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AICPA Ethical Standards

2104 Words9 Pages

Abstract: Number of companies having business in the international platform is drastically increasing. There are various factors that have to be understood and analyzed by an investor before making any investment decision. There is increasing complexity in reporting and accounting system of the companies due to various reasons. AICPA and IFAC are working in establishing accounting and auditing standards for these international companies to meet their requirements. Accounting standards differs from one country to another, which brings more difficulties in understanding about the financial statement and condition of the company. Ethical standards were developed by this independent board is to resolve the challenges associated with the accounting …show more content…

AICPA was found in the year 1887 that represents the CPA profession nationally for rulemaking and standard setting. They serve as an advocate before the public interest groups, legislative bodies and other professional organization (AICPA, n.d.). Mission: Their mission focus in providing their members with resource of information and leadership that will enable them in providing for valuable services in a professional manner which will benefit public, companies and the clients (AICPA, n.d.). They are the premier national association in US, and mainly work for public interest. This board ensures about the quality of service provided and act with highest ethical behavior and performing service with integrity. AICPA consists of groups that are volunteer and staffs are working together in order to achieve the objective of Institute. Committees assist in presenting the interest, requirements and attitudes of the membership and this in turn enable in maintaining a higher standard of profession practices. It promotes the interest of CPA by providing appropriate service according to the requirement (AICPA, n.d.). FASB Codification: FASB stands for Financial Accounting Standards Board (FASB, …show more content…

2). Once the codification project was completed then all these level will be eradicated, and these structures will be incorporated only in two levels that are both authoritative and non-authoritative literature. Codification Structure: Following are the four topics which are being discussed under the codification: 1. Principles and objectives. 2. Overall presentation and display matters. 3. Transactional guidance. 4. Industry- specific standards. These codifications have a direct impact on the daily work of CPA who involves in research and teaching with accordance to the US GAAP (Pounder, 2008). Important objectives include, those database organizations will present GAAP in such a way that it will facilitate the relevant rules of locations, hierarchical authority for diversifying the information of GAAP, and it must fit with the principles that are based on the conceptual framework (Widelski, 2010). Their main objective is in reducing the conflicts that are industry specific, and they have a similar structure to

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