I. INTRODUCTION

Attorneys often need to understand accounting in order to understand business-related areas of law such as corporations, tax law, securities law, and white collar crime. This research guide describes resources in the Georgetown Law Library and on the Internet for researching U.S. and international accounting standards.

II. SECONDARY SOURCES

If you are beginning your accounting research from scratch (that is, you have no citations to applicable accounting standards), or if you don't understand the accounting standards you've already found, secondary sources can help.

Secondary sources are materials that explain the accounting standards issued by bodies such as the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).

A. Dictionaries & Glossaries

• New York State Society of CPAs, Accounting Terminology
• Roger Hussey & Audra Ong, International Financial Reporting Standards Desk Reference: Overview, Guide, and Dictionary, HF5681.B2 H847 2005.
• R. Hussey ed., A Dictionary of Accounting (4th ed. 2010)

B. Treatises & Handbooks

Below is a list of selected accounting treatises and handbooks available in the Georgetown Law Library or through its subscription databases (including Westlaw and Lexis).

i. Basic Treatises

• Lawrence A. Cunningham, Introductory Accounting and Finance for Lawyers (5th ed. 2010) [KF320.A2 C86 2010]
• Charles H. Meyer, Accounting and Finance for Lawyers in a Nutshell (4th ed. 2009) [HF5635 .M5857]

ii. On U.S. Standards

• D.R. Carmichael & Paul H. Rosenfield, eds., Accountants' Handbook (11th ed. 2007, with 2009 Supp.) [HF5621 .A22 2007]
• Alan B. Afterman, GAAP Practice Manual (2000-) [Available on Westlaw only: WGL-GAAPMAN]
• Paul Munter & Thomas A. Ratcliffe, Applying GAAP & GAAS (1998-) [Available on Lexis only: Applying GAAP & GAAS]
• U.S. Master GAAP Guide [current edition only; available on CCH IntelliConnect (browse under "Federal Tax - Quick Answers"] (Note: CCH IntelliConnect requires you to create a username and password the first time you use it.)
  
  

iii. On International Standards

• Roger Hussey & Audra Ong, International Financial Reporting Standards Desk Reference: Overview, Guide, and Dictionary (2005) [Print: HF5681.B2 H847 2005]

You may find other books on accounting or auditing by searching the Library's catalog using keywords or the following subject headings:

• Accounting--Standards
• Auditing--Standards

You may also want to check the catalog of the Main Campus's Lauinger Library with the same searches, as Lauinger will likely have additional materials:

• Accounting -- Standards
• Auditing -- Standards

C. Journal Articles

You can find accounting articles using several subscription databases:

• Accounting & Tax (Proquest)
  Indexes scholarly and trade publications, books, annuals, and newspapers in the fields of domestic and foreign accounting and taxation. Provides the full text of some publications, including the Journal of Accountancy (1974-). (Dates of coverage vary by publication; full text for other publications begins in 1987.)
• ABI/Inform - Business Periodicals
  Indexes and abstracts to articles in 1300 business and management publications, with varying coverage, some citations dating back to the 1970s. Includes 350 titles from outside the U.S. Also contains complete articles for more than 600 of the more important sources.
• Lexis: AICPA Accounting and Auditing Publications
  Includes the full text of all the articles from the Journal of Accountancy, Tax Adviser, CPA Letter, and the Tax Division Newsletter. (Coverage: 1987-.)
• Westlaw: Accounting Services Industry News (WNS-AC)
  Includes the full text of articles from the Journal of Accountancy, CPA Letter, CPA Journal, Tax Adviser, Practical Accountant, and many other accounting services industry periodicals. (Coverage: varies by publication.)
  
  

D. Additional Resources

• Accounting & Auditing (Library of Congress): Compiled by the Business Reference Section to provide links to general, U.S. and international resources.
• Accounting and Taxation (Georgetown University): Details accounting and taxation related databases available through Georgetown University's Lauinger Library.
• CPANet: This website helps accountants interact in an online community.

 

III. UNITED STATES ACCOUNTING & AUDITING STANDARDS

There are two major types of standards typically applied by accountants in the United States: accounting standards, including Generally Accepted Accounting Principles ("GAAP"), and auditing standards. Below we provide a brief overview of the institutions that create GAAP in the United States.

