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Home Interest Areas Financial Reporting Center Accounting and Financial Reporting

Accounting and Financial Reporting 



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CPAs are facing unprecedented changes in financial reporting. Economic, regulatory, and global forces are demanding higher-quality reporting while standards are in continual flux. While the Financial Accounting Standards Board (FASB) is proposing significant changes to U.S. generally accepted accounting principles there is an ever-increasing pressure for differentiation between public and private entity standards. The information and resources here will help you stay informed of changes to accounting standards and provide you guidance to ensure high quality financial reporting.

 
FRF-SME Exposure Draft Released

On November 1, 2012, the AICPA released the Exposure Draft, "Proposed Financial Reporting Framework for Small- and Medium-Sized Entities," proposing an OCBOA framework for small- and medium-sized entities.
Significant Standards Changes on the Horizon
Get more information about the "Big 3" proposed standards resulting from the FASB/IASB Convergence Project.
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Thoughts on Professional Judgment

With the increasingly complex nature of global business, the need for reliable, transparent financial information is more pronounced today than ever before. We expect financial statement preparers to apply judgment in the preparation and auditors to apply judgment in the audit of financial statements in a professional manner.

Find out more about professional judgment.

FASB Accounting Standards Codification

The FASB Accounting Standards Codification™ (ASC) was a major restructuring of accounting and reporting standards designed to simplify user access to all authoritative U.S. GAAP. The AICPA's FASB Accounting Standards Codification page provides an overview of FASB ASC. 		Standards Tracker


In an effort to keep its members informed, the AICPA has created a Standards Tracker. This tool will keep members up to date regarding the most recent guidance made available by standard setters, filtered in order to give you only what you need to know.

  AICPA Financial Reporting Executive Committee

Financial Reporting Executive Committee (FinREC) is an AICPA technical committee for financial reporting. Its mission is to determine the AICPA’s technical policies regarding financial reporting standards and to be the AICPA’s spokesbody on those matters, with the ultimate purpose of serving the public interest by improving financial reporting.

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