Financial Accounting For Dummies

Chapter 4

Acronym Alert! Setting the Standards for Financial Accounting

In This Chapter

Taking a quick glimpse at accounting history

Introducing the accountant’s code of conduct (set by the AICPA)

Meeting the public accounting oversight agencies (such as the PCAOB)

Reviewing recent changes (made by the FASB)

Finding out about generally accepted accounting principles (GAAP)

If you’re not into following rules, financial accounting may not be the best career choice for you. You may want to consider the performing arts instead, or perhaps politics.

But if you’re the kind of person who thrives in a structured work environment, you’ve come to the right profession. The work of an accountant is carefully guided by standards, rules, and regulations that I introduce in this chapter.

After a whirlwind tour through the history of accounting, I present an overview of the financial accounting code of professional conduct, which is set by the American Institute of Certified Public Accountants (AICPA). ...