Financial Accounting Standards Board Interpretations

	Financial Accounting Standards Board Interpretations FASB Interpretations are published by the Financial Accounting Standards Board (FASB). They extend or explain existing standards (primarily published in Statements of Financial Accounting Standards). Interpretations are a part of the U.S. Generally accepted accounting principles (US GAAP). 48 interpretations have been published as of September 2006. {, class="wikitable" , - ! No. ! Title ! width="9%" , Issue Date ! width="25%" , Changes{{nobold, (note: para. stands for paragraph) , - align="left" valign="top" , 1. , Accounting Changes Related to the Cost of Inventory—an interpretation of APB Opinion No. 20 , June 1974 , , * None , - align="left" valign="top" , 2. , Imputing Interest on Debt Arrangements Made under the Federal Bankruptcy Act—an interpretation of APB Opinion No. 21 , June 1974 , , * Superseded by FASB Statement 15, para. 10 , - align="left" valign="top" , 3. , Accounting for the Cost of Pension Plans Subject to the Employee Retirement Income Security A ... [...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]
	US GAAP Generally Accepted Accounting Principles (GAAP or U.S. GAAP, pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC) and is the default accounting standard used by companies based in the United States. The Financial Accounting Standards Board (FASB) publishes and maintains the Accounting Standards Codification (ASC), which is the single source of authoritative nongovernmental U.S. GAAP. The FASB published U.S. GAAP in Extensible Business Reporting Language (XBRL) beginning in 2008. Sources of GAAP The FASB Accounting Standards Codification is the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. In addition to the SEC's rules and interpretive releases, the SEC staff issues Staff Accounting Bulletins that represent practices followed by t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	FIN46 FIN 46, Consolidation of Variable Interest Entities, was an interpretation of United States Generally Accepted Accounting Principles (U.S. GAAP) published on January 17, 2003 by the U.S. Financial Accounting Standards Board (FASB) that made it more difficult to remove assets and liabilities from a company's balance sheet if the company retained an economic exposure to the assets and liabilities. One of the main reasons FIN 46 was issued as an interpretation instead of an accounting standard was to issue the standard in a relatively short period of time in response to the Enron scandal. Origins FIN 46 was an interpretation of ARB 51, an accounting principle issued in August 1959 defining the situations where Consolidated Financial Statements must be prepared. Whenever a company has a controlling financial interest in another entity it must consolidate the assets and liabilities of the other entity—that is, it must add the assets and liabilities of the other entity to its own, cance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	United States Generally Accepted Accounting Principles Generally Accepted Accounting Principles (GAAP or U.S. GAAP, pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC) and is the default accounting standard used by companies based in the United States. The Financial Accounting Standards Board (FASB) publishes and maintains the Accounting Standards Codification (ASC), which is the single source of authoritative nongovernmental U.S. GAAP. The FASB published U.S. GAAP in Extensible Business Reporting Language (XBRL) beginning in 2008. Sources of GAAP The FASB Accounting Standards Codification is the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. In addition to the SEC's rules and interpretive releases, the SEC staff issues Staff Accounting Bulletins that represent practices followed by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]