5 Questions
What is the role of the Financial Accounting Standards Board (FASB) in relation to GAAP?
The FASB publishes and maintains the Accounting Standards Codification (ASC), which is the single source of authoritative nongovernmental U.S. GAAP.
What is the purpose of the FASB Accounting Standards Codification?
The FASB Accounting Standards Codification serves as the source of authoritative GAAP recognized by the FASB for application by nongovernmental entities.
What is GAAP and who adopts it?
GAAP stands for Generally Accepted Accounting Principles and it is adopted by the U.S. Securities and Exchange Commission (SEC) and used by companies based in the United States.
What are the sources of authoritative GAAP for SEC registrants?
The sources of authoritative GAAP for SEC registrants include the FASB Accounting Standards Codification and the rules and interpretive releases of the SEC under federal securities laws.
In addition to the SEC's rules and interpretive releases, what else represents authoritative GAAP?
In addition to the SEC's rules and interpretive releases, the SEC staff issues Staff Accounting Bulletins that represent practices followed by the SEC.
Test your knowledge of Generally Accepted Accounting Principles (GAAP) with this quiz. Learn about the accounting standard adopted by the SEC and commonly used by U.S. companies. Explore the Accounting Standards Codification (ASC) and its role in maintaining the accounting standards.
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