U.S. GAAP Codification of Accounting Standards

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U.S. GAAP Accounting Standards
Codification Topic 105: Generally Accepted Accounting Principles
A Brief History


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Codification Topic 105
Generally Accepted Accounting Principles
A Brief History



Effective July 1, 2009

1. Accounting Standards Codification (ASC) integrated
--> accounting standards from all other sources
--> into the single "authoritative" source of U.S. GAAP

2. Website
http://asc.fasb.org


A Brief History of U.S. GAAP

1. In 1939, American Institute of Accountants (AIA) formed 
--> the Committee on Accounting Procedure (CAP)

2. The Committee on Accounting Procedure (CAP) issued 
--> 51 Accounting Research Bulletins (ARB)

3. In 1957, American Institute of Accountants (AIA) was renamed as 
--> American Institute of Certified Public Accountants (AICPA)

4. In 1959, American Institute of CPAs (AICPA) formed 
--> the Accounting Principles Board (APB)

5. Accounting Principles Board (APB) issued
--> 31 APB Opinions

6. In 1973, Financial Accounting Standards Board (FASB) was formed

7. Financial Accounting Standards Board (FASB) issued
--> 168 Statements of Financial Accounting Standards (SFAS)

8. Effective July 1, 2009
--> Accounting Standards Codification (ASC) is
--> the single source of "authoritative" U.S. GAAP

9. Accounting Standards Codification (ASC) integrated
--> all previous sources of U.S. GAAP
--> including 
--> Accounting Research Bulletins (ARB)
--> Accounting Principles Board (APB) Opinions
--> Statements of Financial Accounting Standards (SFAS)
--> AICPA Statements of Position (SOP)
--> FASB Emerging Issue Task Force (EITF) Issues
--> SEC Staff Accounting Bulletins (SAB) and other SEC rules


Sources integrated into the Accounting Standards Codification (ASC)


1. Accounting Research Bulletins (ARB)

ARB 43, June 1953
--> "Restatement and Revision of Accounting Research Bulletins"
--> Integrated all previously issued Accounting Research Bulletins (ARB 1 - ARB 42) into ARB 43

ARB 51, August 1959
--> "Consolidated Financial Statements"

2. Accounting Principles Board (APB) Opinions 

APB Opinion 1, November 1962
--> "New Depreciation Guidelines and Rules"
--> APB Opinion 1 was superseded by SFAS 96 in December 1987

APB Opinion 31, June 1973
--> "Disclosure of Lease Commitments by Lessees"
--> APB Opinion 31 was superseded by SFAS 13 in November 1976

3. Statements of Financial Accounting Standards (SFAS)

SFAS 1, December 1973
--> "Disclosure of Foreign Currency Translation Information"
--> SFAS 1 was superseded by SFAS 8 in October 1975
--> SFAS 8 was superseded by SFAS 52 in December 1981

SFAS 168, June 2009
--> "The FASB Accounting Standards CodificationTM and the Hierarchy of Generally Accepted
Accounting Principles´┐Ża replacement of FASB Statement No. 162"


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   Codification Topic 105
   Generally Accepted Accounting Principles
 
Subtopics
 
   105-10 Overall
 
Accounting Terms of Codification Topic 105-10
 
   Nongovernment entity
   Nonpublic entity



   Other Topics at the Codification 100 
Accounting Standards Codification, ASC, Overview
 
ASC Codification Topic 105: Generally Accepted Accounting Principles


   U.S. GAAP Codification of Accounting Standards
Accounting Standards Codification, ASC, Overview
ASC Codification 200: Presentation
ASC Codification 300: Assets
ASC Codification 400: Liabilities
ASC Codification 500: Equity
ASC Codification 600: Revenue
ASC Codification 700: Expenses
ASC Codification 800: Broad Transactions
ASC Codification 900: Industry

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