Relevant Dates - Facts

Question 1

1934 SEC

Answer 1

Legal authority to establish GAAP

Question 2

1939-1959 CAP
Committee on Accounting Procedure, committee of the AICPA

Answer 2

20 years of creating accounting research bulletins

Question 3

1959-1973 APB Accounting Principles Board committee of the AICPA

Answer 3

14 years created Accounting Principles Board Opinions

Question 4

1973 creation of the

Answer 4

FASB financial accounting standards board - recognized by the SEC and AICPA

Question 5

2001 IFRS international financial reporting standards

Question 6

2009 Accounting Standards Codification

Answer 6

Single source of authoritative nongovernmental US GAAP

Question 7

Accounting Standards Updates

Answer 7

Not authoritative literature, they provide background information, update the codification, and describe the basis for conclusions on changes to the codification

Question 8

SFAC statements of financial accounting concepts - not GAAP, they provide the basis for financial accounting concepts

Question 9

Private company council

Answer 9

Established to improve standard setting for privately held companies

Question 10

Accounting Standards Updates are issued upon

Answer 10

Majority vote of FASB members

Question 11

Accounting Standards Updates

Answer 11

Amend the codification

Question 12

Does FASB create internal control standards

Answer 12

NO

Question 13

Interim reports

Answer 13

Reports for an integral part of an annual period