American Institute Of Certified Public Accountants

  

Categories: Banking, Education

Home of the world's greatest party animals. Togas. Keggers. Naked fountain runs. Rumor has it their conferences make the court of Caligula look like a six-year-old's birthday party, but you won't find any of that on their website.

No, instead, their website includes information like they are the largest member association representing the accounting profession in the world, founded in 1887 with 418,000 members practicing in 143 countries. They say they set the ethical standards for the accounting profession, as well as accounting standards for various forms of organizations, from private companies to non-profits to governments. But come on. We know it's all about the parties.

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how things should be accounted for with its favorite child being GAAP.....

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yeah, remember GAAP generally accepted accounting principles and it's the

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religion of accounting so GAAP was the most famous creation of FASB, but

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hundreds of other little creations followed in that the august group of

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seven members who run FASB realized 50 years ago that the world would look a

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whole lot different half a century later when you were countin beans like who'd have

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thunk about digital beans accounting standards would have to be flexible [People stretching in a field]

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almost in the same vague way the US Constitution is written so that when a

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customer buys an upgrade from the people who make angry birds in an app sold by

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Apple but downloaded by Comcast paid for with a Visa card while everyone would

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know with certainty who got paid what when the key idea behind FASB is that

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it's an adaptive group that changes with a quickly changing bean-counting

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environment trying to make sure everything is you know fair and square

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for all if you want to think about it in a mathy way well they seek to be the

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derivative not the curve itself alright so you're living right here on the curve [Arrow points to derivative on a curve]

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changing all the time dxdy and all that crap, FASB....

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