The General Assistance Advocacy Project is a program designed to help low-income individuals in the United States who are experiencing homelessness or living in poverty. The project provides legal advice and assistance through an online platform, as well as referrals to other services that can help people move out of poverty.
The list of advocacy projects is a list that contains many different organizations in the United States. These organizations are all dedicated to offering assistance, support and advocacy for those who need it most.
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Looking for ideas on how to improve your accounting, financial reporting and compliance practices? Check out the General Assistance Advocacy Project! This blog will provide you with insights into current accounting standards, guidance from the Financial Accounting Standards Board (FASB) and updates from the Accounting Standards Foundation (ASF).
US GAAP
The United States generally accepted accounting principles (US GAAP) are a set of rules and regulations that govern financial reporting in the US. They are designed to promote transparency and consistency in financial reporting, so that investors and other stakeholders can make informed decisions about companies.
The US GAAP is overseen by the Financial Accounting Standards Board (FASB), which is a private, non-profit organization. The FASB develops and issues accounting standards, which are then used by businesses and auditors to prepare financial statements.
The FASB is overseen by the Financial Accounting Foundation (FAF), which is also a private, non-profit organization. The FAF provides funding for the FASB and its activities, including education and outreach efforts to promote understanding of US GAAP among stakeholders.
FASB Pronouncements
The Financial Accounting Standards Board (FASB) is the organization responsible for issuing accounting standards in the United States. These standards, known as “FASB pronouncements”, provide guidance to accountants and financial statement preparers on how to report financial information.
FASB pronouncements are generally issued in the form of Statements, which set forth specific requirements, and Interpretations, which provide more detailed guidance on how to apply the requirements of a particular Statement. The FASB also issues Technical Bulletins from time to time, which offer non-authoritative guidance on topics that are not covered by existing pronouncements.
All FASB pronouncements are available on the FASB’s website.
Accounting Standards Board
The Accounting Standards Board (ASB) is the body responsible for issuing accounting standards in the United States. The ASB is a private, non-profit organization that is overseen by the Financial Accounting Foundation (FAF).
The ASB issues two types of pronouncements:
ufffd Financial Accounting Standards (FASs): Statements of financial accounting standards that establish generally accepted accounting principles (GAAP) in the United States. GAAP are principles that govern how businesses must prepare and present their financial statements.
ufffd Technical Bulletins (TBs): These provide guidance on FASs and interpretive guidance on GAAP. TBs are not part of GAAP, but they may be considered by the Securities and Exchange Commission (SEC) when evaluating compliance with disclosure requirements.
Both FASs and TBs are voted on by the ASBufffds seven members, who are appointed by the FAF. Five of the members must be CPAs, and at least four of them must have experience working in public accounting. The other two members can come from academia or the business world, but they cannot be CPAs.
Financial Accounting Foundation
The Financial Accounting Foundation (FAF) is the not-for-profit organization that oversees and sets policy for the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
The FAF was established in 1972 to provide long-term support for standard setting activities. The mission of the FAF is “to establish and improve financial accounting and reporting standards so that public, private, and governmental organizations will have high quality, useful information”.
To achieve its mission, the FAF:
ufffd Selects accounting experts to serve on the Boards
ufffd Oversees both Boardsufffd operations
ufffd Ensures due process in all standard setting activities
ufffd Educates stakeholders about Generally Accepted Accounting Principles (GAAP)
ufffd Builds confidence in capital markets by supporting high quality financial reporting.
