STANDARD-SETTING BACKGROUND

QuickMBA: Financial Accounting Standards
 

STANDARD-SETTING BODIES

American Institute for Certified Public Accountants (AICPA)

Financial Accounting Standards Board (FASB)

Governmental Accounting Standards Board (GASB)

International Accounting Standards Board (IASB)

Public Company Accounting Oversight Board (PCAOB)

These annual guides bring together in one subject-classified narrative all the formally promulgated and many of the informal standards, practices, and procedures currently in use.

ACCOUNTING

U.S. Master GAAP Guide (Database  - ASU access only)

U.S. Master Tax Guide (Database - ASU access only)

WG&L GAAP Practice Manual (Database - ASU access only)

Wiley GAAP  (Database - ASU access only)

Wiley GAAP for Governments (Database - ASU access only)

AUDITING

Miller GAAS Guide  (Print serial prior to 2005)

Wiley Practioner's Guide to GAAS (Database - ASU access only)

The main source of information on current standards and guidelines for accounting and auditing is the Checkpoint database cited below. 

The "Additional Sources" listed separately for Accounting and Auditing are useful for specialized information and for historical research since the Checkpoint database does not always include superseded standards and guidelines.

MAIN SOURCE

1. RIA Checkpoint Accounting and Auditing
   Database (ASU access only):  https://libguides.asu.edu/riaaccounting
   
   Provides integrated access to standards and regulations, interpretations, generally accepted practices, and news updates on U.S. and international accounting and auditing requirements. Includes standards and regulations from: FASB, AICPA, SEC, PCAOB, OMB, GASB, GAO, IFRS, and IASB.

ADDITIONAL SOURCES - ACCOUNTING

2. Accounting and Auditing Disclosure Manual
   Print serial: HF5658 .A23 Hayden Journals and High Density Collection
   
   Serves as a complete reference source for all disclosures that Generally Accepted Accounting Principles and Auditing Standards require or recommend for commercial and industrial companies. 
    
3. Accounting Research and Terminology Bulletins
   Book:  HF5601 .A84 High Density Collection
   
   Collects together the pronouncements of the Committee on Accounting Procedure and the Committee on Accounting Terminology, both no longer in existence. Accounting Research Bulletins are explanations of accounting problems and procedures. As such, they are forerunners of the APB Opinions. Accounting Terminology Bulletins are clarifications of terminology and represent only four pronouncements.
    
4. APB Opinions.
   Issued by the Accounting Principles Board which preceded the Financial Accounting Standards Board (FASB). Many of the opinions are still in effect today, although no longer in print. They can still be found, however, in the Journal of Accountancy, where they were printed in their entirety at the time they were originally issued.
   

   APB#	Jrnl	Date		APB#	Jrnl	Date		APB#	Jrnl	Date
   1	Dec	' 62		11	Feb	' 68		21	Nov	' 71
   2	Feb	' 63		12	Feb	' 68		22	Jun	' 72
   3	Nov	' 63		13	May	' 69		23	Jul	' 72
   4	May	' 64		14	May	' 69		24	Jul	' 72
   5	Nov	' 64		15	Jul	' 69		25	Jan	' 73
   6	Nov	' 65		16	Oct	' 70		26	Feb	' 73
   7	Jul	' 66		17	Oct	' 70		27	Feb	' 73
   8	Jan	' 67		18	Jun	' 71		28	Sep	' 73
   9	Feb	' 67		19	Jun	' 71		29	Sep	' 73
   10	Feb	' 67		20	Oct	' 71

5. EITF Abstracts
   Print serial: HF5616 .U5 F36a Hayden Journals (latest in Reference)  (print ended 2008)
   
   Summarizes accounting issues identified and discussed at the meetings of the Emerging Issues Task Force and reports the consensus reached and any subsequent developments on that issue such as the issuance of a pronouncement.
    
6. Financial Accounting Series
   Collected the complete text of financial accounting pronouncements made by the Financial Accounting Standards Board prior to 2010. These were also published in the Journal of Accountancy shortly after they are issued. The pronouncements included in this service are:

• Discussion Memorandum
  Print serial: HF5601 .F52x High Density Collection  (print ended in 1991)
  
  Issued by FASB for major projects, these documents define a problem and present alternative solutions and their implications. They serve as the basis for a public hearing and are part of the standard setting process which may lead to an exposure draft and ultimately to a statement of financial accounting standards.
   
• Exposure Draft.
  Print serial: HF5601 .E9 High Density Collection (print ended in 2000)
  
  Consists of proposed statements of financial accounting standards issued by the Board for comment by the accounting community. For past drafts online, see the Digital Accounting Collection website.
   
• FASB Interpretation.
  Print serial: HF 5601 .F54 High Density Collection (print ended in 2003)
  
  Irregularly issued interpretations of previously published accounting pronouncements. These are designed to clarify, explain, and cover new developments by adding to the text of earlier publications. Most interpretations refer to APB Opinions or FASB Statements.
   
• FASB Technical Bulletin.
  Print serial: HF 5616 .U5 F518 High Density Collection  (print ended in 2001)
  
  Issued by the Board for timely guidance on specific accounting questions.
   
• Statement of Financial Accounting Standards.
  Print serial: HF 5616 .U5 F5x Hayden Journals and High Density Collection)  (printed ended in 2009)
  
  Irregularly issued opinions on accounting problems of current importance and interest. These detailed statements establish principles and procedures for financial accounting and set standards for handling new accounting problems. In this work, they carry on the function previously maintained through the Accounting Principles Board in its series of APB Opinions.

9. FASB Accounting Standards Update
   Print serial: HF 5616 .U5 F5x  Hayden Journals
   
   Amends the FASB Accounting Standards Codification. Continues the function of the Statement of Financial Accounting Standards listed above.
    
10. Invitation to Comment
    Print serial: HF5616 .U5 I58x High Density Collection  (print ended in 1996)
    
    Solicits comments from the accounting community like a Discussion Memorandum but is not the product of a task force commissioned by the Board and does not include alternative accounting methods and their implications for the issues under consideration.
     
11. Statement of Financial Accounting Concepts
    Print serial: HF5601 .S7x High Density Collection  (print ended in 1980)
    
    Set objectives and qualitative characteristics that guide the Board in developing accounting principles.
     
12. Statement of Position
    Print serial: HF5616 .U5 A586x High Density Collection  (print ended in 2009)
    
    Consists of opinions (also known as SOPs) issued by the Accounting Standards Executive Committee of the AICPA. They are not binding but are issued as a recommendation which may be taken up later by FASB and incorporated in one of their pronouncements.

ADDITIONAL SOURCES - AUDITING

13. AICPA Professional Standards
    Print serial: HF5667 .A43 Hayden Journals and High Density Collection  (print ended in 2008)
    
    Provides a topical account of professional auditing standards currently in effect. Vol. I contains the sections on "U.S. Auditing Standards" and "Attestation Engagements" with a separate topical index for each. Vol. II includes AICPA's bylaws and code of professional ethics, statements on standards for management advisory services and tax practice, and statements on quality control standards.  For past standards online, see the Digital Accounting Collection website.
     
14. AuditNet Audit Programs
    Website:  http://www.auditnet.org/audit_programs
    
    Serves as a clearinghouse for audit plans used to guide auditors in the efficient completion of an effective audit.
     
15. Codification of Statements on Auditing Standards
    Print serial: HF5667 .A2 A52x High Density Collection and West Reference  (print ended in 2009)
    
    Annually synthesizes auditing standards and attestation engagements currently in effect. The text is basically the same as volume one of the AICPA Professional Standards above.
     
16. Industry Audit Guides Series 
    Print serial: Call Numbers Vary located mostly in the High Density Collection  (print ended in 2003)
    
    Represent the judgment of an AICPA committee or task force as to the best auditing practices for a specific industry, but do not carry the authority of a pronouncement. The guides are updated by Audit Risk Alerts.
     
17. IRS Audit Technique Guides
    Website:  http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Audit-Techniques-Guides-ATGs
     

    Outlines the unique accounting and business practices prevalent within a particular specialty industry segment.

18. Management Advisory Services: Guideline Series
    Print serial: HF5657 .M23 High Density Collection  (print ended in 1977)
    
    Serves as a guideline to administering management advisory services practices. The guidelines are endorsed by the Management Advisory Services Executive Committee of the AICPA but are not an official position of the institute.

19. Statement on Auditing Standards
    Print serial: HF5667 .A2 A5x Hayden Journals and High Density Collection  (print ended in 2009)
    
    Consists of individual standards in the form in which they were originally issued by the AICPA. When copies are missing, an alternative source is the Journal of Accountancy which has a policy of reprinting newly issued standards.

20. Statement on Standards for Attestation Engagements
    Print serial: HF5601 .A45x Hayden High Density Collection  (print ended in 1993)
    
    Establishes broad guidelines for attest services which go beyond the traditional ones provided by auditors in certifying their acceptance of historical financial statements.