Accounting Information Resources Key Terms

Acronyms and terms you want to understand as you research accounting information resources

Accounting information resources are invaluable for accounting professionals as well as business owners who want to do their own accounting. It's important to stay up to date in this complex field. There are a plethora of acronyms associated with this profession, as well as a myriad of complex rules and regulations. The resources you have at your fingertips on the Internet can be invaluable. You can find information on Web sites for professional associations and government resources to get you started.

 

American Institute of Certified Public Accountants, or AICPA

The American Institute of Certified Public Accountants, or AICPA, is the professional association for certified public accountants in the United States. This organization sets auditing standards for companies, federal, state and local governments, and nonprofit organizations. AICPA has lots of accounting information resources for you.
Try: Visit the American Institute of Certified Public Accountants.

Public Company Accounting Oversight Board, or PCAOB

Public Company Accounting Oversight Board, or PCAOB, is a private, nonprofit corporation that was created when the Sarbanes-Oxley Act was passed in 2002. The board is responsible for overseeing audits of public companies and has many government-like attributes. The PCAOB Web site is a great resource for accounting information relevant for public companies.
Try: Get more information from the Public Company Accounting Oversight Board.

Sarbanes-Oxley Act

The Sarbanes-Oxley (SOX)Act was passed to set new standards and to enhance older standards for U.S. public company boards. It was passed in 2002 as a result of some major scandals that resulted in investors losing billions of dollars.
Try: Learn more by going to SOX Law.

International Practices Task Force, or IPTF

The International Practices Task Force, or IPTF, is a task force of the SEC regulations committee. The task force meets with the SEC staff and discusses international accounting and reporting issues that relate to SEC rules and regulations. IPTF is a good resource for emerging issues related to accounting.
Try: You can find more information at The Center for Audit Quality.

CFA, or chartered financial analyst

CFA stands for chartered financial analyst, which is a professional designation offered by the Chartered Financial Analyst Institute to financial analysts once they complete a series of three examinations.
Try: You can find helpful information at the CFA Institute.

Generally accepted accounting principles, or GAAP

Generally accepted accounting principles, or GAAP, represent the guidelines for financial accounting. GAAP includes the rules and standards accountants should follow when they record and summarize transactions as they prepare financial statements. GAAP is one of the most important resources for accounting information.
Try: Wiley Publishing has Cliff Notes to simplify this information for you.

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