Accounting Standards Executive Committee


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Accounting Standards Executive Committee

A committee of the American Institute of Certified Public Accountants that is permitted to make statements on the technical aspects of financial reporting without first clearing the statements with AICPA's board of directors. Its statements are not authoritative but have influence on the statements put out by other bodies, notably the FASB.
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Editor's Note: The writer is a former member of the FASB Emerging Issues Task Force (EITF) and Advisory Task Force on the Consolidation Project, the International Accounting Standards Committee (IASC), and the AICPA Accounting Standards Executive Committee (AcSEC).
Recently, the Emerging Issues Task Force of the AICPA's Accounting Standards Executive Committee completed SOP 97-2, Revenue Recognition for Software companies.
Implementation guidance for both specific transactions and industry related issues can be developed either by a group such as the present FASB staff or by another entity, such as the AICPA's Accounting Standards Executive Committee (AcSEC).
Instead, it takes the existing GAAP pronouncements from the FASB, the Emerging Issues Task Force, the AICPA's Accounting Standards Executive Committee, and other sources, and organizes them into roughly 90 topics using a consistent structure.
* The AICPA accounting standards executive committee (AcSEC) issues Statement of Position (SOP) 03-3, Accounting for Certain Loans or Debt Securities Acquired in a Transfer (www.aicpa.org/download/members/div/acctstd/edo/ Purchased_loans_announcement.pdf).
But, according to AICPA sources, its Accounting Standards Executive Committee will discuss comments on the proposed SOP at its April meeting.
But, in more than 50 years of formal standard-setting, the Committee on Accounting Procedure, the Accounting Principles Board, and the FASB have issued many more standards--and these standards have been supplemented by issuances of the Securities and Exchange Commission, the AICPA's Accounting Standards Executive Committee, and the FASB's Emerging Issues Task Force.
* The AICPA accounting standards executive committee (AcSEC) issued two statements of position (SOPs) in December:
014938CPA01), has been issued by the Accounting Standards Executive Committee. The SOP is effective for loans acquired in fiscal years beginning after Dec.
Statements of Position on accounting issues present the conclusions of at least two-thirds of the Accounting Standards Executive Committee, which is the senior technical body of the Institute authorized to speak for the Institute in the areas of financial accounting and reporting.
The AICPA's Accounting Standards Executive Committee this month will issue Statement of Position 03-5, Financial Highlights of Separate Accounts: An Amendment to the Audit and Accounting Guide Audits of Investment Companies (No.
In 2002, the Accounting Standards Executive Committee added to its agenda a project that would specifically address the application of certain provisions of AICPA Audit and Accounting Guide, Audits of Investment Companies, to non-registered investment partnerships.
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