Organizations Certain organizations have been influential in the establishment of accounting principles. The following is a list of abbreviations for several of these organizations, as well as a list of statements describing the organizations.
1. First organization in United States to be given authority to issue pronouncements on accounting procedures and practice. Issued Accounting Research Bulletins.
2. Establishes cost accounting standards for U.S. government contracts.
3. Administers the provisions of the Internal Revenue Code.
4. Helps establish internationally comparable accounting principles.
5. Establishes accounting standards for state and local governmental entities.
6. Establishes generally accepted accounting principles in the private sector of the United States.
7. Created by Congress in response to fraudulent accounting practices.
8. Responsible for advising the FASB about technical areas, task forces, and other matters.
9. Established 31 Opinions, many of which still constitute generally accepted accounting principles.
10. Has legal authority to prescribe accounting principles and reporting practices for all corporations issuing publicly traded securities.
11. Professional organization for all CPAs in the United States.
12. Develops consensus positions on the implementation issues involving the application of standards.
Place the appropriate letter (A–L) for each organization in front of the statement describing the organization. In addition, write out the full name of the organization.