ACC 421 CA1-12 (Accounting Pronouncements) Standard setting bodies have issued a
number of authoritative pronouncements. A list is provided on the left,
below, with a description of these pronouncements on the right.
Instructions
Match the description to the pronouncements.
1. _____ Staff Positions
2. _____ Interpretations (of the Financial Accounting Standards Board)
3. _____ Statement of Financial Accounting Standards
4. _____ EITF Statements
5. _____ Opinions
6. _____ Statement of Financial Accounting Concepts
(a) Official pronouncements of the APB.
(b) Sets forth fundamental objectives and concepts that will be used in developing future standards.
(c) Primary document of the FASB that establishes GAAP.
(d) Provides additional guidance on implementing or applying FASB Standards or Interpretations.
(e) Provides guidance on how to account for new and unusual financial
transactions that have the potential for creating diversity in financial
reporting practices.
(f) Represent extensions or modifications of existing standards
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