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Critical accounting policy. In public corporate finance, a " critical accounting policy" is a policy of a firm or industry that is considered to have a notably high subjective element and that has a material impact on the organization's financial statements. Such policies are often mandated to be described in detail in specific sections of a ...
Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.
v. t. e. Accounting, also known as accountancy, is the process of recording, processing and analyzing information about economic entities, such as businesses and corporations. [1][2][1][3][4] Accounting measures and analyzes [5] the results of an organization's economic activities and conveys this information to a variety of stakeholders ...
Generally Accepted Accounting Principles (GAAP or U.S. GAAP or GAAP (USA), pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC) [1] and is the default accounting standard used by companies based in the United States. The Financial Accounting Standards Board (FASB) publishes and maintains ...
The Committee on Accounting Procedure (CAP) was the first private sector organization that had the task of setting accounting standards in the United States. It was a committee run by the American Institute of Accountants (now known as the American Institute of Certified Public Accountants). [1] CAP is the predecessor of the Accounting ...
According to the Institute of Management Accountants (IMA), "Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization ...
e. Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. [1]
The Accounting Principles Board (APB) is the former authoritative body of the American Institute of Certified Public Accountants (AICPA). It was created by the American Institute of Certified Public Accountants in 1959 and issued pronouncements on accounting principles until 1973, when it was replaced by the Financial Accounting Standards Board (FASB).