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Pronouncements Although U.S. GAAP is now organized in the FASB Accounting Standards Codification, GAAP was initially created by many different types of pronouncements. The following is a list of seven types of pronouncements as well as a list of statements describing each pronouncement. A. Statements of Financial Accounting Standards B. Opinions C. Technical Bulletins D. Statements of Financial Accounting Concepts E. Interpretations F. Staff Positions G. Accounting Research Bulletins _______ 1. Pronouncements that provide clarification of conflicting or unclear issues relating to previously issued FASB Statements of Standards, APB Opinions, or Accounting Research Bulletins . _______ 2. Issued by the FASB to provide guidance on accounting and reporting problems related to Statements of Standards or Interpretations. _______ 3. Pronouncements of the APB that constitute generally accepted accounting principles unless specifically amended or rescinded. _______ 4. Issued by the FASB as a series establishing a theoretical foundation upon which to base financial accounting and reporting standards. _______ 5. Pronouncements of the Committee on Accounting Procedure (CAP) that constitute generally accepted accounting principles unless superceded or amended by the FASB. _______ 6. Pronouncements issued by the FASB that establish generally accepted accounting principles and indicate the methods and procedures required on specific accounting issues. _______ 7. Pronouncements issued to provide more timely and consistent application guidance in regard to FASB literature. Required: Place the appropriate letter (A-G) identifying each pronouncement on the line in front of the statement describing the pronouncement.

BuyFind

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
Publisher: Cengage Learning
ISBN: 9781337788281
BuyFind

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
Publisher: Cengage Learning
ISBN: 9781337788281

Solutions

Chapter
Section
Chapter 1, Problem 1E
Textbook Problem

Pronouncements Although U.S. GAAP is now organized in the FASB Accounting Standards Codification, GAAP was initially created by many different types of pronouncements. The following is a list of seven types of pronouncements as well as a list of statements describing each pronouncement.

  1. A. Statements of Financial Accounting Standards
  2. B. Opinions
  3. C. Technical Bulletins
  4. D. Statements of Financial Accounting Concepts
  5. E. Interpretations
  6. F. Staff Positions
  7. G. Accounting Research Bulletins

_______ 1. Pronouncements that provide clarification of conflicting or unclear issues relating to previously issued FASB Statements of Standards, APB Opinions, or Accounting Research Bulletins.

_______ 2. Issued by the FASB to provide guidance on accounting and reporting problems related to Statements of Standards or Interpretations.

_______ 3. Pronouncements of the APB that constitute generally accepted accounting principles unless specifically amended or rescinded.

_______ 4. Issued by the FASB as a series establishing a theoretical foundation upon which to base financial accounting and reporting standards.

_______ 5. Pronouncements of the Committee on Accounting Procedure (CAP) that constitute generally accepted accounting principles unless superceded or amended by the FASB.

_______ 6. Pronouncements issued by the FASB that establish generally accepted accounting principles and indicate the methods and procedures required on specific accounting issues.

_______ 7. Pronouncements issued to provide more timely and consistent application guidance in regard to FASB literature.

Required:

Place the appropriate letter (A-G) identifying each pronouncement on the line in front of the statement describing the pronouncement.

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Chapter 1 Solutions

Intermediate Accounting: Reporting And Analysis
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Ch. 1 - What role does the EITF play in assisting the FASB...Ch. 1 - What is the FASB Accounting Standards...Ch. 1 - Briefly describe the process followed by the FASB...Ch. 1 - How are the FASB and IASB different, and how are...Ch. 1 - What are International Financial Reporting...Ch. 1 - How are U.S. GAAP and IFRS changing over time?Ch. 1 - Are accounting standards established by the FASB...Ch. 1 - What is the purpose of a balance sheet? What...Ch. 1 - What is the purpose of an income statement? What...Ch. 1 - What is the purpose of a statement of cash flows?...Ch. 1 - What is the purpose of the statement of...Ch. 1 - Why do companies provide so much additional...Ch. 1 - How are changes in stock prices associated with...Ch. 1 - Why do accountants have to be ethical in their...Ch. 1 - What are the six principles of the AICPA Code of...Ch. 1 - Pronouncements Although U.S. GAAP is now organized...Ch. 1 - At the completion of the Darby Department Store...Ch. 1 - Considerable political and social influence is...Ch. 1 - The FASB is organized to establish generally...Ch. 1 - In a few years, you may become a member of the...Ch. 1 - One of your friends remarks, I understand that...Ch. 1 - Your friend who is taking his first accounting...Ch. 1 - Starbuckss Financial Statements A friend is very...Ch. 1 - You have just become friends with an exchange...Ch. 1 - You are preparing to visit a friend who now lives...Ch. 1 - Situation You are working as a teaching assistant...Ch. 1 - Codification Situation You are conducting an...Ch. 1 - Codification Situation You are conducting an...

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