FAS 157 is a financial accounting standard that establishes a framework for classifying and measuring financial instruments. It was issued by the Financial Accounting Standards Board in September 2006. FAS 157 is important because it provides guidance on how to account for financial instruments that are not easily classified into traditional categories such as debt … Read more
The ABV credential is awarded by the American Institute of Certified Public Accountants (AICPA) to CPAs who have demonstrated significant experience and expertise in business valuation. The credential is earned by passing a rigorous exam and completing a rigorous course of study. The ABV credential is recognized as a mark of excellence in the business … Read more
The American Accounting Association (AAA) is a professional organization for accountants in the United States. The AAA was founded in 1916 and its membership consists of accounting educators, practitioners, and researchers. The AAA provides leadership and advocacy for the accounting profession and promotes the highest ethical standards. The AAA also publishes a number of academic … Read more
The Auditing Standards Board (ASB) is the body of the American Institute of Certified Public Accountants (AICPA) that establishes auditing and attestation standards for CPAs in the United States. The ASB’s mission is to serve the public interest by setting high standards for auditors and by providing guidance to the profession. What are audit procedures? … Read more
The Accounting Principles Board (APB) was a private organization that was active from 1959 to 1973. Its purpose was to issue accounting standards that would be generally accepted in the United States. The APB was superseded by the Financial Accounting Standards Board (FASB). Why was APB replaced? The short answer is that APB was replaced … Read more
The American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States. AICPA members are CPAs who have met education and experience requirements and have passed an examination administered by the AICPA. The AICPA provides guidance to CPAs on ethical and professional standards and provides … Read more
