What is the role of the EITF?

The mission of the EITF is to assist the FASB in improving financial reporting through the timely identification, discussion, and resolution of financial accounting issues within the framework of the FASB Accounting Standards CodificationTM (Accounting Standards Codification), which represents the source of …

What does the ETIF do?

The Emerging Issues Task Force is an organization that provides assistance and improvements to the financial reporting system. It was created in 1984 by the Financial Accounting Standards Board to develop a streamlined and uniform set of accounting principles.

What is the purpose of the financial accounting Concepts?

The Statement of Financial Accounting Concept (SFAC) was an overview of accounting and financial reporting terms issued by the FASB. The goal has been to establish accounting standards and guidelines for best practices among accountants, bookkeepers, and organizations preparing financial statements.

What is Rule 203 of the Code of Professional Conduct quizlet?

(Rule 203 prohibits a member from expressing an unqualified opinion on financial statements that contain a material departure from generally accepted accounting principles.)

Which of the following is a responsibility of the FASB?

The Financial Accounting Standards Board (FASB) is an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States, following generally accepted accounting principles (GAAP).

How did the role of the AICPA change after the establishment of the FASB?

How did the role of the AICPA change after the establishment of the FASB? They have a reduced role in issuing accounting standards for public companies. Morris and Ted are brothers who work in similar fields. Morris works at an accounting firm and Ted is a financial analyst.

What does the APB do?

The purpose of the APB was to issue guidelines and rules on accounting principles. Some of the opinions released by the APB still stand as part of the Generally Accepted Accounting Principles (GAAP), but most have been either amended or entirely superseded by FASB statements.

What is the purpose of accounting?

The main goal of accounting is to record and report a company’s financial transactions, financial performance, and cash flows. Accounting standards improve the reliability of financial statements.

What is the main purpose of Conceptual Framework?

The primary purpose of the Conceptual Framework was to assist the IASB in the development of future IFRSs and in its review of existing IFRSs. The Conceptual Framework may also assist preparers of financial statements in developing accounting policies for transactions or events not covered by existing standards.

What does Rule 203 of the Code of Professional Conduct deal with?

Rule 203 states a member should not approve any statements that do not follow Generally Accepted Accounting Principles, also known as GAAP, according to the AICPA Code of Professional Conduct. CPAs also cannot lie about being unaware if changes are made to a financial statement to comply with GAAP.

What is the purpose of FASB staff positions?

FASB Staff Positions have become an important source of generally accepted accounting principles (GAAP). They are used not only to clarify existing standards, but also to amend and extend existing standards.