Sponsored by the BRASS Education Committee
Sponsored by the BRASS Education Committee
Maintained by
Paul Brothers
University of Alabama
See the BRASS Best of the Best Business Web Sites page on Accounting & Taxation for quick links to selected, highly-useful resources on this topic.
Scope | Important Terms | Frequently Asked Questions
Basic accounting competencies for librarians listed in this guide are directories for finding accountants, various certifications, accounting standards, and regulatory bodies, as well as recommended sources to learn more about accounting basics.
Accounting and tax questions are often related, and research of one area may include research in the other. Consult the Core Competency Taxation guide for more information on that topic, and see the Best of the Best Business Websites on Accounting and Taxation for additional links.
Special acknowledgement goes to Edith Gilbreath for her initial work for this page and to Tony Lin, library volunteer and now graduate library school student, for support in locating some of these sources.
Definitions taken from:
Klopper, Susan M. "Sailing on the AccountanSea."
Database Magazine 22 issue 3 (1999): 65-72.
For additional terms consult:
The Blackwell Encyclopedic Dictionary of Accounting. Rashad Abdel-Khalik, ed.
Cambridge, MA: Blackwell Business, 1997.
Accounting - Provides information used to assess the financial well-being of businesses and other economic entities, including government agencies and nonprofit organizations. Accounting specialties include financial accounting, which prepares company financial reports for external use, and management accounting, which provides reports to help the management of a company evaluate production costs and efficiency.
American Institute of Certified Public Accountants (AICPA) - The AICPA is the national, professional organization for all Certified Public Accountants. Its mission is to provide members with the resources, information, and leadership that enable them to provide valuable services in the highest professional manner to benefit the public as well as employers and clients. Website: http://www.aicpa.org
Audit - An unbiased examination and evaluation of the financial statements of an organization. It can be done internally (by employees of the organization) or externally (by an outside firm). An audit can also be an IRS examination of a taxpayer's return or other transactions. The IRS performs this examination to verify the correctness of these filings.
Cost Accounting Standards Board (CASB) - The CASB is an independent legislatively-established board that has the exclusive authority to make, promulgate, and amend cost accounting standards and interpretations designed to achieve uniformity and consistency in the cost accounting practices governing the measurement, assignment, and allocation of costs to contracts with the United States.
Certified Public Accountant (CPA) – The CPA is an accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. All CPAs must pass the Uniform CPA Examination, which is created and graded by the AICPA. The AICPA recommends that a candidate have a university or college degree, and at least 150 semester hours of classes. Many states require some previous accounting work experience as well.
Emerging Issues Task Force (EITF) - The EITF is a task force within FASB that identifies new accounting and reporting issues and distributes reports for timely dissemination. Website: http://www.fasb.org/eitf/
Exposure Draft - Outlines and discusses the proposed standards of financial accounting and reporting, which are precursors to the SFAS.
Financial Accounting Research System (FARS) – Compiled by FASB to include all authoritative accounting literature and standards.
Financial Accounting Standards Board (FASB) - Since 1973, FASB has been the organization designated to establish authoritative financial accounting and reporting standards for businesses and other private organization. FASB pronouncements are recognized as authoritative by the Securities and Exchange Commission. With Sarbanes Oxley Act of 2002 their role is changing. Website: http://www.fasb.org
FASB Interpretations (FIN) - Clarification and elaboration of existing FASB standards.
FASB Technical Bulletins (FTB) - Bulletin updates on the application of FASB statements or interpretations.
Generally Accepted Accounting Principles (GAAP) - Generally regarded as the common set of accounting principles, standards and procedures. GAAP is a combination of authoritative standards (set by policy boards) and the accepted ways of doing accounting.
Governmental Accounting Standards Board (GASB) - Sets standards for financial accounting and reporting by state and local governmental units. Website: http://www.gasb.org
Generally Accepted Auditing Standards (GAAS) – Auditors use GAAS, a set of guidelines, while conducting audits on a company's finances. GAAS has created a systematic guideline for auditors to follow, ensuring the accuracy, consistency and verifiability of auditors' actions and reports.
International Accounting Standards Board (IASB) - Effective April 1, 2001, the IASB assumed accounting standard setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC). Standards issued by the IASB are now designated "International Financial Reporting Standards" (IFRS). Website: http://www.iasb.org
International Accounting Standards Committee (IASC) - An organization founded in June 1973 and restructured to the International Accounting Standards Board on April 1, 2001. It was responsible for setting the International accounting standards (IAS), a set of standards used from 1973-2001 stating how particular types of transactions and other events should be reflected in financial statements.
Industry Audit Guides and Accounting Guides - Prepared by the AICPA committee and task forces that include descriptions of specialized accounting and reporting principles and practices for the particular industry they cover. In addition, the Industry Audit Guides and Accounting Guides contain recommendations of the application of accounting principles and practices described.
Public Accountant - A person who offers independent professional accounting assistance to the public and consists of three main services: auditing, management services, and tax services for companies or clients.
Statement of Auditing Standards (SAS) - Official pronouncements issued by the AICPA and used by public accountants for external audits.
Statements of Financial Standards (SFAS) - FASB statements are the standards governing the preparation of financial reports.
What are the major accounting standards bodies, boards and professional associations?
How can I access the FASB standards and what are the differences between the formats and products?
Is there a difference between a CPA and an accountant? What about a bookkeeper?
What are the major Accounting Literature indexes and services?
Where can I read more about the basic reference sources for accounting literature?
Where can I find an accountant?
I need a basic accounting manual.
Who and what are the Big 4?
What are the accounting specialties?
The BLS classifies accountants into four fields: public, management, government, and internal. The BLS site provides brief descriptions of each type, their associations and regulatory standards and their professional journals.
What are the major accounting standards bodies, boards and professional associations?
How can I access the FASB standards and what are the differences between the formats and products?
Can I research how other companies have disclosed their accounting information in their financial reports?
An annual publication written by accounting experts that analyzes financial disclosures in over 600 annual corporate reports.
Is there a difference between a CPA and an accountant? What about a bookkeeper?
All CPAs are accountants but all accountants are not CPAs. In many states, anyone can call himself/herself "accountant." In order to become a CPA, almost all states require that an individual meet educational, experience and ethical requirements and pass the Uniform CPA Examination. Only then are individuals granted licenses to practice by State Boards of Accountancy. Also, only CPAs can perform the Securities and Exchange Commision’s mandatory audits of all publicly traded U.S. companies.
Bookkeepers specialize in the entry and maintenance of the financial statements, balance sheets, income statements and other accounts of a business. Read more about bookkeeping at a professional association web site, or read the Bookkeeping entry in the Gale’s Encyclopedia of Business.
Maurer, J. G., Shulman, J. M., Ruwe, M. L., & Becherer, R. C. Encyclopedia of Business. Detroit: Gale, 1995.
What are the requirements for becoming a CPA?
The AICPA website recommends reading the Digest of State Accountancy Laws and State Board of Regulations. Access instructions can be found at the above site.
What are the major Accounting Literature indexes and services?
How do I cite accounting standards in my writing?
Where can I read more about the basic reference sources for accounting literature?
Last updated 02/09/09
Previously maintained by Lee Pike, University of Alabama
Originally compiled by Ann Fiegen, California State University, San Marcos
Sponsored by the BRASS Education Committee
