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 Pronouncements of the APB that constitute generally accepted accounting principles unless specifically amended or rescinded.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of the Committee on Accounting Procedure (CAP) that constitute generally accepted accounting principles unless superceded or amended by the FASB.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