Accounting and Auditing
This guide describes the major accounting and auditing organizations and sources for accounting and auditing standards and regulations. It also includes sources for research through articles and other sources.
FASB (Financial Accounting Standards Board) establishes standards of financial accounting that govern the preparation of financial reports by businesses and other nongovernmental entities. Those standards are officially recognized as authoritative by the Securities and Exchange Commission (SEC).
FASB Codification: As of July 1, 2009, The FASB Accounting Standards Codification, is the source of authoritative generally accepted accounting principles (GAAP) recognized by FASB. Information on the FASB Codification is available here. A more detailed outline is here.
FASB Codification in print: Accounting Standards Codification. In Pardee Reference: XHF5616 U5 F57, 4 volumes.
FASB Codification (online): For free access, register for Basic View as a new user. Accounting faculty and students can register for “Academic Accounting Access.” Professional View requires a paid subscription.
Changes to the Codification are communicated through the Accounting Standards Updates:
Accounting Standards Updates online.
Updates can be viewed online without a login; scroll down to Updates.
Accounting Standards Updates in print: Accounting Standards Updates. XHF5616 U5 F57.
FASB Exposure Documents online
(Exposure drafts represent a proposed standard; comments are invited; Discussion Papers are documents that can be used to solicit input on major issues (or on a subset of issues) addressed in a project).
Concepts Statements online
Emerging Issues Task Force (EITF):
Emerging Issues Task Force Abstracts online
Pre-Codification Standards (Before the new FASB Codification was implemented):
Pre-Codification Standards online
Pre-codification Standards include:
FASB Statements of Financial Accounting Standards
FASB Technical Bulletins
FASB Staff Positions
Other Accounting Guides and Handbooks (All in Pardee Reference):
Accounting Handbook. X HF5635 S54 2010. Provides basic accounting information, including accounting rules, guidelines, ratios, formulas, etc.
Wiley GAAP for Governments. X HJ9777.A3 G37
Wiley GAAP; Interpretation and Application of Generally Accepted Accounting Principles. X HF 5616 U5 G33
Not-for-Profit GAAP. X HF5686 .N56 N6
(American Institute of Certified Public Accountants) is the membership association for Certified Public Accountants; it develops standards for audits of private companies and other services by CPAs. The AICPA also provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the profession’s technical and ethical standards.
For AICPA Technical Practice Aids and Accounting and Auditing Guides, consult the Journal of Accountancy, available through the databases listed in the Accounting Articles and Research section, below.
A private sector, nonprofit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair and independent audit reports. The PCAOB also oversees the audits of broker-dealer compliance reports under federal securities laws. Rules, standards, and information on the PCAOB’s oversight are included on the website.
Codification of Statements on Auditing Standards.
Pardee Reference Section 9: X HF5667 C566 2010.
PCAOB Standards and Related Rules PCAOB standards and related rules for the preparation and issuance of audit reports for public companies. X HF5686 C7 P423 2010
Wiley Practitioner’s Guide to GAAS.X HF5616 U5 W558 2012.
Summarizes and restates the official language of Statements on Auditing Standards (SAS), Statements on Standards for Attestation Engagements (SSAE), Statements on Standards for Accounting and Review Services (SSARS), PCAOB Auditing Standards, and the interpretations of those standards.
Securities and Exchange Commission
To fulfill its mission ” to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation, ” the SEC regulates the U.S. securities markets by interpreting and enforcing securities laws, issuing rules and regulations, and overseeing securities firms, brokers, etc. The SEC website provides access to company filings, SEC Rules, Regulations, Releases, Staff Accounting Bulletins, Investor Information, Administrative Law Judge Decisions, etc.
This is a guide to public company annual reports and other Securities and Exchange Commission (SEC) filings.
Accounting Articles and Research
International Accounting and Auditing
The International Financial Reporting Standards Foundation provides a source for information about the IASB (International Accounting Standards Board), the independent standard-setting body of the IFRS Foundation.
IFRS Made Easy. X HF5626 B732 2011. Pardee Reference. Provides answers to the most common accounting questions arising from international financial reporting standards (IFRS).
Interpretation and Application of International Standards on Auditing. X HF 5626 C653 2011. Pardee Reference.
Publication assists auditors in the interpretation and application of international auditing standards (ISAs) as most countries have replaced domestic standards with ISAs.
Accounting Handbook. X HF 5635 S54 2011. Pardee Reference. Chapter 13: International Accounting and International Financial Reporting Standards (IFRS).