Accounting Standards Executive Committee - AcSEC

AAA

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.

INVESTOPEDIA EXPLAINS '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. Accountant International Study ...

    An organization that studied the differences in accounting practices ...
  2. Accounting Principles

    The rules and guidelines that companies must follow when reporting ...
  3. Accounting

    The systematic and comprehensive recording of financial transactions ...
  4. Certified Public Accountant - CPA

    A designation given by the American Institute of Certified Public ...
  5. Generally Accepted Accounting Principles ...

    The common set of accounting principles, standards and procedures ...
  6. Financial Accounting Standards ...

    A seven-member independent board consisting of accounting professionals ...
Related Articles
  1. Accounting Rules Could Roil The Markets
    Bonds & Fixed Income

    Accounting Rules Could Roil The Markets

  2. Ancient Accounting Systems
    Insurance

    Ancient Accounting Systems

  3. Inventory Valuation For Investors: FIFO ...
    Fundamental Analysis

    Inventory Valuation For Investors: FIFO ...

  4. Handcuffs And Smoking Guns: The Criminal ...
    Options & Futures

    Handcuffs And Smoking Guns: The Criminal ...

Hot Definitions
  1. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
  2. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
  3. Accelerated Depreciation

    Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years ...
  4. Call Risk

    The risk, faced by a holder of a callable bond, that a bond issuer will take advantage of the callable bond feature and redeem ...
  5. Parity Price

    When the price of an asset is directly linked to another price. Examples of parity price are: 1. Convertibles - the price ...
  6. Earnings Multiplier

    An adjustment made to a company's P/E ratio that takes into account current interest rates. The earnings multiplier is used ...
Trading Center