PROCES TVORBY US GAAP (JAKO INSPIRACE PRO TVORBU ČESKÝCH ÚČETNÍCH STANDARDŮ)
Financial accounting has been playing an important role in the economic system in the USA, since it has been supporting an effective operation of capital market, and consequently of whole economy. Its main task is to provide reliable accounting information about accounting entity to its users who do not take direct part in its management. Reliability of information is secured by generally accepted accounting principles (GAAP). Their publication is carried out by Financial Accounting Standards Board (FASB). In the course of preparation of accounting standards each user is allowed to protect its interests. However, the FASB members enjoy "last word" in the whole process of decision-making. Following this process an important role is played by Securities and Exchange Commission (SEC), with which FASB is closely co-operating. Whole process of approval of each standard is shaped by systemic approach: firstly, problems are identified, next, proposals of various alternatives of accounting solutions are presented, assessed and lastly, final solution is chosen. Following FASB rules any standard may be issued if it is approved by two thirds of Board members. 147 standards have been passed until the year 2002. Further development may follow a path of approachment of US GAAP with International Financial Reporting Standards (IFRS) and a unified globally accepted set of accounting standards may emerge. Such advisement is responding to globalisation of capital markets and maintaining high level of investors protection.
Financial Accounting Standards Board (FASB), Securities and Exchange Commission (SEC), Generally Accepted Accounting Principles (US GAAP)
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