Part 1 – Section E.1. Development of accounting standards

[Hameed]

CMA1.E1.a. demonstrate an understanding of the development of U.S. accounting standards

CMA1.E1.b. describe the organizational structure of the Financial Accounting Standards Board (FASB)

CMA1.E1.c. identify the due process steps of developing U.S. accounting standards

CMA1.E1.d. identify the qualitative characteristics of accounting information

CMA1.E1.e. distinguish between the primary qualities of relevance and reliability and the secondary qualities of comparability and consistency

CMA1.E1.f. identify the ingredients of each of the primary qualities

CMA1.E1.g. identify the user groups that influence accounting standards, including

the investing public and financial community

business entities and industrial associations

the Institute of Management Accountants (IMA)

the American Institute of Certified Public Accountants (AICPA)

CPA firms

government agencies

the American Accounting Association (AAA)

the Financial Executive Institute (FEI)

the other professional accounting and finance organizations

CMA1.E1.h. demonstrate an understanding of the FASB’s relationship with the Securities and Exchange Commission (SEC) and the SEC’s role in standard setting

CMA1.E1.i. identify the different types of statements that constitute U.S. Generally Accepted Accounting Principles (GAAP) and identify which is most authoritative

CMA1.E1.j. describe in general terms the structure and work products of the International Accounting Standards Board (IASB) and its relationship with the FASB