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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP Codification | Accounting Standards, ASC |
| Principles of Accounting, Intermediate Financial Accounting, U.S. GAAP Textbook |
| Accounting by Topic, Accounting Terms Dictionary |
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U.S. GAAP Accounting Standards |
| 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 https://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 APB Opinion 1 was superseded by SFAS 96 in December 1987 APB Opinion 31, June 1973 --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: a replacement of FASB Statement No. 162" |
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Codification Topic 105 Generally Accepted Accounting Principles |
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Subtopics 105-10 Overall |
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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 by Topic |
| Accounting Topics |
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