Official Releases.SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. No. 91 SAS No. 91--Federal GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Hierarchy Amendment to Statement on Auditing Standards No. 69, The Meaning of Present Fairly in Conformity With 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 in the Independent Auditor's Report Auditor's Report Recorded in the annual report, the auditor's report tests to see that a corporation's financial statements comply with GAAP. This is sometimes referred to as the clean opinion. Notes: Most auditor's reports consist of three paragraphs. (AICPA AICPA See American Institute of Certified Public Accountants (AICPA). , Professional Standards, vol. 1, AU sec. 411) 1. In October 1999, AICPA Council passed a resolution recognizing the Federal Accounting Standards Advisory Board The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to develop generally accepted accounting principles for federal financial reporting entities. (FASAB FASAB Federal Accounting Standards Advisory Board FASAB Financial Accounting Standards Advisory Board ) as the body designated to establish generally accepted accounting principles (GAAP) for federal governmental entities under Rule 203, Accounting Principles, of the AICPA's Code of Professional Conduct. This amendment adds the following two new paragraphs to Statement on Auditing Standards (SAS) No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles in the Independent Auditor's Report, to establish a hierarchy of accounting principles for federal governmental entities. Application to Federal Governmental Entities .14 For financial statements of federal governmental entities(8)-- a. Category (a), officially established accounting principles, consists of Federal Accounting Standards Advisory Board (FASAB) Statements and Interpretations, as well as AICPA and FASB pronouncements This article is a list of Financial Accounting Standards Board (FASB) pronouncements, including Statements, Concepts Statements, Interpretations, and Technical Bulletins, which are issued to provide rules and guidelines in preparing, presenting, and reporting financial statements specifically made applicable to federal governmental entities by FASAB Statements or Interpretations. FASAB Statements and Interpretations will be periodically incorporated in a publication by the FASAB. b. Category (b) consists of FASAB Technical Bulletins and, if specifically made applicable to federal governmental entities by the AICPA and cleared by the FASAB, AICPA Industry Audit and Accounting Guides and AICPA Statements of Position.(9) c. Category (c) consists of AICPA AcSEC Practice Bulletins if specifically made applicable to federal governmental entities and cleared by the FASAB, as well as Technical Releases of the Accounting and Auditing Policy Committee of the FASAB. d. Category (d) includes implementation guides published by the FASAB staff, as well as practices that are widely recognized and prevalent in the federal government. .15 In the absence of a pronouncement covered by rule 203 or another source of established accounting principles, the auditor of financial statements of a federal governmental entity may consider other accounting literature, depending on its relevance in the circumstances. Other accounting literature includes, for example, FASAB Concepts Statements; the pronouncements referred to in categories (a) through (d) of paragraph .10 when not specifically made applicable to federal governmental entities by the FASAB; FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). Concepts Statements; GASB Statements The Governmental Accounting Standards Board Statements (GASB Statements in short) are issued by GASB to set generally accepted accounting principles (GAAP) for state and local governments in the United States of America. , Interpretations, Technical Bulletins, and Concepts Statements; AICPA Issues Papers; International Accounting Standards of the International Accounting Standards Committee International Accounting Standards Committee was founded in June 1973 in London and replaced by the International Accounting Standards Board on April 1, 2001. It was responsible for developing the International Accounting Standards and promoting the use and application of these ; pronouncements of other professional associations or regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. ; Technical Information Service Inquiries and Replies included in AICPA Technical Practice Aids; and accounting textbooks, handbooks, and articles. The appropriateness of other accounting literature depends on its relevance to particular circumstances, the specificity of the guidance, and the general recognition of the issuer or author as an authority. For example, FASAB Concepts Statements would normally be more influential than other sources in this category. 2. This amendment also adds a third column, titled "Federal Governmental Entities," to the "GAAP Hierarchy Summary" table in SAS No. 69 (AU sec. 411.16) to reflect the hierarchy for federal governmental entities set forth in the new paragraphs (AU sec. 411.14 and .15). The new column is as follows: [under Established Accounting Principles] .14a FASAB Statements and Interpretations plus AICPA and FASB pronouncements if made applicable to federal governmental entities by a FASAB Statement or Interpretation .14b FASAB Technical Bulletins and the following pronouncements if specifically made applicable to federal governmental entities by the AICPA and cleared by the FASAB: AICPA Industry Audit and Accounting Guides and AICPA Statements of Position .14c AICPA AcSEC Practice Bulletins if specifically made applicable to federal governmental entities and cleared by the FASAB and Technical Releases of the Accounting and Auditing Policy Committee of the FASAB .14d Implementation guides published by the FASAB staff and practices that are widely recognized and prevalent in the federal government [under Other Accounting Literature] .15 Other accounting literature, including FASAB Concepts Statements; pronouncements in categories (a) through (d) of the hierarchy in paragraph .10 when not specifically made applicable to federal governmental entities; FASB Concepts Statements; GASB Statements, Interpretations, Technical Bulletins, and Concepts Statements; AICPA Issues Papers; International Accounting Standards of the International Accounting Standards Committee; pronouncements of other professional associations or regulatory agencies; AICPA Technical Practice Aids; and accounting textbooks, handbooks; and articles 3. This amendment is effective upon issuance. This Statement entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: Federal GAAP Hierarchy was unanimously adopted by the assenting as·sent intr.v. as·sent·ed, as·sent·ing, as·sents To agree, as to a proposal; concur. n. 1. Agreement; concurrence: reached assent on a course of action. 2. votes of the fifteen members of the board. Auditing Standards Board In the United States, the Auditing Standards Board (ASB) is the senior technical committee designated by the American Institute of Certified Public Accountants (AICPA) to issue auditing, attestation, and quality control statements, standards and guidance to certified public (1999-2000) Deborah D. Lambert, Chair James S. Gerson, Vice Chair John Barnum Andrew J. Capelli Linda K. Cheatham Robert F. Dacey Richard Dieter Sally L. Hoffman J. Michael Inzina Charles E. Landes W. Scott McDonald Keith O. Newton Robert C. Steiner George H. Tucker O. Ray Whittington Thomas Ray Director, Audit and Attest Standards Gretchen Fischbach Technical Manager, Audit and Attest Standards Federal GAAP Hierarchy Task Force J. Michael Inzina, Chair David L. Cotton Robert E Dacey Stephen D. Holton John Hummel William Pugh Note: Statements on Auditing Standards Statements on Auditing Standards, commonly abbreviated as SAS, provide guidance to external auditors on generally accepted auditing standards (abbreviated as GAAS) in regards to auditing an entity and issuing a report. are issued by the Auditing Standards Board, the senior technical body of the Institute designated to issue pronouncements on auditing matters. Rule 202 of the Institute's Code of Professional Conduct requires compliance with these standards. All rights reserved. For information about the procedure for requesting permission to make copies of any part of this work, please call the AICPA Copyright Permissions Hotline at 201-938-3245. A Permissions Request Form for e-mailing requests is available at www.aicpa.org by clicking on the copyright notice on any page. Otherwise, requests should be written and mailed to the Permissions Department, AICPA, Harborside har·bor·side n. The area adjacent to a harbor. Financial Center, 201 Plaza Three, Jersey City, NJ 07311-3881. (8) Federal Accounting Standards Advisory Board (FASAB) Concepts Statement No. 2, Entity and Display, defines federal governmental entities. (9) The auditor should assume that such pronouncements specifically made applicable to federal governmental entities have been cleared by the FASAB, unless the pronouncement indicates otherwise. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion