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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Endnotes

1To date, the FASB has issued 159 Statements on Financial Accounting Standards, 48 Interpretations, 51 Technical Bulletins, as well as a growing number of Staff Positions and Derivatives Implementation Group (DIG) interpretations. In addition, FASB has devoted substantial time and resources toward developing a Conceptual Framework for Financial Accounting, which has resulted in the issuance of 7 Concepts Statements, 6 of which are still in effect and discussed later in this chapter. (FASB is currently pursuing a complete review of the Concepts Statements as part of its convergence efforts with IASB.) (Since a number of standards have been superseded or withdrawn, the number of standards, interpretations, etc., which remain in force are somewhat fewer than the total issued. The preponderance of currently effective GAAP is the product of the FASB, and not of its predecessors, although a number of such older standards remain in effect.)

2The description of a governmental entity, which was agreed to in a joint meeting of the FASB and GASB Boards in 1996, states

Public corporations and bodies corporate and politic are governmental organizations. Other organizations are governmental organizations if they have one or more of the following characteristics:

  1. Popular election of officers or appointment (or approval) of a controlling majority of the members of the organization's governing body by officials of one or more state or local governments;

  2. The potential for unilateral dissolution ...

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