A Brief History
Effective July 1, 2009
1. Accounting Standards Codification (ASC) integrated
–> accounting standards from all other sources
–> into the single “authoritative” source of U.S. GAAP
–> accounting standards from all other sources
–> into the single “authoritative” source of U.S. GAAP
2. Website
http://asc.fasb.org
A Brief History of U.S. GAAP
1. In 1939, American Institute of Accountants (AIA) formed
–> the Committee on Accounting Procedure (CAP)
–> the Committee on Accounting Procedure (CAP)
2. The Committee on Accounting Procedure (CAP) issued
–> 51 Accounting Research Bulletins (ARB)
–> 51 Accounting Research Bulletins (ARB)
3. In 1957, American Institute of Accountants (AIA) was renamed as
–> American Institute of Certified Public Accountants (AICPA)
–> American Institute of Certified Public Accountants (AICPA)
4. In 1959, American Institute of CPAs (AICPA) formed
–> the Accounting Principles Board (APB)
–> the Accounting Principles Board (APB)
5. Accounting Principles Board (APB) issued
–> 31 APB Opinions
–> 31 APB Opinions
6. In 1973, Financial Accounting Standards Board (FASB) was formed
7. Financial Accounting Standards Board (FASB) issued
–> 168 Statements of Financial Accounting Standards (SFAS)
–> 168 Statements of Financial Accounting Standards (SFAS)
8. Effective July 1, 2009
–> Accounting Standards Codification (ASC) is
–> the single source of “authoritative” U.S. GAAP
–> Accounting Standards Codification (ASC) is
–> the single source of “authoritative” U.S. GAAP
9. Accounting Standards Codification (ASC) integrated
–> all previous sources of U.S. GAAP
–> including
–> Accounting Research Bulletins (ARB)
–> Accounting Principles Board (APB) Opinions
–> Statements of Financial Accounting Standards (SFAS)
–> AICPA Statements of Position (SOP)
–> FASB Emerging Issue Task Force (EITF) Issues
–> SEC Staff Accounting Bulletins (SAB) and other SEC rules
–> all previous sources of U.S. GAAP
–> including
–> Accounting Research Bulletins (ARB)
–> Accounting Principles Board (APB) Opinions
–> Statements of Financial Accounting Standards (SFAS)
–> AICPA Statements of Position (SOP)
–> FASB Emerging Issue Task Force (EITF) Issues
–> SEC Staff Accounting Bulletins (SAB) and other SEC rules
Sources integrated into the Accounting Standards Codification (ASC)
1. Accounting Research Bulletins (ARB)
ARB 43, June 1953
–> “Restatement and Revision of Accounting Research Bulletins”
–> Integrated all previously issued Accounting Research Bulletins (ARB 1 – ARB 42) into ARB 43
–> “Restatement and Revision of Accounting Research Bulletins”
–> Integrated all previously issued Accounting Research Bulletins (ARB 1 – ARB 42) into ARB 43
ARB 51, August 1959
–> “Consolidated Financial Statements”
–> “Consolidated Financial Statements”
2. Accounting Principles Board (APB) Opinions
APB Opinion 1, November 1962
–> “New Depreciation Guidelines and Rules”
–> APB Opinion 1 was superseded by SFAS 96 in December 1987
–> “New Depreciation Guidelines and Rules”
–> APB Opinion 1 was superseded by SFAS 96 in December 1987
APB Opinion 31, June 1973
–> “Disclosure of Lease Commitments by Lessees”
–> APB Opinion 31 was superseded by SFAS 13 in November 1976
–> “Disclosure of Lease Commitments by Lessees”
–> APB Opinion 31 was superseded by SFAS 13 in November 1976
3. Statements of Financial Accounting Standards (SFAS)
SFAS 1, December 1973
–> “Disclosure of Foreign Currency Translation Information”
–> SFAS 1 was superseded by SFAS 8 in October 1975
–> SFAS 8 was superseded by SFAS 52 in December 1981
–> “Disclosure of Foreign Currency Translation Information”
–> SFAS 1 was superseded by SFAS 8 in October 1975
–> SFAS 8 was superseded by SFAS 52 in December 1981
SFAS 168, June 2009
–> “The FASB Accounting Standards Codification(TM) and the Hierarchy of Generally Accepted Accounting Principles, Replacement of FASB Statement No. 162”
–> “The FASB Accounting Standards Codification(TM) and the Hierarchy of Generally Accepted Accounting Principles, Replacement of FASB Statement No. 162”