![]() The International Accounting Standards Board (IASB) is the global counterpart to the FASB. This collection provides a research tool that is deemed to be the primary authoritative source and reference guide on accounting standards. The many rulings of the FASB and its predecessors are updated and codified in an online database called the Accounting Standards Codification. Before 1959, the duty of standard development fell on the shoulders of an AICPA committee known as the Committee on Accounting Procedure (CAP). The AICPA is a large association of professional accountants who seek to advance the practice of accounting. The APB was created in 1959 by the American Institute of Certified Public Accountants (AICPA). Prior to the FASB’s creation, rules were set by the Accounting Principles Board (APB). The latter is charged with simplifying accounting rules generally applicable to companies without large groups of “public” shareholders. These groups include the Emerging Issues Task Force (EITF) and Private Company Council (PCC). The FASB is a large organization with the board being supported by a large staff and special groups. There one can find information on all Accounting Standard Updates (ASU), as well as numerous helpful videos and news releases related to developments in financial reporting. The FASB maintains an excellent website at. ![]() accounting rule maker since the early 1970s. The Financial Accounting Standards Board (FASB) has been the primary U.S. Collectively, GAAP form the foundation of accounting by providing comprehensive guidance and a framework for addressing most accounting issues. It encompasses the long-standing methodologies and assumptions that have become engrained within the profession through years of thought and development. It is important to note that this definition is quite broad, taking in more than just the specific rules issued by standard setters. ![]() Generally accepted accounting principles, or GAAP, encompass the rules, practices, and procedures that define the proper execution of accounting. Chapter 24: Analytics for Managerial Decision Making.Chapter 23: Reporting to Support Managerial Decisions.Chapter 22: Tools for Enterprise Performance Evaluation.Chapter 21: Budgeting – Planning for Success.Chapter 20: Process Costing and Activity-Based Costing.Chapter 19: Job Costing and Modern Cost Management Systems.Chapter 18: Cost-Volume-Profit and Business Scalability.Chapter 17: Introduction to Managerial Accounting.Chapter 16: Financial Analysis and the Statement of Cash Flows.Chapter 15: Financial Reporting and Concepts.Chapter 14: Corporate Equity Accounting.Chapter 12: Current Liabilities and Employer Obligations.Chapter 11: Advanced PP&E Issues/Natural Resources/Intangibles.Chapter 10: Property, Plant, & Equipment.Chapter 6: Cash and Highly-Liquid Investments.Chapter 5: Special Issues for Merchants. ![]() Chapter 1: Welcome to the World of Accounting. ![]()
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