AICPA appoints federal accounting standards review panel.The AICPA AICPA See American Institute of Certified Public Accountants (AICPA). recently appointed a panel to review the Federal Accounting Standards Advisory Board's (FASAB FASAB Federal Accounting Standards Advisory Board FASAB Financial Accounting Standards Advisory Board ) continuing authority to set generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) for the federal government under Rule 203 of the AICPA Code of Conduct. The panel will assist the AICPA Board of Directors and Council by providing its recommendations on the continued recognition of the FASAB in accordance with an October 1999 Council resolution. The Council resolution called for the Board to review the missions and operations of the FASAB, evaluate whether the FASAB continues to meet Council-approved criteria used to assess standards-setting bodies designated under Rule 203, and recommend whether or not Council should continue designating the FASAB under Rule 203. This item also ran in the Ohio e-CPA Weekly on July 28, 2003. |
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