高级会计与实务英文版.pptVIP

Financial AccountingStandards Board (1973-present) Seven full-time members comprise this independent body. Issues Statements of Financial Accounting Standards. Determines GAAP by “due process.” Works within the conceptual framework. fasb Financial accounting standards board Smaller membership Full-time, remunerated membership Greater autonomy Increased independence Broader representation Statement Preparers Financial Executives Institute IMA Individual Corps FASB FASB Authority Sources-- Overview Gov’t Regulators SEC State Boards of Public Acct. American Acct. Instructors Association Auditors AICPA State societies of CPAs Major audit firms * Maintains power to regulate registrant companies. Congress FASB Authority Sources--SEC SEC FASB Registrant Companies FASB Authority Sources-- AICPA Provides authority to the FASB through its Code of Professional Conduct Rule 203. AICPA members must show that client financial statements comply with FASB pronouncements (GAAP). AICPA grants continuing membership to its members who comply with Rule 203. AICPA FASB Members of the AICPA Endorsement of FASB through Rule 203 GAAP Continuing Membership FASB Authority Sources -- AICPA FASB “Due Process” Topic or project added to agenda. Task force assembled to study topic. Research and analysis performed by FASB technical staff. Discussion Memorandum drafted and released. Public hearing, usually 60 days later, is held. Board analyzes and evaluates public response. Exposure Draft prepared and released. Sixty-day exposure period allows for public comment. Committee studies public response to exposure draft and prepares final draft. Board votes on final draft (5-2 margin required for passage). FASB “Due Process” SEC Authoritative Literature Financial Reporting Releases Staff Accounting Bulletins Accounting and Auditing Enforcement Releases Accounting Series Releases What is GAAP? Level A FASB Statements and Interpretations APB Opinions CAP Accounting Research Bulletins Level