Accounting Standards Executive Committee - AcSEC

DEFINITION of 'Accounting Standards Executive Committee - AcSEC'

The former senior technical organization within the American Institute of Certified Public Accountants (AICPA) that determined the AICPA's technical policies related to financial reporting standards. The group is now known as the Financial Reporting Executive Committee (FinREC). FinREC is authorized to make public statements on behalf of the American Institute of Certified Public Accountants without explicit consent from the AICPA's board of directors.

BREAKING DOWN 'Accounting Standards Executive Committee - AcSEC'

The Accounting Standards Executive Committee's duties have been assumed by the Financial Reporting Executive Committee (FinREC). The committee exists to create technical policies for, and to act as, the spokesbody for the American Institute of Certified Public Accountants. FinREC meets four to six times per year and meetings are open to the public (except when the meeting pertains to administrative or otherwise confidential matters). FinREC is responsible for compiling letters of comments on behalf of the AICPA to external groups including the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB).

RELATED TERMS
  1. American Institute Of Certified ...

    The non-profit professional organization of certified public ...
  2. Accounting Trends And Techniques ...

    A prominent publication put out annually by the American Institute ...
  3. Accounting Principles Board - APB

    The prior authoritative body of the American Institute of Certified ...
  4. Accountants' Index

    A list of articles and books of interest to accounting professionals ...
  5. Accounting Interpretation

    A statement clarifying how accounting standards should be applied. ...
  6. Certified Public Accountant - CPA

    A designation given by the American Institute of Certified Public ...
Related Articles
  1. Markets

    Accounting Basics: Financial Reporting

    By Bob Schneider Generally Accepted Accounting Principles (GAAP)A key prerequisite for meaningful financial statements is that they be comparable to those for other companies, especially firms ...
  2. Investing

    The CPA Exam: What You Need To Know

    Interested in becoming a certified public accountant? Here's what you need to know about the CPA exam.
  3. Investing

    Why Financial Statements Are Harder to Read Than Ever Before

    Understand four major reasons that financial statements published in 2016 are more complicated and difficult to read than they were in the past.
  4. Financial Advisor

    Financial Accounting

    Financial accounting is the process of gathering, recording, summarizing and reporting financial data relating to a business. The ultimate goal is to accurately report the financial picture and ...
  5. Investing

    Finding The Right Accounting Certification

    The right accounting certification can open the doors of opportunity.
  6. Markets

    Financial History: The Rise Of Modern Accounting

    Find out how these two have grown hand-in-hand throughout our modern history.
  7. Investing

    Accounting Basics: Branches Of Accounting

    By Bob Schneider Accounting can be divided into several areas of activity. These can certainly overlap and they are often closely intertwined. But it's still useful to distinguish them, not ...
  8. Investing

    Finding The Right Accounting Certification

    An accounting certification may be the boost your career needs. Find out how to get the most bang for your buck.
  9. Managing Wealth

    Accountant: Job Description & Average Salary

    Discover what the job description of an accountant entails, along with education and training, salary and skills necessary for success.
  10. Investing

    Accounting Basics: History Of Accounting

    By Bob Schneider The name that looms largest in early accounting history is Luca Pacioli, who in 1494 first described the system of double-entry bookkeeping used by Venetian merchants in his ...
RELATED FAQS
  1. What are the objectives of financial accounting?

    Learn about the principle objectives of financial accounting, including the furnishing of the financial statements for those ... Read Answer >>
  2. How does the Financial Accounting Standards Board (FASB) establish accounting protocol?

    Find out how the Financial Accounting Standards Board or FASB, identifies possible financial reporting issues and determines ... Read Answer >>
  3. What are some good online resources for me to learn about Generally Accepted Accounting ...

    Learn about three authoritative online resources for generally accepted accounting principles, or GAAP: the websites for ... Read Answer >>
  4. Who enforces GAAP?

    Take a deeper look at the private enforcement mechanisms behind the generally accepted accounting principles for American ... Read Answer >>
  5. What is the difference between a compiled and a certified financial statement?

    All publicly-traded companies are required to provide financial statements, including a balance sheet, cash flow statement ... Read Answer >>
  6. When and why were GAAP first established?

    Take a deeper look into the development and purpose of the generally accepted accounting principles, also known as GAAP, ... Read Answer >>
Hot Definitions
  1. GBP

    The abbreviation for the British pound sterling, the official currency of the United Kingdom, the British Overseas Territories ...
  2. Diversification

    A risk management technique that mixes a wide variety of investments within a portfolio. The rationale behind this technique ...
  3. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
  4. Sell-Off

    The rapid selling of securities, such as stocks, bonds and commodities. The increase in supply leads to a decline in the ...
  5. Brazil, Russia, India And China - BRIC

    An acronym for the economies of Brazil, Russia, India and China combined. It has been speculated that by 2050 these four ...
  6. Brexit

    The Brexit, an abbreviation of "British exit" that mirrors the term Grexit, refers to the possibility of Britain's withdrawal ...
Trading Center