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Accounting ethics is primarily a field of applied ethics and is part of business ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. Accounting was introduced by Luca Pacioli, and later expanded by government groups, professional organizations, and independent ...
None. 2. Imputing Interest on Debt Arrangements Made under the Federal Bankruptcy Act—an interpretation of APB Opinion No. 21. June 1974. Superseded by FASB Statement 15, para. 10. 3. Accounting for the Cost of Pension Plans Subject to the Employee Retirement Income Security Act of 1974—an interpretation of APB Opinion No. 8. Dec. 1974.
Positive assurance is a concept within accounting ethics, occuring when a certified public accountant (CPA) believes financial statements to be true or correct. Issuing an opinion that the financial statements are presented fairly in conformity with U.S. GAAP is an example of a CPA providing positive assurance. A CPA would provide positive ...
The AICPA Code of Professional Conduct is a collection of codified statements issued by the American Institute of Certified Public Accountants that outline a CPA 's ethical and professional responsibilities. [1] The code establishes standards for auditor independence, integrity and objectivity, responsibilities to clients and colleagues and ...
The philosophy of accounting is the conceptual framework for the professional preparation and auditing of financial statements and accounts.The issues which arise include the difficulty of establishing a true and fair value of an enterprise and its assets; the moral basis of disclosure and discretion; the standards and laws required to satisfy the political needs of investors, employees and ...
Generally Accepted Accounting Principles (GAAP or U.S. GAAP or GAAP (USA), pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC) [1] and is the default accounting standard used by companies based in the United States. The Financial Accounting Standards Board (FASB) publishes and maintains ...
e. International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). [1] They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and ...
International Financial Reporting Standard 1: First-time Adoption of International Financial Reporting Standards or IFRS 1 is an international financial reporting standard issued by the International Accounting Standards Board (IASB). It sets out requirements on the preparation and presentation of financial statements and interim financial ...