![]() Staff is continuing research to determine whether additional reporting should be required for any of the entities that primarily apply FASB GAAP in order to meet users’ needs and federal financial reporting objectives. Staff plans to present a revised project plan to the board at the June board meeting. If there are outstanding questions or issues remaining at the end of the Federal Entity project and the board agrees at a future agenda-setting session that the issues are a priority, the project can always be reopened. ![]() At the board’s request, no further research or outreach will be conducted with respect to this project. ![]() As a result of this decision, staff will close the project and move it from the Active Projects to the Archived Projects. NOTE: This project was archived in August 2011 following board deliberations at the June 2011 meeting.Īt the June 22, 2011, meeting, after discussing a draft project plan and approach, the majority view of the board members was that the project should be dropped. HISTORY OF BOARD DELIBERATIONS (reverse chronology) The primary objective of this project is to consider the appropriate source of GAAP for federal entities. For example, federal government corporations, the US Postal Service, certain component entities of the Department of Treasury, and some smaller entities in the executive and legislative branches have historically applied FASB GAAP and continue to do so. Nevertheless, some federal entities follow GAAP for nongovernmental entities promulgated by the private sector Financial Accounting Standards Board (FASB GAAP). The Financial Accounting Standard Boards (FASB) develops the most influential set of GAAP rules in the United States.Since October 1999, the American Institute of Certified Public Accountants (AICPA) has recognized the Federal Accounting Standards Advisory Board (FASAB) as the standard-setting body for federal governmental entities therefore, the pronouncements resulting from the FASAB process represent generally accepted accounting principles (GAAP) for the entire federal government (FASAB GAAP). See also: SEC.gov Non-GAAP Financial Measures - Questions and Answers of General Applicability Non-GAAP performance reports that are misleading as to the company’s true financial performance risk violating Rule 100 of Regulation G. Companies are free to issue supplementary, non-GAAP performance reports if they so desire, however, those reports must adhere to the SEC’s Regulation G or face liability. For example, due to the Securities Exchange Act, all publicly traded companies must regularly disclose GAAP compliant reports on their annual 10-K. Unlike the international standard, IFRS, GAAP authorizes the use of both first in first out (FIFO) accounting and last in first out (LIFO) accounting.Īlthough GAAP rules originate from private organizations, legislators and courts often require conformance to GAAP, especially on matters relating to publicly traded company stock. ![]() GAAP stands for Generally Accepted Accounting Principles and refers to the standard accounting rules regarding the preparation, presentation, and reporting of financial statements in the United States.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |