Accounting Standards Executive Committee

The Accounting Standards Executive committee is a group that is responsible for designing and implementing policies regarding financial presentations and reporting. In reality the Accounting Standards Executive committee is the new name given to the former senior technical organization that worked within the American Institute of Certified Public Accounting and the objective of this technical group was to define and design financial reporting standards for American Institute of Certified Public Accounting. Now the new name of this group is Financial Reporting Executive Committee. FinRec is now responsible and has an authority to publish publications on the behalf of AICPA. The group can publish any reports and publication without an explicit context from the AICPA board of directors.

The Financial Reporting Executive Committee assumes the tasks and responsibilities of Accounting Standard Executive Committee. The major responsibility of the committee is to design, implement and create technical policies for American Institute of Certified Public Accounting.  The committee acts as a spokes body of the AICPA and may take technical on their behalf. The meetings of the committee are held four to five times in a year and all the occurring of the meetings is absolutely public. However there are certain matters such as administrative issues and other confidential issues that are kept secret from the public. Another important responsibility of FinRec is to review letters and write the response to these letters on the behalf of ACIPA. All the letters to the Exchange Commission and Financial Accounting Board are compiled and sent by FinRec on behalf of ACIPA.

Other Related Accounting Articles:

• History of Accounting
• Quality of Conformance
• Accounting Valuation Process
• Offering Price
• Over and Short
• Limitations of Financial Accounting
• Actuarial Analysis
• Accounting Control
• Absolute Performance Standard
• Basic Accounting Terminologies