What does FAPC mean in ACCOUNTING
The Financial Accounting Policy Committee (FAPC) is an independent committee comprising members from across the accounting industry. The FAPC's purpose is to establish and maintain globally accepted financial accounting policies for the worldwide application of Generally Accepted Accounting Principles (GAAP).
FAPC meaning in Accounting in Business
FAPC mostly used in an acronym Accounting in Category Business that means Financial Accounting Policy Committee
Shorthand: FAPC,
Full Form: Financial Accounting Policy Committee
For more information of "Financial Accounting Policy Committee", see the section below.
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Essential Questions and Answers on Financial Accounting Policy Committee in "BUSINESS»ACCOUNTING"
What is the FAPC?
The Financial Accounting Policy Committee (FAPC) is an independent committee comprising members from across the accounting industry. The purpose of the FAPC is to establish and maintain globally accepted financial accounting policies.
Who makes up the FAPC?
The FAPC comprises members from across the accounting industry including accountants, auditors, and other experts in areas such as finance, economics, and law.
What type of policies does the FAPC create?
The FAPC creates generally accepted accounting principles (GAAP) for worldwide application.
How are these policies maintained?
These policies are maintained by constantly reviewing relevant laws, rules and regulations to ensure their relevance and applicability.
What are some examples of GAAP?
Examples of GAAP include accounts receivable requirements, revenue recognition methods, inventory valuation standards, capitalization guidelines, amortization rules, depreciation calculations, asset impairment procedures and deferred tax asset/liability measurements.
Final Words:
The Financial Accounting Policy Committee (FAPC) plays a key role in ensuring that reliable and consistent financial reporting practices are followed around the world. By establishing uniform guidelines for GAAP implementation under their purview, they help ensure that organizations' financial statements remain reliable over time.
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