Accounting Resources for Professionals

Accountants are finance professionals who mainly prepare and review financial reports. They also file tax returns, keep track of income and expenditure, and perform audits.

Accountants need to navigate the complex financial minefield as part of their daily job, but they also need to know all about best practices, necessary certifications, and the ever-changing licensing and state regulations.

This guide is a compilation of all the resources available to accountants and accounting students. All information on this page has been verified by a CPA to confirm authority and trustworthiness.

 Accounting Standards Boards and Regulations

The responsibilities and burdens of accounting standards might seem complex. When it comes to licensing regulations, U.S. state and territory boards of accountancy are the primary authorities for their jurisdictions, meaning that the U.S. does not have a single national board for licensing.

However, national boards do regulate accounting best practices and professional standards. Some of these large-scale organizations are formed around specific activities, like investing and government accounting.

Standards Boards

• State Boards of Accountancy: This directory includes the phone numbers, addresses, and contact information for 55 U.S. state and territory boards of accountancy. Since there is no national licensure board, the state boards define the CPA standards for each jurisdiction. Professionals rely on them for initial licensure, renewals, firm registration and practice guidelines.
• National Association of State Boards of Accountancy (NASBA): This umbrella organization for the 55 state and territory boards advocates for regulatory laws, accessible CPA training, and state sovereignty in making accountancy licensure decisions. NASBA also provides CPAs with professional services like a National CPA database, licensing library, and education tools.
• Federal Accounting Standards Advisory Board (FASAB): This regulatory board sets federal financial reporting and accounting standards. Members include six public and three federal members.
• Governmental Accounting Standards Board (GASB): An independent standards board for accountancy regulations applied to state and local governments in the United States. Professionals can subscribe to GASB Online, a virtual library of all board pronouncements and implementations.
• Securities and Exchange Commission (SEC): This agency of the federal government enforces investor and securities protections. It oversees five divisions: Corporation Finance, Investment Management, Trading and Markets, Economic and Risk Analysis, and Enforcement.
• International Financial Reporting Standards (IFRS/IASB): The IFRS Foundation is a nonprofit that oversees industry guidelines at a global level, while the IASB works as its independent standards-setting board. Both of these organizations host public meetings accountants can attend in-person or through web conferencing tools.
• Financial Accounting Standards Board (FASB): This private, independent body is responsible for setting and maintaining accounting standards for public, private, and nonprofit organizations. The FASB uses Generally Accepted Accounting Principles as its foundation.
• International Public Sector Accounting Standards Board (IPSASB): This independent organization works to improve financial reporting and accounting standards for the public sector worldwide.

Regulatory Publications

• FASAB Handbook of Accounting Standards and Other Pronouncements: A current version of the FASAB Handbook is available as a free PDF download. Topics covered include federal standards statements, technical bulletins, and interpretations.
• AICPA Statements and Standards: Quickly refer to industry standards governing practice areas such as professional conduct, peer review, and taxes by browsing this web-based reference tool.
• FASB Accounting Standards Codification: Professionals who are working with non-government organizations can refer to this database of accepted accounting principles (GAAP) cataloged by the FASB. While the basic version is free to access, the professional subscription requires an annual payment of $1,197.
• GASB Pronouncements: Statements on concepts, technical bulletins, standards, and interpretations issued by GASB are available as free downloads on their website.
• US SEC Publications for Investors: This digital library includes links to dozens of SEC publications on topics like arbitration, investment companies, trading securities, and stock.

Article ID: 54
Created: December 24, 2022
Last Updated: December 24, 2022
Author: Dr. Nabil Chaiban

Online URL: https://kb.bankingwords.com/article.php?id=54