In addition, the U.S. Securities & Exchange Commission ("SEC") publishes accounting guidance to help companies comply with the accounting requirements of the federal securities laws. The SEC also oversees the Public Company Accounting Oversight Board ("PCAOB"), a standards-making body created by the Sarbanes-Oxley Act of 2002, Pub. L. 107-204, 116 Stat. 745 (2002).

Many U.S. accounting and auditing standards are indexed in Proquest's Accounting & Tax Index. Each of the print standards sources referenced in the sections below also includes topical indexing. Most electronic sources are full-text searchable.

A. Generally Accepted Accounting Principles ("GAAP") for Non-Government Entities: The Accounting Standards Codification ("ASC")

GAAP are a set of accepted accounting procedures and rules used in the preparation of financial statements such as balance sheets, income statements, statements of owners' equity, and statements of cash flows. As of September 15, 2009, current GAAP for non-government entities are codified in the Accounting Standards Codification ("ASC") published by the Financial Accouting Standards Board ("FASB"). Auditing standards (as opposed to accounting standards) have not been affected by this codification. FASB is an independent private-sector organization created to establish and improve financial accounting and reporting standards.

• FASB Accounting Standards Codification Basic View: a free website that provides a browsable -- but not searchable -- version of the ASC; free registration is required.
• FASB Accounting Standards Codification Professional View: a subscription website that provides a searchable version of the ASC. Requires a special username/password. (Note: Georgetown's subscription is limited to one user at a time. Please log out when you are finished with your research.)

Note: The FASB Accounting Standards Codification websites do not work in Google Chrome. Use Firefox or Internet Explorer only. They appear to work in Safari, but this browser is not officially supported by the FASB.

FASB updates the ASC by issuing documents called Accounting Standards Updates. Accounting Standards Updates are available from the FASB website.

See FASB's Notice to Constituents (v. 3.0, Oct. 2, 2009) for more information on the Accounting Standards Codification.

B. Historic and Grandfathered Accounting Standards for Non-Government Entities

A number of organizations, including but not limited to FASB, created accounting standards that have since been codified in FASB's Accounting Standards C odification. Brief profiles of those organizations and their standards are provided below. Furthermore, some pre-ASC standards have been grandfathered, at least for limited purposes. For more information on grandfathered standards, see p. 9 of FASB's Notice to Constituents (v. 3.0, Oct. 2, 2009).

i. Financial Accounting Standards Board ("FASB")

FASB previously issued numerous pronouncements that contributed to GAAP, including but not limited to:

• Statements of Financial Accounting Standards
• FASB Interpretations
• FASB Technical Bulletins
• Statements of Financial Accounting Concepts

Historic FASB standards, as well as the current Accounting Standards Codfication, are available in:

• Pre-codification standards: FASB Website, FASB Accounting Standards Codification Basic View or FASB Accounting Standards Codification Professional View. (1973 - )
• Post-codification standards: FASB Accounting Standards Codification Basic View or FASB Accounting Standards Codification Professional View. In either database, when viewing the text of a particular provision an "Archive" tab will be available. This tab will show earlier versions of the text of the codified provision.

ii. American Institute of Certified Public Accountants ("AICPA")

According to its own web site "The American Institute of Certified Public Accountants is the national, professional organization for all Certified Public Accountants." (AICPA Mission Statement). Its Accounting Standards Executive Committee (AcSEC) determines the AICPA's policies on financial reporting standards and acts as the AICPA's voice on those policies. With an eye toward providing guidance to its members and influencing FASB and other standards-issuing bodies, AICPA's AcSEC issued the following types of pronouncements, among others:

• Statements of Position
• Audit and Accounting Guides
• Practice Bulletins (approved by FASB)

Many AICPA accounting standards are available from:

• FASB Accounting Standards Codification Professional View (under Other Sources -> Pre-Codification Standards -> AICPA Copyrighted Standards)
• AICPA Professional Standards (1974 - ) [HF5667 .A538] (Lauinger Library, Main Campus)
• AICPA Store (purchase required.)

