Several organizations are influential in the establishment of generally accepted accounting principles (GAAP) for businesses or governmental organizations. These are the American Institute of Certified Public Accountants, the Financial Accounting Standards Board, the Governmental Accounting Standards Board, the Securities and Exchange Commission, the American Accounting Association, the Financial Executives Institute, and the Institute of Management Accountants. Each organization has contributed in a different way to the development of GAAP. The American Institute of Certified Public Accountants (AICPA) is a professional organization of CPAs. Many of these CPAs are in public accounting practice. Until recent years, the AICPA was the dominant organization in the development of accounting standards. In a 20-year period ending in 1959, the AICPA Committee on Accounting Procedure issued 51 Accounting Research Bulletins recommending certain principles or practices. From 1959 through 1973, the committee's successor, the Accounting Principles Board (APB), issued 31 numbered Opinions that CPAs generally are required to follow. Through its monthly magazine, the Journal of Accountancy, its research division, and its other divisions and committees, the AICPA continues to influence the development of accounting standards and practices. Two of its committees—the Accounting Standards Committee and the Auditing Standards Committee—are particularly influential in providing input to the Financial Accounting Standards Board (the current rule-making body) and to the Securities and Exchange Commission and other regulatory agencies.

In 1973, an independent, seven-member, full-time Financial Accounting Standards Board (FASB) replaced the Accounting Principles Board. The FASB has issued numerous Statements of Financial Accounting Standards. The old Accounting Research Bulletins and Accounting Principles Board Opinions are still effective unless specifically superseded by a Financial Accounting Standards Board Statement. The FASB is the private sector organization now responsible for the development of new financial accounting standards.

The Emerging Issues Task Force of the FASB interprets official pronouncements for general application by accounting practitioners. The conclusions of this task force must also be followed in filings with the Securities and Exchange Commission. In 1984, the Governmental Accounting Standards Board (GASB) was established with a full-time chairperson and four part-time members. The GASB issues statements on accounting and financial reporting in the governmental area. This organization is the private sector organization now responsible for the development of new governmental accounting concepts and standards. The GASB also has the authority to issue interpretations of these standards.

Created under the Securities and Exchange Act of 1934, the Securities and Exchange Commission (SEC) is a government agency that administers important acts dealing with the interstate sale of securities (stocks and bonds). The SEC has the authority to prescribe accounting and reporting practices for companies under its jurisdiction. This includes virtually every major US business corporation. Instead of exercising this power, the SEC has adopted a policy of working closely with the accounting profession, especially the FASB, in the development of accounting standards. The SEC indicates to the FASB the accounting topics it believes the FASB should address.

Consisting largely of accounting educators, the American Accounting Association (AAA) has sought to encourage research and study at a theoretical level into the concepts, standards, and principles of accounting. One of its quarterly magazines, The Accounting Review, carries many articles reporting on scholarly accounting research. Another quarterly journal, Accounting Horizons, reports on more practical matters directly related to accounting practice. A third journal, Issues in Accounting Education, contains articles relating to accounting education matters. Students may join the AAA as associate members by contacting the American Accounting Association, 5717 Bessie Drive, Sarasota, Florida 34233. 

The Financial Executives Institute is an organization established in 1931 whose members are primarily financial policy-making executives. Many of its members are chief financial officers (CFOs) of very large corporations. The role of the CFO has evolved in recent years from number cruncher to strategic planner. These CFOs played a major role in restructuring American businesses in the early 1990s. Slightly more than 14,000 financial officers, representing approximately 7,000 companies in the United States and Canada, are members of the FEI. Through its Committee on Corporate Reporting (CCR) and other means, the FEI is very effective in representing the views of the private financial sector to the FASB and to the Securities and Exchange Commission and other regulatory agencies.

The Institute of Management Accountants (formerly the National Association of Accountants) is an organization with approximately 70,000 members, consisting of management accountants in private industry, CPAs, and academics. The primary focus of the organization is on the use of management accounting information for internal decision making. However, management accountants prepare the financial statements for external users. Thus, through its Management Accounting Practices (MAP) Committee and other means, the IMA provides input on financial accounting standards to the Financial Accounting Standards Board and to the Securities and Exchange Commission and other regulatory agencies.

Many other organizations such as the Financial Analysts Federation (composed of investment advisers and investors), the Securities Industry Associates (composed of investment bankers), and CPA firms have committees or task forces that respond to Exposure Drafts of proposed FASB Statements. Their reactions are in the form of written statements sent to the FASB and testimony given at FASB hearings. Many individuals also make their reactions known to the FASB.



Última modificación: martes, 28 de mayo de 2019, 12:06