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 [...]

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 [...]

AAA: American Accounting Association

The  ‘American Accounting Association’, popularly known as AAA is an organization founded in 1916 and adopted the current name in 1936. The American Accounting Association is mainly for Academic accountants but open to all those who are interested in accounts. AAA upholds its mission to promote worldwide excellence in accounting education, research and practice while [...]

FASAC:Financial Accounting standards Advisory Council

FASAC-Financial Accounting standards Advisory Council is called “the council’ in short FASAC was set up in 1973 in order to function as an advisory board to the Financial Accounting Standards Board (FASB) FASAC oversees the board closely and advises it in all issues regarding its new agendas, project priorities and other matters as requested by [...]