AICPA continues to issue auditing standards, which are discussed below.

iii. AICPA Committee on Accounting Procedure ("CAP", 1936-1959) & Accounting Principles Board ("APB", 1962-1973) (both defunct)

Formerly part of the American Institute of Certified Public Accountants, the Committee on Accounting Procedure and its successor, the Accounting Principles Board, issued various standards including:

• Accounting Research Bulletins (ARBs) - 1936 to 1959 (contained recommended accounting procedures not binding on AICPA members)
• Opinions - 1959 to 1973
• Statements - 1962 to 1970

The APB was dissolved in 1973 and no longer creates new standards. Those APB standards in effect on July 1, 2009 have been incorporated into FASB's Accounting Standards Codification. APB standards in their uncodified form can be found in:

• FASB Accounting Standards Codification Professional View (under Other Sources -> Pre-Codification Standards -> AICPA Copyrighted Standards)

C. Accounting Standards Applicable to Government Entities

For accounting by government entities such as federal, state, and local government agencies, additional accounting standards beyond those contained in the Accounting Standards Codification may apply. For state and local government entities, additional standards are promulgated by the Governmental Accounting Standards Board ("GASB"). For the federal government, additional standards are promulgated by the Federal Accounting Standards Advisory Board ("FASAB").

i. Governmental Accounting Standards Board ("GASB")

"The Governmental Accounting Standards Board was created in 1984 as an independent, professional body to establish standards of accounting and financial reporting applicable to state and local governmental entities. It was formed after agreement by the Financial Accounting Foundation, the American Institute of Certified Public Accountants, the Government Finance Officers Association, the National Association of State Auditors, Comptrollers and Treasurers, and the seven organizations representing state and local government officials," (GASB Facts).

GASB standards are GAAP for state and local governmental entities only. GASB issues the following types of pronouncements:

• Concepts Statements (identify objectives and fundamental concepts that form the basis for establishing consistent financial reporting standards)
• Statements (establish accounting standards)
• Interpretations (of Statements)

GASB standards can be ordered directly from GASB.

ii. Federal Accounting Standards Advisory Board ("FASAB")

In October 1990, three officials responsible for federal financial reporting established the Federal Accounting Standards Advisory Board (FASAB or 'the Board') as a federal advisory committee. The officials were the Secretary of the Treasury, the Director of the Office of Management and Budget, and the Comptroller General of the United States. They created FASAB to develop accounting standards and principles for the United States Government." (FASAB Facts).

FASAB standards are GAAP for federal governmental entities only. FASAB issues the following types of pronouncements:

• Statements of Federal Financial Accounting Concepts (provide general guidance to the FASAB as it deliberates on the creation or amendment of Statements of Federal Financial Accounting Standards)
• Statements of Federal Financial Accounting Standards (contain specific authoritative requirements for financial reporting by federal government agencies)
• Interpretations (clarify meanings of and provide definitions for reading Statements of Federal Financial Accounting Standards)
• Technical Bulletins (provide guidance for applying FASAB Statements and Interpretations)
• Technical Releases (provide guidance for applying accounting standards and on auditing issues)

FASAB standards are available in:

• Pronouncements as Amended (June 30, XXXX) (chronological arrangement, but showing amendments - all standards created since 1993; updated to reflect all changes through June 30 of any given year).
• Statements of Federal Financial Accounting Concepts and Standards: Current Text (subject arrangement discontinued as of June 30, 2004; provided for historical research).

D. Auditing Standards

Auditing standards are guidelines applied by auditors in deciding whether financial statements have been prepared according to GAAP.

i. Auditing Standards Board, AICPA

Beginning in 1917, a committee of the American Institute of Certified Public Accountants, a professional organization of certified public accountants, was responsible for establishing auditing standards. The committee's name changed several times over the years. In 1978 it became the Auditing Standards Board. It issues the following types of pronouncements, among others:

• Statements on Auditing Standards
• Statements on Standards for Accounting and Review Services
• Statements on Standards for Attestation Engagements
• Generally Accepted Auditing Standards ("GAAS;" AU 150)

ii. Public Company Accounting Oversight Board ("PCAOB")

In response to the Enron accounting scandal, the Sarbanes-Oxley Act of 2002, Pub. L. 107-204, 116 Stat. 745 (2002) created the Public Company Accounting Oversight Board (PCAOB) and gave it authority to establish auditing standards for public companies registered with the SEC. The 5 members of the PCAOB's Governing Board are appointed by the SEC and serve 5-year terms; no person may serve more than two terms. Two members must be or have been Certified Public Accountants ("CPAs") for at least 5 years prior to appointment. The other 3 members must not be or have been CPAs. PCAOB officially assumed its standards-making responsibility in 2003, but adopted AICPA auditing standards existing as of April 16, 2003 as interim auditing standards. PCAOB standards adopted after April 16, 2003 may supersede or amend AICPA auditing standards for audits of public companies.

