Financial Reporting - Standards Setting
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Who sets the standards for financial reporting?
Financial Accounting Foundation – FAF
Final authority (1973) for accounting & reporting standards in both the public & private sectors. Appoints FASB & GASB board members.
Name the two standards setting boards.
Governmental Accounting Standards Board – GASB
(1984/1989) - State & Local Governments & governmental Not For Profits
- Financial Accounting Standards Board – FASB (1973)
- For-profit & non governmental not for profits
SEC designee for issuers
Name the documents the standards boards use to deliberate standards and solicit comments.
- Discussion Memorandum
- Invitation to Comment
- Preliminary Views
- Exposure Draft
Which group establishes audit & attest standards for non-issuers?
American Institute of Certified Public Accountants (AICPA)
- Role of the Federal Accounting Standards Advisory Board
- (FASAB) is intentionally omitted.
What is the Generally Accepted Accounting Principles (GAAP) Hierarchy (GASB #55)?
*If made applicable & cleared by GASB
** If it doesn’t fit any of the above, finagle with it until it does
- –GASB Statements & Interpretations
- –GASB Technical Bulletins
- –AICPA Industry Audit & Accounting Guides*
- –AICPA Statements of Position*
- –AICPA Practice Bulletins*
- –Implementation Guides published by GASB staff
- –Apply Finagle’s constant**
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