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1 Standard-Setting Bodies (GAAP setters (1939 to 1959 (CAP (Part-time,…

- - - - Let profession self-regulate
- - - - Part-time
      - Under AICPA
      - Committee on
        Accounting
        Procedure
  - - - Accounting
        Principles
        Board
      - Part-time
      - Under AICPA
  - - - Financial
        Accounting
        Standards
        Board
      - Independent
      - Full-time
      - 7 members
        
        5 year terms
        
        Allowed 1 extra term
        
        End job connections
      - Created SFAC
        
        Conceptual Framework
        
        Not GAAP
        
        But provide basic reasoning for it
        
        Statements of
        Financial
        Accounting
        Concepts
- - - - Not included, Not GAAP
    - - PCC
        
        GAAP Alternative
        
        Cost-beneficial
        
        Less complex
        
        More relevant
        
        Private Company Council
    - - FASB updates
        
        Types of updates
        
        U.S. GAAP
        
        SEC amendments
        
        Not aurthoritative
        
        Only to support conclusions
- - - - International
        Financial
        Reporting
        Standards
        
        All Inclusive term
        
        IASs
        
        International
        Accounting
        Standards
        
        Adopted from predecessor IAS Committee
        
        IFRSs
        
        Interpretations from
        
        Current
        
        IFRIC
        
        IFRS
        Interpretations
        Committee
        
        Old
        
        SIC
        
        Standard
        Interpretations
        Committee