Member OrganizationsMember Organization Associate Show Association of International Certified Professional Accountants–AICPA Legal and Regulatory Environment
Adoption of International Standards
DisclaimerIFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information. Who set accounting standards in USA?The Financial Accounting Standards Board (FASB) sets accounting rules for public and private companies and nonprofits in the United States. A related organization, the Governmental Accounting Standards Board (GASB), sets rules for state and local governments.
Who started accounting standards?1973—The International Accounting Standards Committee (IASC) Is Established. The IASC (the predecessor body to the IASB) was established by the AICPA and its counterparts in 8 other countries.
What is the first accounting standard?It states that an enterprise needs to disclose significant accounting policies followed by it to prepare and present its financial statements. This is because a business entity's state of affairs gets significantly impacted by the accounting policies used in preparing its financial statements.
Is GAAP and FASB the same?GAAP is a set of procedures and guidelines used by companies to prepare their financial statements and other accounting disclosures. The standards are prepared by the Financial Accounting Standards Board (FASB), which is an independent non-profit organization.
|