FASB History, AOCI

Question 1

Which financial reports includes the “Accumulated other comprehensive income?”

Answer 1

In the balance sheet or “Statement of Financial Position”,

located below the “equity” accounts section.

Illustration:

Assets
Liabilities
Equity
–> here: Accumulated other comprehensive income

Question 2

History of CAP, APB, and FASB

Answer 2

CAP, APB, and FASB that help create GAAP.

CAP (committee on accounting procedure):
AICPA part-time committee
From 1939 to 1959
Created Accounting Research Bulletins

APB (Accounting principles board)
Another AICPA part-time comittee (or committee of part-timers)
from 1959 to 1973
Created Accounting Principles Board Opinions (APBO) and APB Interpretations, which determined GAAP

FASB (Financial accounting standards board):
From 1979 to present
Has 7 full-time members, serve 5 year terms; must server ties with any firms or institution before joining FASB
Issued Statements of Financial Accounting Standards (SFAS), FASB Interpretations, (FIN), FASB Technical Bulletins (FTB), Emerging Issues Task Force Statements (EITF), FASB Staff Positions, FASB Implementation Guides, and Statements of Financial Accounting Concepts (SFAC).