Accounting Principles Board - APB
Categories: Accounting, Careers, Company Management, Tax, Trusts and Estates, Ethics/Morals
APB on TV cop shows meant "All Points Bulletin," and usually meant something big had happened. Lots of sirens followed.
But APB here is, sadly, so much less grabby. It was the original name for the bean counter board in the U.S., only to be renamed AICPA in 1959, and then again buried a level deeper in 1973, with the much catchier FASB.
The job? Promote, assess, and manage account rules and regulations, and represent the industry of accounting well to the public, and to the bureaucrats in D.C. The job running this thing is sort of like being an NFL quarterback. Only...not at all.
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Finance: What is FASB?9 Views
Finance a la shmoop what is FASB? ok first say it with me people FASB sounds
way cooler than Financial Accounting Standards Board alright well what is it
well it's a private regulatory body that has given birth to myriad opinions on [FASB definition appears on 100 dollar bill]
how things should be accounted for with its favorite child being GAAP.....
yeah, remember GAAP generally accepted accounting principles and it's the
religion of accounting so GAAP was the most famous creation of FASB, but
hundreds of other little creations followed in that the august group of
seven members who run FASB realized 50 years ago that the world would look a
whole lot different half a century later when you were countin beans like who'd have
thunk about digital beans accounting standards would have to be flexible [People stretching in a field]
almost in the same vague way the US Constitution is written so that when a
customer buys an upgrade from the people who make angry birds in an app sold by
Apple but downloaded by Comcast paid for with a Visa card while everyone would
know with certainty who got paid what when the key idea behind FASB is that
it's an adaptive group that changes with a quickly changing bean-counting
environment trying to make sure everything is you know fair and square
for all if you want to think about it in a mathy way well they seek to be the
derivative not the curve itself alright so you're living right here on the curve [Arrow points to derivative on a curve]
changing all the time dxdy and all that crap, FASB....