Question: CA1-12 GROUPWORK (GAAP Terminology) Wayne Rogers, an administrator at a major university, recently said, “I’ve got some CDs in my IRA, which I set up to beat the IRS.” As elsewhere, in the world of accounting and finance, it often helps to be fluent in abbreviations and acronyms.

Instructions

Presented below is a list of common accounting acronyms. Identify the term for which each acronym stands, and provide a brief definition of each term.

(a) AICPA (e) FAF (l) FASB(b) CAP (f) FASAC (j) SEC(c) EITF (g) GAAP (k) IASB(d) APB (h) CPA

It is the national, professional association of CPA (Certified Public Accountants) in the USA, with more than members. The AICPA sets generally accepted professional & technical standards of CPA in many areas.

Former senior technical committee of the American Institute of CPA that promulgated Accounting Research Bulletins from up to it consisted of accounting practitioners and professors. It was replaced by the Accounting Principles board, which was in turn replaced by FASB.

It is an organization formed by the Financial Accounting Standards BoardFASBin to identify, discuss and resolve financial accounting problems and issues in order to improve financial reporting.

The APB is the former authoritative body of the American Institute of Certified Public Accountants. It issued pronouncements on accounting principles until. Of the 31APB opinions, several were instrumental in improving the theory and practice of significant areas of accounting. The APB was replaced by Financial Accounting Standards Board FASB.

It is organized in, is the independent, private sector organization with responsibility for the oversight, administration, and finances of the Financial Accounting Standards Board FASB, the Government Accounting Standards Board (GASB) and their advisory councils, the Financial Accounting Standards Advisory Councils, the Financial Accounting Standards Advisory Council (FASAC) and the Governmental Accounting Standards Advisory Council (GASAC).

The FASAC was formed in concurrent with the establishment of the FASB. The primary function of FASAC is to advise the about the agenda of the board, possible items about the new agenda, primary projects, matters that need focus of the FASB, and other matters as requested by the chairman of the FASB.

The common set of accounting principles, standards and procedures that companies use to compile their financial statements GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information.

CPA is the statutory title of qualified accountants in the who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA.

It is an independent board responsible for establishing and interpreting generally Accepted Accounting Principles. It was formed in to succeed and continue the activities of the Accounting Principles Board APB.

It is the primary federal regulatory agency for the securities industry, whose responsibility is to promote full disclosure and to protect investors against fraudulent and manipulative practices in the securities markets.

It is an independent regulatory body that aims to develop a single set of global accounting standards. The IASB was founded on April and is the successor of the International Accounting Standards Committee (IASC).