting Principles Board. Reporting the Results of Operations-Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions full-textĭisclosure of Lease Commitments by Lessees full-text D7Īccounting for Lease Transactions by Manufacturer or Dealer Lessors full-textĪccounting for Nonmonetary Transactions full-text Superseded by FASB Statement 123r, para.286(d)Īccounting for Stock Issued to Employees full-text Superseded by FASB Statement 96, para.Interest on Receivables and Payables full-textĭisclosure of Accounting Policies full-textĪccounting for Income Taxes-Special Areas full-textĪccounting for Income Taxes-Investments in Common Stock Accounted for by the Equity Method (Other than Subsidiaries and Corporate Joint Ventures) full-text Superseded by FASB Statement 154, para.Superseded by FASB Statement 95, para.Reporting Changes in Financial Position full-text The Equity Method of Accounting for Investments in Common Stock full-text Superseded by FASB Statement 142, para.Superseded by FASB Statement 141, para.Superseded by FASB Statement 128, para.9, Application to Commercial Banks full-textĪccounting for Convertible Debt and Debt Issued with Stock Purchase Warrants full-text Reporting the Results of Operations full-text Superseded by FASB Statement 87, para.Status of Accounting Research Bulletins full-textĪccounting for Leases in Financial Statements of Lessors full-textĪccounting for the Cost of Pension Plans full-text Superseded by FASB Statement 13, para.Reporting of Leases in Financial Statements of Lessee full-text The Statement of Source and Application of Funds full-text 286(b)Īccounting for the "Investment Credit" full-text New Depreciation Guidelines and Rules full-text All of the Opinions have been superseded in 2009 by FASB's Accounting Standards Codification.Ĭhanges (note: para. APB was the main organization setting the US GAAP and its opinions are still an important part of it. Its mission was to develop an overall conceptual framework of US generally accepted accounting principles (US GAAP). 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. Non-Authoritave which cover new and emerging issues with in accounting these can come in the form of FASB Concepts, AICPA issue papers, IFRS.Accounting Principles Board Opinions, Interpretations and Recommendations were published by the Accounting Principles Board from 1962 to 1973.Which the SEC is consider as authoritative guidance for public companies. Authoritative the formal filing of standards which is includes the FASB Accounting standards Codification.If approved a new standard is added to the codification as an Accounting standard Update (ASU) they then vote on the matter majority being 4 out of 7 FASB members.they request additional comments from the community and modify the exposure draft.they evaluate research and comments from interested parties (industry expert's) and then issue a exposure Draft, this is the first version of the new standard.they conduct research and issues a discussion memorandum.FASB set the standards for GAAP and its mission is to improve the usefulness of financial reporting, addressing deficiencies, and promoting international convergence.The SEC though is the enforcement entity of GAAP with the Full weight of the US government. In 1933 congress formed the SEC with the authority to establish GAAP, The SEC delegates this responsibility to the FASB (Financial Accounting Standards Board).It is concern with establishing when an item is recorded on financial statements, how an item is recorded on financial statements and disclosing additional information not specifically on the financial statements. Generally Accepted Accounting Principles (GAAP)
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