How would you characterize the current relationship between the Financial Accounting Standards Board (FASB) and the AICPA?

How would you characterize the current relationship between the Financial Accounting Standards Board (FASB) and the AICPA?
How do they work together?
How do their roles differ?
Why is the relationship between these two entities important to understand?



The Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) have a long-standing relationship that has been instrumental in setting financial accounting standards. This relationship is critical to understand, as it creates a framework for the FASB and the AICPA to work together to promote the standardization of financial accounting. This essay will explore the current relationship between the FASB and the AICPA, how the two entities work together to..
The Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) have had a long and complex relationship over the years (Lang & Warfield, 1997). In recent years, the FASB has become the primary source of authoritative accounting standards. The AICPA has traditionally been a leader in setting the standards of the accounting profession, and has had a role in the development of accounting standards since 1959. However, with the passage of the Sarbanes-Oxley Act of 2002, the AICPA has been relegated to a more supportive role, providing technical advice to the FASB, and advocating for and educating the public about the FASB’s standards. The AICPA also acts as a liaison between the FASB and certified public accountants (CPAs) who put the standards into practice. The FASB and AICPA continue to collaborate on standards and guidance, with the AICPA providing input from the professional perspective and the FASB providing the technical expertise. The two organizations also work closely together on research projects, such as the AICPA’s Financial Reporting Framework for Small and Medium-Sized Entities, which the FASB has endorsed (Lang & Warfield, 1997). The AICPA and FASB have a close relationship, working together to develop accounting standards that are applicable, effective, and in the public interest.
The Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) have worked together for decades to promote financial accounting standards. According to G Saemann’s study, Abacus (1999), the FASB and AICPA “work together to ensure that financial statements are produced…(Read More)Read More...


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