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The other C-word.(Financial Reporting)(codification (Law))(Column)
Let's say you are working on one of Strategic Finance's challenging crossword puzzles and find yourself in need of a 12-letter word beginning with the letter "C." The clue is "Makeover for U.S. GAAP." Does the word Convergence spring to mind? If so, good! At this point, all accounting and finance professionals should be aware that Convergence (i.e., the global convergence of financial reporting standards) is bringing profound change to U.S. Generally Accepted Accounting Principles (GAAP). Over the past several months, I've tried to ensure that readers of this column are well aware of the phenomenon of Convergence and its many implications for corporate financial reporting in the United States and elsewhere in the world.
But back to the crossword puzzle, where there's a slight problem: The word Convergence has only 11 letters, not 12. Could there be another "C-word" that fits the clue? A word that describes another phenomenon that will also have a significant impact on U.S. GAAP? The answer to both questions is "yes." This month's column is about that other C-word: Codification.
Introducing the FASB Accounting Standards Codification
The Financial …
- The International GAAP Gap.(generally accepted accounting standards)(standards...
- Magazine article from: Securities Industry News March 14, 2005 700+ words
...between IFRS and GAAP is complex, but...the International Accounting Standards Board (IASB...s Jones. The Accounting Standards Board of Japan...generally accepted accounting standards (GAAP). Market vs...
- CAs NOT TO FOLLOW US STANDRADS (as rule-based accounting standards like the US...
- News wire article from: Asia Africa Intelligence Wire March 22, 2004 700+ words
...based approach to accounting standards. The Indian approach to accounting standards is modelled along the lines of the International Accounting Standards (IAS). The IAS approach...the letter. The US GAAP, on the other hand...
- FASB to insurers: bet life on GAAP. (Financial Accounting Standards Board...
- Magazine article from: Accounting Today June 21, 1993 700+ words
...CONN. -- The Financial Accounting Standards Board is closing the GAAP gap among mutual life insurance...accounting rules that differ from GAAP," FASB project manager Janice...statutory accounting practices as GAAP for mutual life insurance enterprises...
- Accounting Standards Mixed Progress towards Convergence. (News).(GAAP...
- Magazine article from: Accountancy Ireland February 1, 2002 700+ words
...accountancy firms, GAAP 2001, found...International Accounting Standards. Approximately...International Accounting Standards (IAS). Achieving...the globe. GAAP 2001 also demonstrates...consistency in accounting standards and auditing...
- FASB, AICPA feud over GAAP. (Financial Accounting Standards Board, American...
- Magazine article from: Accounting Today Telberg, Rick September 23, 1991 700+ words
...Remodeling the House of GAAP" and said the "proposed changes in the GAAP hierarchy may be the...role of the Government Accounting Standards Board in setting rules...But as part of the GAAP hierarchy project...setting panel--the Accounting Standards Executive Committee...
- GASB wary as Connecticut mulls its own GAAP.(Governmental Accounting Standards...
- Magazine article from: Accounting Today Cheney, Glenn July 23, 2007 700+ words
...intention of modifying GAAP, as set by the Governmental Accounting Standards Board, for external...its budget in GAAP, however, she...possibility of accounting standards becoming a political...away from GASB GAAP this year. Texas...
- Framing the future: a first look at FASB's GAAP codification.(Financial...
- Magazine article from: Journal of Accountancy Pounder, Bruce May 1, 2008 700+ words
...frequently struggle to learn GAAP If a standard setter were to develop a body of accounting standards from scratch today...challenging jumble that GAAP has become. Rather...simplify the structure of GAAP by codifying it. In...FASB released the Accounting Standards Codification ...
- FASB to set GAAP alone; AcSEC and EITF demoted. (Top of the news: the complete...
- Magazine article from: Accounting Today Cheney, Glenn November 25, 2002 700+ words
...consolidation of GAAP-setting power...Institute of CPAs' Accounting Standards Executive Committee...from the complex GAAP hierarchy, which...the setting of accounting standards. "We've agreed to stop issuing GAAP-setting SOPs...
- International accounting: a comparison of IASC and U.S. GAAP standards....
- Magazine article from: The Journal of Lending & Credit Risk Management Bloomer, Carrie March 1, 1997 700+ words
...The Financial Accounting Standards Board (FASB...accounting principles (GAAP) and the present body of accounting standards issued by the International Accounting Standards Committee (IASC...standards and U.S. GAAP, an investor...
- FASB proposes GAAP hierarchy.(Financial Accounting Standards Board., Generally...
- Magazine article from: Healthcare Financial Management July 1, 2005 700+ words
The Financial Accounting Standards Board recently published...quality of financial accounting standards and the standard-setting...carries forward the GAAP hierarchy as set forth...org/draft/ed_gaap_hierarchy.pdf.
Source: HighBeam Research, The other C-word.(Financial Reporting)(codification (Law))(Column)
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