ACC ch 1 terms

AICPA

American Institute of Certified Public Accountants. Represents the accounting profession and provides guidance, education, standards, and the Uniform CPA Examination.

FAF

Financial Accounting Foundation. Oversees, funds, and appoints members to the FASB and GASB

FASAC

Financial Accounting Standards Advisory Council. Advises the FASB on important accounting issues and helps identify topics that should be addressed.

GAAP

Generally Accepted Accounting Principles. Provides the rules and guidelines companies use to prepare consistent and comparable financial statements.

CPA

Certified Public Accountant. A CPA performs professional accounting services such as auditing, tax preparation, financial reporting, and consulting.

FASB

Financial Accounting Standards Board. Creates and updates accounting standards that make up GAAP for U.S. businesses and organizations.

SEC

Securities and Exchange Commission. A U.S. government agency that regulates the securities industry and protects investors.

IASB

International Accounting Standards Board. Develops and updates International Financial Reporting Standards (IFRS) used in many countries outside the United States.