Printer Friendly

AICPA increases emphasis on industry-specific accounting guidance. (accounting & auditing news).

Last month's public statement by the Financial Accounting Standards Board announcing plans to streamline the accounting rulemaking process is consistent with previous discussions between the FASB and the 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.
COPYRIGHT 2002 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:CPA Letter
Date:Dec 1, 2002
Words:154
Previous Article:Auditing Standards Board issues exposure draft on risk assessment process. (accounting & auditing news).
Next Article:Measure your competencies and develop learning plan to fill gaps. (CPE news).


Related Articles
AICPA issues accounting, reporting rules for entities that Lend or Finance. (Accounting & auditing news).
SEC Historical Society preserves, shares SEC's history.
Now availabe.
AICPA issues new audit standard for detecting fraud. (New Fraud Standards).
AICPA gets out of standards-setting business. (AICPA News).
New resources.
A year of renewal and reforms.
AICPA offers new government auditing guide.
Fab 50: hot Internet resources for CPAs.
AICPA initiatives for members: an update.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters