Ask Question
BusinessBusiness
19 September, 01:04

Distinguish between Opinions of the Accounting Principles Board and Accounting Standards Updates?

+3
Answers (1)
  1. 19 September, 01:11
    0
    Accounting Principles Board (ABP) opinions: accepted practice and constitute the requirements to be followed by all business enterprises.

    Accounting Standards Updates: the accounting profession's authoritative pronouncements on financial accounting and reporting practices.

    Explanation:

    The APB's opinion is an authorized statement issued by the Accounting Principles Board. Official feedback has been given on various accounting issues that require clarification and interpretation. During its existence, the APB listed 31 meetings between 1962 and 1973. The Board was established by the American Accounting Institute (AICPA) and replaced by the Financial Accounting Standards Board (FASB) in 1973. General Conceptual Framework for US General Accounting Principles (US GAAP). APB was the main organization that created the US GAAP, and its ideas are still an important part.

    Accounting Standards Updates provide approved disclosures about accounting and reporting practices related to the accounting profession. Operations include:

    - How has the US GAAP changed, including any specific changes to FASB coding?

    -FASB has decided to change the US GAAP and change information

    Changes will be effective over time and the method of transition.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Distinguish between Opinions of the Accounting Principles Board and Accounting Standards Updates? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
the production manager for the coory soft drink company is considering the production of 2 kinds of soft drinks: regular (R) and diet (D). two of the limited resources are production time 480 minutes per day and sytrum limited to 675 gallons per day.
Answers (1)
Which of the following statements regarding an internal rate of return analysis is false? a. All other things being equal, the higher the internal rate of return the more favorable the investment alternative. b.
Answers (1)
Suppose you just graduated from college and are deciding on a career. your four career options are
Answers (1)
Last year Harrington Inc. had sales of $325,000 and a net income of $19,000, and its year-end assets were $250,000. The firm's total-debt-to-total-assets ratio was 67.5%. Based on the DuPont equation, what was the ROE?
Answers (1)
An investment of $1,000 produces a net cash inflow of $500 in the first year and $750 in the second year. What is the payback period? a. 1.67 years b. 0.50 year c. 2.00 years d. 1.20 years e. Cannot be determined.
Answers (1)
New Questions in Business
With a traditional savings account, you could be charged a fee if: You open an account online You close the account You deposit too much money at once You withdraw money too often
Answers (1)
Marigold Industries incurs unit costs of $8 ($5 variable and $3 fixed) in making an assembly part for its finished product. A supplier offers to make 10,300 of the assembly part at $6 per unit.
Answers (1)
A firm producing good y recently increased monthly production from 1,500 units to 2,000 units. this had no impact on the market price of good y. at the new production level of 2,000 units, the firm's average cost is $3.
Answers (1)
A master plan is devised for a. emergencies. b. long-range goals. c. investments. d. short-term goals
Answers (1)
Adama Company reported a net loss of $6,000 for the year ended December 31, 2014. During the year, accounts receivable increased $15,000, merchandise inventory decreased $12,000, accounts payable decreased by $20,000, and depreciation expense of
Answers (1)
Home » Business » Distinguish between Opinions of the Accounting Principles Board and Accounting Standards Updates?
Sign Up Forgot Password?