Prepare a chronology of generally accepted accounting principles (US, GAAP).

Expert Solution

The date-wise arrangement of happenings is known as chronology.

Generally Accepted Accounting Principles (GAAP) is all standards and procedure of preparing, reporting, and presenting accounts.

Chronological arrangements are as below:

Year 1939: Committee on Accounting Procedure was created by the American Institute of Certified Public Accountants (AICPA) for preparing accounting standards by the regulation of Securities and Exchange Commission (SEC).

Year 1959: AICPA replaces the Committee on Accounting Procedure by the creation of Accounting Principles Board (APB).

Year 1973: APB was replaced by Financial Accounting Standards Board (FASB). Such replacement was supervised by Financial Accounting Standards.

Year 2008: Accounting Standards Codification was published by FASB. It covers almost 90 accounting topics.

Year 2008: SEC published logic why and how GAAP should be abandoned and International Financial Reporting Standards (IASB) should be accepted, a London based standards.

Year 2010: A project of meeting between FASB and IASB was undertaken because of exchange of standards and establishment.

ekkarill92 answered 1 year ago

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