![]() ![]() As of 2010, the convergence project was underway with the FASB meeting routinely with the IASB. In 2008, the Securities and Exchange Commission issued a preliminary "roadmap" that may lead the United States to abandon Generally Accepted Accounting Principles in the future, and to join more than 100 countries around the world instead in using the London-based International Financial Reporting Standards. ![]() GAAP pronouncements into roughly 90 accounting topics. Ĭirca 2008, the FASB issued the FASB Accounting Standards Codification, which reorganized the thousands of U.S. Other organizations involved in determining United States accounting standards include the Governmental Accounting Standards Board (GASB), formed in 1984 and the Federal Accounting Standards Advisory Board (FASAB), formed in 1990. In 1973, the Accounting Principles Board was replaced by the Financial Accounting Standards Board (FASB) under the supervision of the Financial Accounting Foundation with the Financial Accounting Standards Advisory Council serving to advise and provide input on the accounting standards. The AICPA first created the Committee on Accounting Procedure in 1939 and replaced that with the Accounting Principles Board in 1959. Securities and Exchange Commission (SEC) regulations. Īccounting standards have historically been set by the American Institute of Certified Public Accountants (AICPA) subject to U.S. ![]()
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