TITLE

How Many Accounting Frameworks Are Enough?

AUTHOR(S)
Mastracchio Jr., Nicholas J.; Lively, Heather M.
PUB. DATE
August 2013
SOURCE
CPA Journal;
SOURCE TYPE
DOC. TYPE
Article
ABSTRACT
The article examines several issues on the U.S. accounting standards for private companies, as of 2013. It tackles the Financial Accounting Standards Board's approval of the first three of the Private Company Council's proposals for the modification of generally accepted accounting principles for private companies on June 10, 2013. It also discusses the set of standards for small and medium-sized entities issued by the American Institute of Certified Public Accountants in June 2013.
ACCESSION #
90022933

 

Related Articles

  • IFRS for U.S.-Based SMEs: Who's on First, and What U.S.-Based SMEs Need to Look Out For. Lombard, Dori; Rider, Caroline V. // Proceedings of the Northeast Business & Economics Association;2010, p69 

    At first glance an accountant for a small and medium-sized entity (SME) might assume that whatever the SEC, the AICPA, or FASB says about whether or not IFRS apply to his or her U.S.-based SME client would be controlling. However, SMEs with certain types of relationships with publicly traded...

  • A line in the sand. COHN, MIKE; CARLINO, BILL // Accounting Today;Nov2011, Vol. 25 Issue 11, p1 

    The article reports on the reply of the American Institute of Certified Public Accountants (AICPA) which has thrown down the proverbial gauntlet to the Financial Accounting Foundation (FAF) in the U.S. The proposal of FAF is to establish a new council to propose and vote in improvements to...

  • NEW STANDARDS AVAILABLE FOR PRIVATE COMPANIES: AT LAST A LITTLE GAAP? Christie, Nancy L.; Brozovsky, John // Academy of Entrepreneurship Journal;2010, Vol. 16 Issue 1, p55 

    For decades both U.S. practitioners and academicians have recognized a need for a simpler set of financial reporting standards, i.e. a "Little GAAP". To date, regulators have not been willing to provide a second set of standards. Now, for the first time, there may be answer for small firms...

  • Big GAAP/Little GAAP: Will The Debate Ever End? Wright, Gail B.; Fernandez, Daniel; Burns, Jeremy; Hawkins, Ryan; Hornsby, Christina; Patel, Sunny // Journal of Business & Economics Research;May2012, Vol. 10 Issue 5, p291 

    There has been an ongoing debate for decades, especially since the inception of the Financial Accounting Standards Board (FASB), over the appropriate application of generally accepted accounting principles (GAAP) to private companies. This so-called 'Big GAAP vs. Little GAAP' debate has now come...

  • Banks Caught in Fight Over New Accounting Framework. Cumming, Chris // American Banker;1/28/2014, Vol. 179 Issue 14, p5 

    The article discusses financial reporting in the U.S. with a focus on the Financial Reporting Framework for Small and Medium-Sized Entities that was introduced in June 2013 by the American Institute of Certified Public Accountants. The article notes that the framework is for privately held...

  • Financial reporting rules and small business. BRIGGS JR., FREDERICK G. // New Hampshire Business Review;10/18/2013, Vol. 35 Issue 22, p29 

    The article discusses the non-authoritative "Financial Reporting Framework for Small and Medium-Sized Entities" issued by the American Institute of Certified Public Accountants (AICPA) in June 2013. The differences between the framework and the existing generally accepted accounting principles...

  • GASB Statement No. 62--Massive But Benign?  // Governmental GAAP Update Service;2/15/2011, Vol. 11 Issue 3, p1 

    The article discusses the Governmental Accounting Standards Board Statement No. 62 (GASB-62) for accounting and financial reporting of governmental activities, business-type activities and proprietary funds. It mentions that GASB-62 has established a codification for all governmental GAAP to...

  • Inching closer? CARLINO, BILL; COHN, MIKE // Accounting Today;Mar2011, Vol. 25 Issue 3, p1 

    The article reports on the issuance of recommendations on private company standards by the Blue Ribbon Panel on Standard-Setting for Private Companies in the U.S. in 2011. The creation of a separate generally accepted accounting principles (GAAP) for private entities is not supported by the...

  • AcSEC is cleared to proceed on standards for start-up costs.  // CPA Journal;Jul95, Vol. 65 Issue 7, p10 

    Reports on American Institute of Certified Public Accountant Accounting Standards Executive Committee's (AcSEC) submission of prospectuses to the Financial Accounting Standards Board (FASB) on issues of accounting standards. Understanding between FASB and AcSEC; Result of the meeting between...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics