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Accounting Research

I. INTRODUCTION

This research guide describes resources in the Georgetown Law Library and on the Internet for researching U.S. and international accounting standards.

For additional information, please consult these other research guides:

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 and the American Institute of Certified Public Accountants. When no standards-issuing body has issued a standard on a specific accounting issue, certain types of secondary sources can themselves be a source of Generally Accepted Accounting Principles ("GAAP") on the issue. (See Goizueta Business Library, Emory University, "The House of GAAP" [http://business.library.emory.edu/info/accounting/gaap.html]

a. Dictionaries & Glossaries

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
  • C. Steven Bradford, Basic Accounting Principles for Lawyers: With Present Value and Expected Value [HF5657 .B72]
  • Lawrence A. Cunningham, Introductory Accounting and Finance for Lawyers [KF320 .A2 C86]
  • Charles H. Meyer, Accounting and Finance for Lawyers in a Nutshell (2d ed. 2002) [ HF5635 .M5857 2002]

 

ii. On U.S. Standards
iii. On International Standards
  • Roger Hussey & Audra Ong, International Financial Reporting Standards Desk Reference: Overview, Guide, and Dictionary (2005) [HF5681.B2 H847 2005]
  • Clare B. Roberts, International Financial Accounting: A Comparative Approach (2d ed. 2002) [HF5686.I56 R63 2002]
  • Hennie van Greuning, International Accounting Standards: A Practical Guide (2d ed. 2001) [HF5611 .G74 2001]

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

c. Journal Articles

You can find accounting articles using several subscription databases:

  • Accounting & Tax Index
    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: Legal > Area of Law - By Topic > Accounting > Accounting Journals & Literature > 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

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. The Goizueta Business Library at Emory University has published a detailed guide to the process by which accounting standards are created, "Standards Setting Process" [http://business.library.emory.edu/info/accounting/standards.html], but below we provide a brief overview of the institutions that create GAAP in the United States. Be aware that when none of these institutions has issued an official pronouncement on an issue, secondary sources can also be sources of GAAP.

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. This guidance is not considered a source of either GAAP or auditing standards. 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 the 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")

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.

The Goizueta Business Library at Emory University has published a guide to the hierarchy of standards that make up GAAP, called "The House of GAAP" [http://business.library.emory.edu/info/accounting/gaap.html]. Goizueta's guide is based on the articles

  • Steven Rubin, "The House of GAAP," Journal of Accountancy, June 1984, pp. 122-128
  • Douglas Sauter, "Remodeling the House of GAAP," Journal of Accountancy, July 1991, pp. 30-37
  • Adrian P. Fitzsimons & Marc H. Levine, "A Roadmap Through GAAP," The Practical Accountant, May 1993, pp. 42-52

A number of organizations have contributed or currently contribute standards to GAAP:

i. Financial Accounting Standards Board ("FASB") [http://www.fasb.org/]

FASB is an independent private-sector organization created to establish and improve financial accounting and reporting standards. Charles H. Meyer, Accounting and Finance for Lawyers in a Nutshell 50 (2d ed. 2002) [HF5635 .M5857 2002]. FASB issues numerous pronouncements that contribute to GAAP, including but not limited to:

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

FASB standards are available in:

  • Financial Accounting Standards Board, Accounting Standards - Original Pronouncements [HF5616 U5 F55]. (Chronological arrangement - 1973 - .)
  • Financial Accounting Standards Board, Accounting Standards - Current Text [ HF5616.U5 A365]. (Subject arrangement - current standards only.)
ii. American Institute of Certified Public Accountants ("AICPA") [http://www.aicpa.org/]

According to its own web site "The American Institute of Certified Public Accountants is the national, professional organization for all Certified Public Accountants." [http://www.aicpa.org/About+the+AICPA/AICPA+Mission/]. 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 issues the following types of pronouncements, among others, which are considered sources of GAAP:

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

AICPA accounting standards are available in:

  • Financial Accounting Standards Board, Accounting Standards - Original Pronouncements [HF5616 U5 F55]. (Chronological arrangement - 1953)
  • AICPA Professional Standards [ HF5667 .A55 1979]; loose-leaf for updating. (Codification - current standards only)
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 [http://www.aicpa.org/], 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 GAAP. Some APB standards are still in effect, and are therefore still sources of GAAP. Those APB standards that remain in effect can be found in:

  • Financial Accounting Standards Board, Accounting Standards - Original Pronouncements [HF5616 U5 F55] (1953-1973).
iv. Governmental Accounting Standards Board ("GASB") [http://www.gasb.org/]

"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," [http://www.gasb.org/facts/membership_frameset.html].

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 (http://www.gasb.org/).

v. Federal Accounting Standards Advisory Board ("FASAB") [http://www.fasab.gov]

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," [http://www.fasab.gov/pdffiles/fasabfacts2.pdf].

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:

  • Statements of Federal Financial Accounting Concepts and Standards: Vol. 1, Original Pronouncements (chronological arrangement - all standards created since 1993) [http://www.fasab.gov/codifica.html].
  • Statements of Federal Financial Accounting Concepts and Standards: Vol. 2, Current Text (subject arrangement - standards current as of June 30, 2004) [http://www.fasab.gov/currenttext.html].

b. 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 [http://www.aicpa.org/], a professional organization of certified public accountants, was responsible for establishing auditing standards. It did so by issuing the following types of pronouncements, among others:

  • Statements on Auditing Standards
  • Audit and Accounting Guides
  • Auditing Statements of Position
  • Generally Accepted Auditing Standards ("GAAS;" AU 150)

The committee's name changed several times over the years. In 1978 it became the Auditing Standards Board. The standards of the Auditing Standards Board are available from:

ii. Public Company Accounting Oversight Board ("PCAOB") [http://www.pcaobus.org/]

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) [http://www.pcaob.org/] 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:

c. 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. SEC guidance and regulations are not considered part of GAAP. 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. 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:

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 the IASB FAQ.) Some countries, including the U.S. and Japan, do not permit companies to use IFRSs without reconciliation to domestic GAAP. (Id.)

a. International Accounting Standards Board ("IASB") [http://www.iasb.org]

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 [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") [http://www.ifac.org]

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 http://www.ifac.org/Guidance/ (free registration required).

V. WHERE TO FIND THE STANDARDS WHEN YOU HAVE A CITATION

The table below provides references to accounting materials arranged in alphabetical order by common citation.

Citation Type of Standard Where to Find It
AAER SEC Accounting and Auditing Enforcement Release

CCH Business & Finance Research Network (Securities tab: SEC Accountants' Module: Accounting Rules: Accounting and Auditing Enforcement Releases)

 

CCH Federal Securities Law Reporter [KF1068.4 .C58]
AIN AICPA Accounting Interpretation (issued prior to 1974)

Financial Accounting Standards Board, Original Pronouncements vol. 1 [HF5616 U5 F55]; loose-leaf for updating.
APB Accounting Principles Board Opinion (issued by the AICPA's Accounting Principles Board between 1962 & 1973)

Financial Accounting Standards Board, Accounting Standards. Original Pronouncements vol.1 [HF5616 U5 F55]; loose-leaf for updating.
APS Accounting Principles Board Statement (issued by AICPA's Accounting Principles Board)

Financial Accounting Standards Board, Accounting Standards. Original Pronouncements vol. 1 [HF5616 U5 F55]; loose-leaf for updating.
ARB Accounting Research Bulletin (issued by the AICPA Committee on Accounting Procedure until 1959)

Financial Accounting Standards Board, Accounting Standards. Original Pronouncements vol. 1 [HF5616 U5 F55]; loose-leaf for updating
AS PCAOB Auditing Standard PCAOB Web Site [http://www.pcaob.org/Standards/index.aspx]
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 [HF5667 .A55 1979]; loose-leaf for updating

 

 

CON Statement of Financial Accounting Concepts (issued by FASB)

FASB Web Site [http://www.fasb.org/st/#cons]

 

Financial Accounting Standards Board, Accounting Standards. Original Pronouncements vol. 6 [5th Floor HF5616 U5 F55; loose-leaf for updating]

EITF Issue No. Emerging Issues Taskforce (FASB) Issue

Discussion materials & minutes (2004 - ): FASB Web Site [http://www.fasb.org/eitf/eitf_meeting_materials.shtml]

Abstracts (1984 - ): FASB Web Site [http://www.fasb.org/st/index.shtml]

Discussion materials & minutes (pre-2004): Must be purchased individually from the FASB Order Dept., 203-847-0700 ext. 10.

FAS

(same as SFAS)

Statement of Financial Accounting Standards (issued by FASB)

FASB Web Site [http://www.fasb.org/st/]

 

Financial Accounting Standards Board, Accounting Standards. Original Pronouncements vols. 1-5 [HF5616 U5 F55]; loose-leaf for updating.
FIN FASB Interpretation

FASB Web Site [http://www.fasb.org/st/]

 

Financial Accounting Standards Board, Accounting Standards. Original Pronouncements vol. 6 [HF5616 U5 F55]; loose-leaf for updating
FRR SEC Financial Reporting Release CCH Business & Finance Research Network (Securities tab: SEC Accountants' Module: Accounting Rules: Financial Reporting Releases)
FTB FASB Technical Bulletin

FASB Web Site [http://www.fasb.org/st/]

 

Financial Accounting Standards Board, Accounting Standards. Original Pronouncements vol. 7 [HF5616 U5 F55]; loose-leaf for updating.
GAAS Generally Accepted Auditing Standards Refers to AU 150, a specific section of AICPA's Codification of Statements on Auditing Standards, which is available in the publication AICPA Professional Standards [HF5667 .A55 1979]; loose-leaf for updating.
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]

 

IASB Web Site (summaries are free; full-text available by subscription) [http://www.iasb.org]

ISA International Standard on Auditing (issued by the International Federation of Accountants) Handbook of International Auditing, Assurance, and Ethics Pronouncements (available for download from http://www.ifac.org/Guidance/; free registration required)
PCAOB-YEAR-## SEC release about a PCAOB rule proposal

SEC Web Site [http://www.sec.gov/rules/pcaob.shtml]

 

Volume 2 of AICPA Professional Standards [HF5667 .A55 1979]; loose-leaf for updating.

 

The annual AICPA publication PCAOB Standards and Related Rules: Including Select SEC-approved PCAOB Releases and Staff Guidance [HF5667 .A55 2005].
PCAOB AS PCAOB Auditing Standard PCAOB Web Site [http://www.pcaob.org/Standards/index.aspx]

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 Business & Finance Research Network (Securities tab: SEC Accountants' Module: Accounting Rules: Staff Accounting Bulletins)

 

SEC Web Site [http://www.sec.gov/interps/account.shtml] (SAB 94 - ; April 18, 1995 - )

 

CCH Federal Securities Law Reporter [KF1068.4 .C58]
SAS Statement on Auditing Standards (issued by the AICPA)

Must be purchased individually from the AICPA through its store at http://www.cpa2biz.com.

 

Codified in AICPA's Codification of Statements on Auditing Standards, which is included in the publication AICPA Professional Standards [HF5667 .A55 1979]; loose-leaf for updating.

SFAS

(same as FAS)

 Statement of Financial Accounting Standards (issued by FASB)

FASB Web Site [http://www.fasb.org/st/]

 

Financial Accounting Standards Board, Accounting Standards. Original Pronouncements vols. 1-5 [HF5616 U5 F55]; loose-leaf for updating.
SFFAC Statement of Federal Financial Accounting Concepts (issued by the FASAB) SFFAC are included in the publication Original Pronouncements which is available on the FASAB Web Site at http://www.fasab.gov/codifica.html.
SFFAS Statement of Federal Financial Accounting Standards (issued by the FASAB) SFFAS are included in the publication Original Pronouncements which is available on the FASAB Web Site at http://www.fasab.gov/codifica.html.
SOP Statement of Position (issued by AICPA)

Must be purchased individually from the AICPA through its store at http://www.cpa2biz.com.

 

Also available in the publication AICPA Technical Practice Aids, which unfortunately we do not have in the Georgetown Law Library.

Staff Acc. Bulletin Rel. No. (same as SAB) SEC Staff Accounting Bulletin

CCH Business & Finance Research Network (Securities tab: SEC Accountants' Module: Accounting Rules: Staff Accounting Bulletins)

 

SEC Web Site [http://www.sec.gov/interps/account.shtml] (SAB 94 - ; April 18, 1995 - )

 

CCH Federal Securities Law Reporter [KF1068.4 .C58]

3/2007 (SK)
Updated 12/2007(MK)

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