Guides: Accounting: Standards

Accounting Guidance

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U.S. Master GAAP Guide
Current edition, available on VitalLaw (browse under "Tax - Federal > Tax & Financial Accounting")
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Current US Accounting Standards

Financial Accounting Standards Board (FASB): Basic View
FASB's Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. All US GAAP standards issued by a standard setter are superseded in 2009. For the Basic View you will have to create a FREE account for yourself.
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Professional View is available to MSB accounting students and faculty. Please contact Dr. Baber.
Securities & Exchange Commission ("SEC") Regulations and Enforcement Releases
Instead of issuing standards itself, the SEC is primarily concerned with enforcing accounting and auditing standards in the context of financial statements it receives from public companies under the federal securities laws. It also oversees the Public Company Accounting Oversight Board. SEC regulations and guidance documents have not been superseded by FASB's Accounting Standards Codficiation.
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Accounting and auditing documents issued by the SEC include:
* Regulation S-X (17 C.F.R. Part 210) (governs financial statement presentation and disclosure in SEC filings)
* Staff Accounting Bulletins (SAB) (provide guidance on the SEC's views regarding the proper application of accounting standards in public company disclosures)
* Accounting and Auditing Enforcement Releases (documents related to administrative enforcement proceedings the SEC initiates against persons who have allegedly violated accounting standards in financial statements submitted to the SEC under the federal securities laws)
XBRL Extensible Business Reporting Language

International

International Accounting Standards Board (IASB)
the International Accounting Standards Board and International Federation of Accountants work with the U.S., in order to promote the convergence of accounting and auditing standards worldwide. 90 countries now require the financial statements of publicly traded companies to be prepared in accordance with the IASB's International Financial Reporting Standards ("IFRSs")

Auditing

American Institute of Certified Public Accountants: Auditing Standards Board
Pronouncements and standards on auditing matters applicable to the preparation and issuance of audit reports for not publicly trade companies.
Public Company Accounting Oversight Board (PCAOB)
Public Company Accounting Oversight Board (PCAOB) establishs auditing standards for public companies registered with the SEC.
International Federation of Accountants (IFAC)
IFAC issues auditing standards in the form of pronouncements called International Standards on Auditing. These standards are available in the annual publication Handbook of International Auditing, Assurance, and Ethics Pronouncements.

Government Accounting

Federal Accounting Standards Advisory Board (FASAB)
Federal Accounting Standards Advisory Board (FASAB or 'the Board') is made up of officials from the Secretary of the Treasury, the Director of the Office of Management and Budget, and the Comptroller General of the United States.
Governmental Accounting Standards Board (GASB)
Governmental Accounting Standards Board establishs standards applicable to state and local governmental entities. It takes advise of Financial Accounting Foundation, the American Institute of Certified Public Accountants, the Government Finance Officers Association, the National Association of State Auditors, Comptrollers and Treasurers, and the seven organizations representing state and local.