Ch 10 Financial Accounting Research Flashcards
Accounting Standards Update
New or revised guidance included in the FASB accounting standards codification when adopted and becoming part of U.S. GAAP.
CCH?s Accounting Research Manager (ARM)
A database of financial reporting, auditing, accounting guidance for U.S., government, and international entities offered by CCH.
FASB Accounting Standards Codification (ASC)
The source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities.
FASB Accounting Standards Codification Research System (CRS)
Online system to document and research the FASB Accounting Standards Codification (ASC).
Financial Accounting Standards Board (FASB)
The designated organization in the private sector for establishing standards of financial accounting that govern the preparation of financial reports by nongovernmental entities in the United States.
Generally Accepted Accounting Principle (GAAP)
The body of accounting guidance governing the financial reporting by nongovernmental entities contained within the FASB accounting standards codification (ASC).
International Accounting Standards Board (IASB)
The independent standard-setting body responsible for the development and publication of the International Financial Reporting Standards (IFRS).
International Financial Reporting Standards (IFRS)
A single set of high quality financial reporting standards developed by the International Accounting Standards Board (IASB) for use globally.
Securities and Exchange Commission (SEC)
A federal agency in the United States with responsibililites that include enforcing federal securities laws and regulating the securities industry. The SEC also has statutory authority to establish financial accounting and reporting standards for publicly held companies in the U.S.
