The Aicpa

The American Institute of Certified Public Accountants (AICPA) is a professional nationally recognized organization in the United States for Certified Public Accountants (CPAs). It was founded in 1887 and soon after it was formed, it established accounting as a profession and set guidelines for educational requirements, professional standards, licensing status, and a strict code of ethics. The organization formed guidelines with a commitment to serving the public interest. The AICPA is able to provide the most reliable and relevant information and resources related to accountancy. (AICPA, 2016) It works with other Accounting organizations like the Financial Accounting Standards Board (FASB) as well as other authoritative rule making boards such as the International Accounting Standards Board (IASB), the Government Accounting Standards Board, and the HFMA Principles and Practice Board.
The AICPA is led by the Board of Directors who act as the executive committee for the governing Council which establishes general policies. The Financial Accounting Standards Board has a seven-member board which authorizes and makes the accounting rules for the United States under the U.S. Securities and Exchange Commission (SEC). The AICPA provides technical support as well as standard setting, including GAAP, and guidelines in conjunction with FASB’s work. (AICPA, 2016) The FASB is a private, not-for-profit organization whose primary purpose is to develop GAAP. Initially, the Committee on Accounting Procedure was created by the AICPA in 1939. This was the first organization with the responsibility to set accounting standards in the United States. In 1959, the Accounting Principles Board (APB) was formed so that the accounting standards could be more structured. This Board was replaced by the FASB in 1973. The hope was that the FASB being a fully independent organization could more effectively create accounting standards. (Boundless, 2016)
The AICPA is a strong believer in...