Student
At the time the SEC was created, no group—public or private—issued accounting standards. The SEC encouraged the creation of a private standard-setting body because it believed that the private sector had the appropriate resources and talent to achieve this daunting task.
AICPA
The AICPA's mission is to provide members with the resources, information and leadership that enable them to provide valuable services in the highest professional manner to benefit the public, employers and clients.
CAP
At the urging of the SEC, the AICPA appointed the Committee on Accounting Procedure in 1939. The Committee on Accounting Procedure (CAP) composed of practicing CPAs, issued 51 Accounting Research Bulletins during the years 1939 to 1959.
APB
APB’s mission was to develop an overall conceptual framework to assist in the resolution of problems as they become evident and to substantively research individual issues before the AICPA issued pronouncements.
FASB
The FASB's mission is "to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports.
The FASB accomplishes its mission "through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation's Board of Trustees.
1. Financial Accounting Standards Board (FASB)
The FASB and the AICPA agree that the AICPA and AcSEC no longer will issue authoritative accounting guidance for public companies.
Its mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, which includes issuers, auditors, and users of financial information.
The Due Process System of the FASB
Topics identified and placed on Board's agenda.
Research and analysis conducted and
AICPA
The AICPA's mission is to provide members with the resources, information and leadership that enable them to provide valuable services in the highest professional manner to benefit the public, employers and clients.
CAP
At the urging of the SEC, the AICPA appointed the Committee on Accounting Procedure in 1939. The Committee on Accounting Procedure (CAP) composed of practicing CPAs, issued 51 Accounting Research Bulletins during the years 1939 to 1959.
APB
APB’s mission was to develop an overall conceptual framework to assist in the resolution of problems as they become evident and to substantively research individual issues before the AICPA issued pronouncements.
FASB
The FASB's mission is "to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports.
The FASB accomplishes its mission "through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation's Board of Trustees.
1. Financial Accounting Standards Board (FASB)
The FASB and the AICPA agree that the AICPA and AcSEC no longer will issue authoritative accounting guidance for public companies.
Its mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, which includes issuers, auditors, and users of financial information.
The Due Process System of the FASB
Topics identified and placed on Board's agenda.
Research and analysis conducted and