CASB: Cost Accounting Standards Board

Cost Accounting Standards Board, popularly known as the CASB was formed by the U.S Congress with an intension to promulgate Cost Accounting Standards (CAS). The Board functions to enforce CAS in order to maintain uniformity and consistency in the cost accounting practices that govern the assignment and allocate costs to contracts with the U.S. CASB [...]

CAS: Cost Accounting Standards

CAS or Cost Accounting Standards form a set of rules or standards coined by the CASB in order to maintain consistency and uniformity in the cost accounting practices that govern the assignment and allocate costs to contracts with the U.S. CAS was formulated as a result of several tests, trials and errors on common cost [...]

CAP: Committee of accounting Procedure

CAP or the Committee of accounting Procedure is AICPA’s committee which primarily works as the principles- promulgating body. CAP was formed in 1936 but took an active form in 1938. CAP members consist of accounting practitioners and professors. As time went on CAP was replaced by the (APB) Accounting Principles Board, which was, further replaced [...]

AICPA: American Institute of Certified Public Accountants

AICPA or the American Institute of Certified Public Accountants is an organization consisting of all the Certified Public Accountants in the USA. AICPA works with the aim to provide all Certified Public Accountants with required information and resources that they need to serve their clients. AICPA equips its members with leadership that will lead them [...]

AcSEC: Accounting Standards Executive Committee

AcSEC or the Accounting Standards Executive Committee is an organization within AICPA (American Institute of Certified Public Accountants). AsSEC is the senior technical committee of AICPA and functions to voice it in cases like financial accounting, reporting and cost accounting. AcSEC decides on the AICPA’s technical policies as far as financial reporting standards are concerned. [...]