Question: Concepts for Analysis 25 Instructions (a) Identify the two committes of the AICPA that established accounting principles prior to the establishment of the FASB tb)

Concepts for Analysis 25 Instructions (a) Identify the two committes of the AICPA that established accounting principles prior to the establishment of the FASB tb) Speculate as to why these two organizations failed. In your answer, identify steps the FASB has taken to avoid failure. (c) What is the present role of the AICPA in the rule-making environment? CA1-9 (FASB Role in Rule-Making) Apress release announcing the appointment of the trustees of the new Financial Account- ing Foundation stated that the Financial Accounting Standards Board (to be appointed by the trustees)"... will become the established authority for setting accounting principles under which corporations report to the shareholders and others'" (AICPA news release July 20, 1972) Instructions a) Identify the sponsoring organization of the FASB and the process by which the FASB arrives at a decision and issues an accounting standard. b) Indicate the major types of pronouncements isued by the FASB and the purposes of each of these pronouncements

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

One of the major groups that has been involved in the standard-setting process is the American Institute of Certified Public Accountants. Initially, it was the primary organization that established...

(AICPAs Role in Rule-Making) One of the major groups involved in the standard-setting process is the American Institute of Certified Public Accountants. Initially it was the primary organization that...

(AICPAs Role in Standards Setting) One of the major groups involved in the standards-setting process is the American Institute of Certified Public Accountants. Initially it was the primary...

(AICPAs Role in Rule-Making) One of the major groups that has been involved in the standard-setting process is the American Institute of Certified Public Accountants. Initially, it was the primary...

Identify the two committees of the AICPA that established accounting principles prior to the establishment of the FASB. Speculate as to why these two organizations failed. In your answer, identify...

please summarize the following article In March 2016, America's Governmental Accounting Standards Board (GASB) issued Government Accounting Standard (GAS) No. 82, entitled Pension IssuesAn Amendment...

Does anyone know where this article come from? I wanna cite it as a resource!! Thanks! 41 Auditing Insurance Companies 41.1 OVERVIEW OF THE INDUSTRY (a) Structure of the Industry, (b) Reinsurance,...

Should a loan officer ever say no to a business firm requesting a loan? Please explain when and where.

According to Table 26.1, what country has the highest GDP? What country on the list has the highest GDP per person? What countries on the list have the second highest GDP and the second highest GDP...

A company borrows $10,800 from the bank at 11% interest for ninety days. $10,800 is the ________ of the note. The maturity value of the note is ________. For computation of interest, use a 365day...

The first scenario will be a Verbal Judo scenario in which your scenario follows the standard Verbal Judo interaction: You need to ask somebody to modify their behavior either to do something or to...

(Appendices) How is this affected by business policies concerning prices and credit sales? LO2

(Appendices) The Bureau of Labor Statistics provides detailed information on unemployment at the national, state, and local level. Go to www.bls.gov/lau/home.htm. See Latest Numbers and answer the...

(Appendices) Forrest, age 23, was honorably discharged from the U.S. Marine Corps after four years, which included two tours of duty in Iraq. He was severely wounded when his platoon engaged in a...