AICPA increases emphasis on industry-specific accounting guidance. (accounting & auditing news).Last month's public statement by the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). announcing plans to streamline streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid. the accounting rulemaking In administrative law, rulemaking refers to the process that executive agencies use to create, or promulgate, regulations. In general, legislatures first set broad policy mandates by passing laws, then agencies create more detailed regulations through rulemaking. process is consistent with previous discussions between the FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). and the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). regarding accounting standards. In cooperation with the FASB and to help achieve the mutual goal of creating principles-based U.S. accounting standards, the AICPA has agreed to focus on industry-specific accounting and auditing guidance and to stop issuing general purpose accounting statements of position. The decision was also discussed at the recent fall meeting of Council. The two organizations will work together on a transition. The AICPA strongly supports an independent FASB that will serve all constituents of financial reporting. The AICPA and its Accounting Standards Executive Committee will remain vital contributors to better financial reporting, thereby ensuring that AcSEC and related task forces continue to attract volunteers who are the best of the profession and hold serving the public interest in the highest regard. |
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