The Appendix to the Introduction to Public Sector Accounting Standards in the PSA Handbook describes which standards apply to various types of public sector entities. The CPA Canada Public Sector Accounting (PSA) Handbook contains accounting standards that apply to all public sector entities (governments, government components, government organizations and certain government partnerships) that issue general purpose financial statements unless specifically directed or permitted to use alternative standards by PSAB. 1936 The Institute publishes Examinations of Financial Statements, which introduces the term ‘generally accepted accounting principles,’ known as GAAP. The objective of such standards is to meet the needs of users of financial statements by providing the information needed for accountability and decision making.Īccounting standards are the primary source of generally accepted accounting principles (GAAP). historical cost accounting persisted until 1978, when, for the first time, it proposed a requirement that oil and gas reserves be periodically revalued, with the change taken to earnings. Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in a public sector entity’s financial statements. Wiley GAAP is organized to align fully with the structure of the FASB Codification. The book integrates principles promulgated by the FASB in its Accounting Standards CodificationTM. Accounting standards are authoritative standards for financial accounting and reporting developed through an organized standard-setting process and issued by a recognized standard-setting body. illustrations, and nearly 300 examples of all current generally accepted accounting principles.
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