Where to find PCAOB standards:

• PCAOB Web Site.

E. Securities & Exchange Commission ("SEC") Regulations, Guidance, and Enforcement Releases

The SEC issues guidance and regulations on the accounting methods to be used in financial statements that are filed with it by publicly traded companies pursuant to the federal securities laws. Instead of issuing standards itself, the SEC is primarily concerned with enforcing accounting and auditing standards in the context of financial statements it receives from public companies under the federal securities laws. It also oversees the Public Company Accounting Oversight Board. SEC regulations and guidance documents have not been superseded by FASB's Accounting Standards Codficiation. Accounting and auditing documents issued by the SEC include:

• Regulation S-X (17 C.F.R. Part 210) (governs financial statement presentation and disclosure in SEC filings)
• Staff Accounting Bulletins (SAB) (provide guidance on the SEC's views regarding the proper application of accounting standards in public company disclosures)
• Accounting and Auditing Enforcement Releases (documents related to administrative enforcement proceedings the SEC initiates against persons who have allegedly violated accounting standards in financial statements submitted to the SEC under the federal securities laws)

Many SEC releases (including Accounting and Auditing Enforcement Releases) and all current SEC regulations are available in:

• CCH Federal Securities Law Reporter [KF1068.4 .C58].
• CCH IntelliConnect (browse under "Securities (Federal)" for the Federal Securities Law Reporter).

IV. INTERNATIONAL ACCOUNTING & AUDITING STANDARDS

International accounting and auditing standards are not binding in individual countries unless those countries' standards-setting bodies choose to make them so. However, the International Accounting Standards Board and International Federation of Accountants work with the standards-setting bodies of many nations, including the U.S., in order to promote the convergence of accounting and auditing standards worldwide. More than 90 countries now require the financial statements of publicly traded companies to be prepared in accordance with the IASB's International Financial Reporting Standards ("IFRSs"). (See IASB use in various countries .) IASB is converging with US GAAP.

A. International Accounting Standards Board ("IASB")

The IASB issues accounting standards in the form of pronouncements called International Financial Reporting Standards ("IFRSs") and Interpretations, both of which are available in the annual print publication International Financial Reporting Standards (2003 - ) [HF5681.B2 I58]. Each annual volume contains the standards in effect as of January 1 of the year of issue.

B. International Accounting Standards Committee ("IASC", defunct)

The IASC was the predecessor to the IASB. It issued pronouncements called International Accounting Standards, which are available in the print publication International Accounting Standards [HF5681.B2 I58] (coverage: annual volumes from 1991-2002 contain the standards in effect as of January 1 of the year of issue).

C. International Federation of Accountants ("IFAC")

The IFAC issues auditing standards in the form of pronouncements called International Standards on Auditing. These standards are available in the annual publication Handbook of International Auditing, Assurance, and Ethics Pronouncements, which is available for download from the IFAC web site.

V. WHERE TO FIND STANDARDS WHEN YOU HAVE A CITATION

The table below provides references to accounting materials arranged in alphabetical order by common citation. Accounting standards that have been superseded by the FASB Accounting Standards Codification ("ASC") for interim and annual reporting periods after Sept. 15, 2009 are indicated by an asterisk (*). As discussed in the FASB Notice to Constituents, a few pre-ASC standards have been grandfathered.

