Codification of U.S. GAAP, ASC 105

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

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)

2. The Committee on Accounting Procedure (CAP) issued
–> 51 Accounting Research Bulletins (ARB)

3. In 1957, American Institute of Accountants (AIA) was renamed as
–> American Institute of Certified Public Accountants (AICPA)

4. In 1959, American Institute of CPAs (AICPA) formed
–> the Accounting Principles Board (APB)

5. Accounting Principles Board (APB) issued
–> 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)

8. Effective July 1, 2009
–> 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

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

ARB 51, August 1959
–> “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 APB Opinion 1 was superseded by SFAS 96 in December 1987

APB Opinion 31, June 1973
–> “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 APB Opinion 31 was superseded by SFAS 13 in November 1976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 SFAS 1 was superseded by SFAS 8 in October 1975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 SFAS 8 was superseded by SFAS 52 in December 1981

SFAS 168, June 2009
–> “The FASB Accounting Standards Codification(TM) and the Hierarchy of Generally Accepted Accounting Principles, Replacement of FASB Statement No. 162”

 

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