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Statements of Position

1991

Financial Accounting Standards Board; Governmental Accounting Standards Board; Administrative agencies -- Accounting -- Standards -- United States; Auditors' reports --Standards -- United States

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Full-Text Articles in Business

Proposed Statement On Auditing Standards : The Meaning Of "Present Fairly In Conformity With Generally Accepted Accounting Principles" In The Independent Auditor's Report;Meaning Of "Present Fairly In Conformity With Generally Accepted Accounting Principles" In The Independent Auditor's Report; Exposure Draft (American Institute Of Certified Public Accountants), 1991, May 31, American Institute Of Certified Public Accountants. Auditing Standards Board Jan 1991

Proposed Statement On Auditing Standards : The Meaning Of "Present Fairly In Conformity With Generally Accepted Accounting Principles" In The Independent Auditor's Report;Meaning Of "Present Fairly In Conformity With Generally Accepted Accounting Principles" In The Independent Auditor's Report; Exposure Draft (American Institute Of Certified Public Accountants), 1991, May 31, American Institute Of Certified Public Accountants. Auditing Standards Board

Statements of Position

The Financial Accounting Foundation (FAF) has oversight responsibilities for the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). In late 1989, the FAF determined that "an entity subject to the jurisdiction of one board should not be required to change its reporting principles as a result of a standard issued by the other board." In making this determination, the FAF recognized that the existing hierarchy of generally accepted accounting principles (GAAP) contained in AICPA Professional Standards, volume 1, AU section 411, "The Meaning of 'Present Fairly in Conformity With Generally Accepted Accounting Principles' in the Independent ...