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. Accounting Interpretation

    A statement clarifying how accounting standards should be applied. ...
  2. Accounting Research Bulletins - ...

    Bulletins containing recommended accounting procedures for the ...
  3. Auditing Standards Board - ASB

    The American Institute of Certified Public Accountants' (AICPA) ...
  4. Hierarchy Of GAAP

    An outline for determining the most appropriate sources for obtaining ...
  5. Nomination Committee

    A committee that acts under the corporate governance area of ...
  6. Audit Committee

    An operating committee of a company's board of directors that ...
Related Articles
  1. Investing Basics

    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.
  2. Personal Finance

    A Look At Accounting Careers

    More than just crunching numbers, this career blends detective work with trouble shooting.
  3. Professionals

    Financial History: The Rise Of Modern Accounting

    Find out how these two have grown hand-in-hand throughout our modern history.
  4. Executive Compensation

    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.
  5. Professionals

    Career Advice: Financial Analyst Vs. Accountant

    Read an in-depth comparison between a career as a financial analyst and a career as an accountant, including how to determine which is best for you.
  6. Investing Basics

    3 Reasons To Separate CEO And Chairman Positions

    Separating these high-profile positions can help to strengthen the overall integrity of a company.
  7. Professionals

    What is Accounting?

    Accounting is the recording of financial transactions of a business or organization. It also includes the process of summarizing, analyzing and reporting these transactions in financial statements.
  8. Investing

    What Does the Board of Directors Do?

    Every public company must have a board of directors. These boards establish administrative policies including the hiring and firing of executives, the distribution of dividends, and executive ...
  9. Economics

    International Financial Reporting Standards (IFRS)

    International Financial Reporting Standards are accounting rules and guidelines governing the reporting of different types of accounting transactions.
  10. Executive Compensation

    Retired Execs: How Much Do Corporate Boards Pay?

    If you have the right skill set, getting a seat on a company board can be a lucrative and stimulating way to spend some of your new free time.
RELATED FAQS
  1. 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 >>
  2. 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 >>
  3. Who enforces GAAP?

    Take a deeper look at the private enforcement mechanisms behind the generally accepted accounting principles for American ... Read Answer >>
  4. How does financial accounting help decision making?

    Read a brief overview of some areas where financial accounting helps in decision making for investors, lending institutions ... Read Answer >>
  5. 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 >>
  6. Where can I look for a financial planner?

    References from trusted friends or family members can help you find a financial planner; however, keep in mind that your ... Read Answer >>
Hot Definitions
  1. Over-The-Counter - OTC

    Over-The-Counter (or OTC) is a security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, ...
  2. Quarter - Q1, Q2, Q3, Q4

    A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
  3. Weighted Average Cost Of Capital - WACC

    Weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is ...
  4. Basis Point (BPS)

    A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly ...
  5. Sharing Economy

    An economic model in which individuals are able to borrow or rent assets owned by someone else.
  6. Unlevered Beta

    A type of metric that compares the risk of an unlevered company to the risk of the market. The unlevered beta is the beta ...
Trading Center