1. Identify all of the accounting standards board that have existed in US business history. 2....
1. Identify all of the accounting standards board that have existed in US business history.
2. What was their sponsoring organization?
3. What was their objective?
4. What did they achieve?
5. Why were they replaced?
Homework Answers
Ans.1: In US business history till 30th June 1973, Accounting Principles Board was in existence which was an arm of American Institute of Certified Public Accountants. But on 1st July 1973, it was replaced by the Financial Accounting Standards Board. There is Government Accounting Standards Board, which is source of of GAAP used by local and state government is United State.
Ans. 2. The Accounting Principle Board was body of American Institute of Public Accountants. Whereas Financial Accounting Standards Board is a private, non-profit organisation.
Ans. 3. The objective of setting up of Financial Accounting Standards Board (FASB) is to constitute a standard setting body. The importance of FASB,was announced by the U.S. Securities and Exchange Commission (SEC) in 1973 by issuing Accounting Series Release No. 150 (ASR 150). This ASR 150 stated that FASB pronouncements will be considered by the SEC as having "substantial authoritative support".
Ans. 4: Since 1st July, 1973 day of constitution Financial Accounting Standards Board have done lots of work in development and issuance standards to be used by business in United States. These standards brings comparability, common standards and uniformity in accounting practices and procedures.
Add Answer to:
1. Identify all of the accounting standards board that have
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