Where to Find Accounting Standards When You Have a Citation

Citation	Type of Standard	Where to Find It
AAER	SEC Accounting and Auditing Enforcement Release	CCH IntelliConnect (browse under "Securities (Federal)" for the Federal Securities Law Reporter) CCH Federal Securities Law Reporter [KF1068.4 .C58]
AIN*	AICPA Accounting Interpretation (issued prior to 1974)	FASB Accounting Standards Codification Professional View (under Other Sources -> Pre-Codification Standards -> AICPA Copyrighted Standards)
APB*	Accounting Principles Board Opinion (issued by the AICPA's Accounting Principles Board between 1962 & 1973)	FASB Accounting Standards Codification Professional View (under Other Sources -> Pre-Codification Standards -> AICPA Copyrighted Standards)
APS*	Accounting Principles Board Statement (issued by AICPA's Accounting Principles Board)	AICPA Professional Standards (1974 - ) [HF5667 .A538] (Lauinger Library, Main Campus) AICPA Store (purchase required.)
ARB*	Accounting Research Bulletin (issued by the AICPA Committee on Accounting Procedure until 1959)	FASB Accounting Standards Codification Professional View (under Other Sources -> Pre-Codification Standards -> AICPA Copyrighted Standards)
AS	PCAOB Auditing Standard	PCAOB Web Site
ASC (same as FASB ASC)	FASB Accounting Standards Codification	FASB Accounting Standards Codification Professional View
AU	Sections of the AICPA's Codification of Statements on Auditing Standards (codify AICPA original pronouncements on auditing, e.g., Statements on Auditing Standards)	AICPA Professional Standards (1974 - ) [HF5667 .A538] (Lauinger Library, Main Campus) Selected codified versions available on the AICPA web site AICPA Store (purchase required.)
CON*	Statement of Financial Accounting Concepts (issued by FASB)	FASB Web Site
EITF Issue No.	Emerging Issues Taskforce (FASB) Issue	Discussion materials & minutes (2004 - ): FASB Web Site Abstracts (1984 - ): FASB Web Site Discussion materials & minutes (pre-2004): Must be purchased individually from the FASB, (800) 748-0659.
FAS* (same as SFAS)	Statement of Financial Accounting Standards (issued by FASB)	FASB Web Site
FASB ASC (same as ASC)	FASB Accounting Standards Codification	FASB Accounting Standards Codification Professional View
FIN*	FASB Interpretation	FASB Web Site
FRR	SEC Financial Reporting Release	CCH IntelliConnect (browse under "Securities (Federal)" for the Federal Securities Law Reporter) CCH Federal Securities Law Reporter [KF1068.4 .C58]
FTB*	FASB Technical Bulletin	FASB Web Site
GAAS	Generally Accepted Auditing Standards	Refers to AU 150, a specific section of AICPA's Codification of Statements on Auditing Standards, the current version of which is available on the AICPA web site.
IAS	International Accounting Standard (issued by the International Accounting Standards Committee until 2001. Superseded by International Financial Reporting Standards, below.)	International Accounting Standards [HF5681.B2 I58] (1991-2002)
IFRS	International Financial Reporting Standard (issued by the International Accounting Standards Board from 2003 - )	International Financial Reporting Standards [HF5681.B2 I58] (2003 - ) IASB Web Site (free registration is required)
ISA	International Standard on Auditing (issued by the International Federation of Accountants)	Handbook of International Auditing, Assurance, and Ethics Pronouncements (available for download from the IFAC web site)
PCAOB-YEAR-##	SEC release about a PCAOB rule proposal	SEC Web Site
PCAOB AS	PCAOB Auditing Standard	PCAOB Web Site
Regulation S-X	SEC regulation governing financial statement presentation and disclosure in corporate filings	17 C.F.R. Part 210
SAB	SEC Staff Accounting Bulletin	CCH IntelliConnect (browse under "Securities (Federal)" for the Federal Securities Law Reporter) SEC Web Site (SAB 94 - ; April 18, 1995 - ; selected bulletins only) CCH Federal Securities Law Reporter [KF1068.4 .C58]
SAS	Statement on Auditing Standards (issued by the AICPA)	Original pronouncements must be purchased individually from the AICPA through its online store. Selected codified versions available on the AICPA web site
SFAS* (same as FAS)	Statement of Financial Accounting Standards (issued by FASB)	FASB Web Site
SFFAC	Statement of Federal Financial Accounting Concepts (issued by the FASAB)	SFFAC are included in the publication Pronouncements as Amended, which is available on the FASAB Web Site.
SFFAS	Statement of Federal Financial Accounting Standards (issued by the FASAB)	SFFAS are included in the publication Pronouncements as Amended, which is available on the FASAB Web Site.
SOP*	Statement of Position (issued by AICPA)	Must be purchased individually from the AICPA through its online store. Also available in the publication AICPA Technical Practice Aids, not available in the Georgetown Law Library.
Staff Acc. Bulletin Rel. No. (same as SAB)	SEC Staff Accounting Bulletin	CCH IntelliConnect (browse under "Securities (Federal)" for the Federal Securities Law Reporter) SEC Web Site (SAB 94 - ; April 18, 1995 - ; selected bulletins only) CCH Federal Securities Law Reporter [KF1068.4 .C58]