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Accounting Principles Board
The Accounting Principles Board (APB) is the former authoritative body of the American Institute of Certified Public Accountants (AICPA). It was created by the American Institute of Certified Public Accountants in 1959 and issued pronouncements on accounting principles until 1973, when it was replaced by the Financial Accounting Standards Board (FASB). The APB was disbanded in the hopes that the smaller, fully independent FASB could more effectively create accounting standards. The APB and the related Securities Exchange Commission were unable to operate completely independently of the U.S. government. According to the SEC, "the overall record of the APB was a reasonably good one, but it seems likely that a smaller full-time body directly in control of its research holds promise of more success". Among others, Abraham Briloff was critical of some actions of the Accounting Principles Board. In response to APB 17, Briloff referred to the APB as the "Accounting Pragmatics Board". ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Accounting Standards Board
The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the US. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. The FASB is run by the nonprofit Financial Accounting Foundation. FASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). Structure The FASB is based in Norwalk, Connecticut, and is led by seven full-time Board members,Spiceland, David; Sepe, James; Nelson, Mark; & Tomassini, Lawrence (2009). ''Intermediate Accounting'' (5th Edition). McGraw-Hill/Irw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vangermeersch, Richard
Richard G.J. Vangermeersch (born 1940) is an American economist, and Emeritus Professor of Accounting at the University of Rhode Island, particularly known for his ''History of Accounting: An International Encyclopedia,'' edited with Michael Chatfield. Biography Born in Providence, Rhode Island, Vangermeersch attended the North Providence High School. He obtained his BA in accounting from Bryant University, his MA in accounting in 1964 from University of Rhode Island, and his PhD in accounting in 1970 from the University of Florida with a thesis on the history of economics, economic theory and management.Michaela Mooney For 34 years, accounting professor hasn't done it by the numbers'' February 9, 2004. Republished at ''uri.edu/news/releases,'' 2013. Accessed 11.2014. Finally in 1978 he obtained his Certified Management Accountant (CMA). Vangermeersch spend his academic career at the University of Rhode Island, where he started in 1970 as Associate Professor of Accounting. In 20 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Chatfield
Michael Chatfield (1930s-2004) was an American economist, accounting historian, and Emeritus Professor of Accounting at the Southern Oregon University, known for his work on the history of accounting and accounting thought, and particularly for his ''History of Accounting: An International Encyclopedia,'' edited with Richard Vangermeersch. Biography Chatfield obtained his BA and MBA from the University of Washington, and his DBA for the University of Oregon in 1966, and his Certified Public Accountant degree in the Los Angeles Chapter in 1968,. After his graduation at the University of Washington Chatfield had started his career in industry at the Burroughs Corporation.''The Arthur Andersen Chronicle,'' Vol. 29 (1968), p. 40. After obtaining his Doctor of Business Administration in 1966 he joined the University of California, where he was appointed Assistant Professor of Accounting, and in 1970 Professor of Accounting. After a long period at the University of California he moved ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Vangermeersch
Richard G.J. Vangermeersch (born 1940) is an American economist, and Emeritus Professor of Accounting at the University of Rhode Island, particularly known for his ''History of Accounting: An International Encyclopedia,'' edited with Michael Chatfield. Biography Born in Providence, Rhode Island, Vangermeersch attended the North Providence High School. He obtained his BA in accounting from Bryant University, his MA in accounting in 1964 from University of Rhode Island, and his PhD in accounting in 1970 from the University of Florida with a thesis on the history of economics, economic theory and management.Michaela Mooney For 34 years, accounting professor hasn't done it by the numbers'' February 9, 2004. Republished at ''uri.edu/news/releases,'' 2013. Accessed 11.2014. Finally in 1978 he obtained his Certified Management Accountant (CMA). Vangermeersch spend his academic career at the University of Rhode Island, where he started in 1970 as Associate Professor of Accounting. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation. In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934 (now codified as and commonly referred to as the Exchange Act or the 1934 Act). Overview The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated companies submit quarterly and annual reports ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abraham Briloff
Abraham Jacob Briloff (July 19, 1917 - Dec. 12, 2013) was an American accounting scholar and Professor of accounting at Baruch College in New York. He was known for his contributions to accountancy,Abraham Briloff, Accounting Professor, Dies at 96 The New York Times, December 15, 2013Abraham Jacob Briloff The Accounting Hall of Fame. Accessed 2015-02-14. and also as the "most prominent accounting critic." Biography Born in Manhattan to Benjamin and Anna Briloff, Briloff obtained his BA in commerc ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Accounting Principles Board Opinions
Accounting Principles Board Opinions, Interpretations and Recommendations were published by the Accounting Principles Board from 1962 to 1973. The board was created by American Institute of Certified Public Accountants (AICPA) in 1959 and was replaced by Financial Accounting Standards Board (FASB) in 1973. Its mission was to develop an overall conceptual framework of US generally accepted accounting principles (US GAAP). APB was the main organization setting the US GAAP and its opinions are still an important part of it. All of the Opinions have been superseded in 2009 by FASB's Accounting Standards Codification. Accounting Interpretations The American Institute of Certified Public Accountants issued Accounting Interpretations between 1968 and November 1973, when the Financial Accounting Standards Board took over the issuing of interpretations in June 1974. The Interpretations were not considered pronouncements from the Accounting Principles Board, but Richard C. Lytle, the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Generally Accepted Accounting Principles
Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders. Some firms operate on the cash method of accounting which can often be simple and straight forward. Larger firms most often operate on an accrual basis. Accrual basis is one of the fundamental accounting assumptions and if it is followed by the company while preparing the Financial statements then no further disclosure is required. Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required. Some important elements that accounting standards cover include: identifying the exact entity which is reporting, discussing any "going concern" questions, specifying monetary units, and reporting time frames. Limitations The notable limitations of accounting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Convertible Debt
In finance, a convertible bond or convertible note or convertible debt (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. It is a hybrid security with debt- and equity-like features. It originated in the mid-19th century, and was used by early speculators such as Jacob Little and Daniel Drew to counter market cornering. Convertible bonds are most often issued by companies with a low credit rating and high growth potential. Convertible bonds are also considered debt security because the companies agree to give fixed or floating interest rate as they do in common bonds for the funds of investor. To compensate for having additional value through the option to convert the bond to stock, a convertible bond typically has a coupon rate lower than that of similar, non-convertible debt. The investor receives the potenti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intangible Asset
An intangible asset is an asset that lacks physical substance. Examples are patents, copyright, franchises, goodwill, trademarks, and trade names, as well as software. This is in contrast to physical assets (machinery, buildings, etc.) and financial assets (government securities, etc.). An intangible asset is usually very difficult to valuate. They suffer from typical market failures of non-rivalry and non-excludability.Webster, Elisabeth; Jensen, Paul H. (2006). ''Investment in Intangible Capital: An Enterprise Perspective.'' The Economic Record, Vol. 82, No. 256, March, 82-96. Today, a large part of the corporate economy ( NPV) consists of intangible assets. Definition Intangible assets may be one possible contributor to the disparity between "company value as per their accounting records", as well as "company value as per their market capitalization". Considering this argument, it is important to understand what an intangible asset truly is in the eyes of an accountant. A num ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
