Fair Presentation Material

Question 1

What is FASAB? What do they do?

Answer 1

• Federal Accounting Standards Advisory Board
• Designated by the AICPA to establish financial accounting
  principles for Federal Government Entities

Question 2

What is FASB? What do they do?

Answer 2

• Financial Accounting Standards Board
• Body to establish accounting principles and standards on
  disclosure of financial information in financial reports

Question 3

What is GASB? What do they do?

Answer 3

• Governmental Accounting Standards Board
• Designated by the AICPA to establish financial accounting
  principles for State and Local Government Entities

Question 4

What is the PCAOB? What do they do?

Answer 4

• Public Company Accounting Oversight Board
• Designated by the AICPA to establish standards relating
  to the preparation and issuance of audit reports for
  entities auditing public companies

Question 5

What is the IASB? What do they do?

Answer 5

• International Accounting Standards Board
• Body to establish professional standards for international
  financial accounting and reporting principles

Question 6

What are some examples of AICPA Committees and Boards?

Answer 6

• Accounting and Review services Committee (for entity’s
  not required to submit audited financials)
• Auditing Standards Board
• Management Consulting Services Executive Committee
• Attestation Standards
• Tax Executive Committee
• Forensic and Valuation Services Executive Committee
• Personal Financial Planning Executive Committee

Question 7

What is the General Standards Rule? Section 1.300

Answer 7

• All members shall comply with the following standards
  1) Professional Competence
  2) Due Professional Care
  3) Planning and Supervision
  4) Sufficient Relevant Data

Question 8

When does a member have to comply with the Standards Rule? Section 1.310

Answer 8

• Members have to follow these rules when performing
  audits, reviews, compilations, management consulting,
  tax, or other professional services

Question 9

What does ASC stand for?

Answer 9

Accounting Standards Codification

Question 10

What does AU - C stand for?

Answer 10

AICPA Clarified Statements on Auditing Standards

Question 11

What does CON stand for?

Answer 11

Statement of Financial Accounting Concepts (SFAC)

Question 12

What does PCAOB AS stand for?

Answer 12

Public Company Accounting Oversight Board Auditing Standard

Question 13

What does SAB stand for?

Answer 13

SEC Staff Accounting Bulletin