【文章內容簡介】 sion (SEC) ? It is vitally interested in financial reporting and the development of accounting standards. ? It brings to the Board’s attention emerging problems that need to be addressed and sends observers to meet with the EITF. ? It occasionally issues Staff Accounting Bulletins (SABs), which are SEC staff interpretations. 130 American Institute of Certified Public Accountants (AICPA) (continues) ? It is the professional anization of practicing certified public accountants (CPAs) in the United States. ? It is responsible for preparing and grading the Uniform CPA Examination. 131 ? It is concerned with maintaining the integrity of the profession through its Code of Professional Conduct and through a quality control program, which includes a process of peer review of CPA firms conducted by other CPAs. American Institute of Certified Public Accountants (AICPA) 132 American Accounting Association (AAA) (continues) ? The AAA is an anization of accounting professors. ? It sponsors national and regional meetings where accounting professors discuss technical research and share teaching techniques and materials. ? It anizes working mittees of professors to study and ment on accounting standards issues. 133 ? It motivates and facilitates curriculum revision to keep pace with the changes in the accounting profession. American Accounting Association (AAA) ? The AAA publishes a number of academic journals, including The Accounting Review and Accounting Horizons. 134 Internal Revenue Service (IRS) ? The IRS has the primary goal of equitably collecting revenue. ? Although not the same, there are many areas where tax and financial accounting are closely related. 135 What is GAAP? (continues) 136 What is GAAP? 137 Realize the growing importance and relevance of international accounting issues to the practice of accounting in the United States and understand the role of the IASB in international accounting standard setting. OBJECTIVE 4 138 International Accounting Standards Board (IASB) ? Formed in 1973 to develop worldwide accounting standards. ? Similar to FASB, IASB develops proposals, circulates these among interested anizations, receives feedback, and then issues a final pronouncement. ? Board members are representatives from the United States, the United Kingdom, France, Sweden, China, Australia, South Africa, and Japan. (continues) 139 International Accounting Standards Board (IASB) ? Accounting standards issued by the IASB are referred to as International Financial Reporting Standards (IFRSs) if issued since to 2020 and International Accounting Standards (IASs) if issued prior to 2020. 140 Understand the significance of the FASB’s conceptual framework in outlining the qualities of good accounting information, defining terms such as asset and revenue, and providing guidance about appropriate recognition, measurement, and reporting. OBJECTIVE 5 141 Conceptual Framework ? A strong theoretical foundation is essential if accounting practice is to keep pace with a changing business environment. ? The conceptual framework plays a vital role in the development of new standards and in the revision of previously issued standards. ? A conceptual framework provides a guide for future practice. 142 Concepts Statements ? In 2020, FASB issued seven Statements of Financial Accounting Concepts, which addressed four major areas: 1. Objectives: What are the purposes of financial reporting? 2. Qualitative characteristics: What are the qualities of useful financial information? 3. Elements: What is an asset? a liability? a revenue? an expense? 4. Recognition, measurement, and reporting: How should the objectives, qualities and elements definitions be i