Accounting Profession Acronyms Defined

The PCPS Technical Issues Committee has compiled a list of acronyms and definitions which are frequently used  in the accounting profession. This quick-reference resource is provided below.

Acronym	Definition
AAG	AICPA Audit Guide or AICPA Audit and Accounting Guide
AcSEC	Accounting Standards Executive Committee (AICPA)
AICPA	American Institute of Certified Public Accountants
AIN*	Accounting Interpretations issued by the AICPA (Final interpretation issued November 1973)
APB*	Accounting Principles Board (Disbanded 1973)
APBO*	Accounting Principles Board Opinions (Final opinion issued June 1973)
AR	Abbreviation for the section in AICPA Professional Standards that codifies the U.S. Accounting and Review Services Standards. This includes Statements on Standards for Accounting and Review Services (SSARS) and related SSARS Interpretations issued by ARSC.
ARB*	Accounting Research Bulletin (Pronouncements issued by the Committee on Accounting Procedure, which was superseded on 9/11/1959 by the APB)
ARSC	Accounting & Review Services Committee (AICPA)
ASB	Auditing Standards Board (AICPA)
AT	Abbreviation for the section in AICPA Professional Standards that codifies the U.S. Attestation Standards performed by CPAs in public practice. The Attestation Standards include Statements on Standards for Attestation Engagements (SSAEs) and related Attestation Interpretations. The abbreviation is also used in PCAOB Standards and Related Rules (for issuers) to refer to the PCAOB’s Interim Attestation Standards.
AU	Abbreviation for the section in AICPA Professional Standards (for nonissuers) that codifies the U.S. Auditing Standards performed by CPAs in public practice. The Auditing Standards include Statements on Auditing Standards (SASs) and related Auditing Interpretations. The abbreviation is also used in PCAOB Standards and Related Rules (for issuers) to refer to the PCAOB’s Interim Auditing Standards.
COSO	Committee of Sponsoring Organizations of the Treadway Commission
ED	Exposure draft
ET	Abbreviation for the section in AICPA Professional Standards (for nonissuers) that codifies the AICPA Code of Professional Conduct. The abbreviation is also used in PCAOB Standards and Related Rules (for issuers) to refer to the PCAOB’s Interim Ethics Standards.
FAF	Financial Accounting Foundation (body that oversees FASB and GASB)
FASAC	Financial Accounting Standards Advisory Council (Consulting body to FASB)
FASB	Financial Accounting Standards Board
FIN	Interpretation of the Financial Accounting Standards Board
FSP	FASB Staff Position
FTB*	FASB Technical Bulletin (Final bulletin issued 2001)
GAO	U.S. Government Accountability Office (Congressional agency)
GASAC	Governmental Accounting Standards Advisory Council (Consulting body to GASB)
GASB	Governmental Accounting Standards Board
IAASB	International Auditing and Assurance Standards Board of the International Federation of Accountants (IFAC)
IAPS	International Auditing Practice Statement (IAASB)
IAS*	International Accounting Standards adopted by the IASC (Last standard issued in 2001)
IASC*	International Accounting Standards Committee (predecessor of the IASB that issued IASs). Also, the IASC Foundation is currently the oversight/fundraising body for the IASB.
IASB	International Accounting Standards Board—sets international accounting standards (IFRS)
IESBA	International Ethics Standards Boards for Accountants (IFAC)
IFAC	International Federation of Accountants—worldwide organization for the accountancy profession; issues many types of international standards
IFRIC	International Financial Reporting Interpretations Committee—Issues interpretations of IASB standards
IFRS	International Financial Reporting Standards (IASB)
IOSCO	International Organization of Securities Commissions
IPSASB	International Public Sector Accounting Standards Board (IFAC)—promulgates benchmark government accounting standards for adoption by federal, state and local governments around the world
ISA	International Standards on Auditing (IAASB)
ISAE	International Standards on Assurance Engagements (IAASB)
ISQC	International Standards on Quality Control (IAASB)
ISRE	International Standards on Review Engagements (IAASB)
ISRS	International Standards on Related Services (IAASB)
NCGA	National Council on Governmental Accounting
OMB	Office of Management and Budget of the Executive Office of the President of the U.S.
PA	Practice Alerts issued by the Professional Issues Task Force and codified in AICPA Technical Practice Aids
PB*	Practice Bulletins issued by the AICPA’s Accounting Standards Executive Committee (AcSEC) and codified in the AICPA Technical Practice Aids. The last Practice Bulletin (No. 15) was issued in January 1997.
PCAOB	Public Company Accounting Oversight Board
PCFRC	Private Company Financial Reporting Committee
PCPS	Private Companies Practice Section
PEEC	Professional Ethics Executive Committee (AICPA)
PIE	Public interest entity, as defined in the “Conceptual Framework for AICPA Independence Standards,” ET 100.01.20, footnote 5 of the AICPA Professional Standards
PITF	Professional Issues Task Force (AICPA)
PSC (AcSEC)	Planning Subcommittee of the AICPA Accounting Standards Executive Committee
PR	Abbreviation for the section in AICPA Professional Standards that codifies the U.S. peer review standards.
PV	Preliminary Views document
QC	Abbreviation for the section in AICPA Professional Standards that codifies the U.S. quality control standards. The abbreviation is also used in PCAOB Standards and Related Rules (for issuers) to refer to the PCAOB’s Interim Quality Control Standards.
SAB	Staff Accounting Bulletin (SEC)
SAS	Statement on Auditing Standards (ASB)
SEC	U.S. Securities and Exchange Commission
SFAC	Statement of Financial Accounting Concepts (FASB)
SFAS	Statement of Financial Accounting Standards (FASB)
SMP Committee	Small and Medium Practices Committee of the International Federation of Accountants
SOP	Statement of Position (AICPA)—The AICPA has issued accounting, auditing and attestation statements of position, which are codified in AICPA Technical Practice Aids
SPIE	Significant public interest entities, defined in IESBA Exposure Draft to revise its independence standards. This acronym will be changed to PIE in the final standard. SPIE will be dropped.
SQCS	Statements on Quality Control Standards (ASB)
SSAE	Statement on Standards for Attestation Engagements issued by the AICPA Auditing Standards Board (ASB)
SSARS	Statement on Standards for Accounting and Review Services issued by the AICPA Accounting and Review Services Committee (ARSC)
TIC	Technical Issues Committee of the Private Companies Practice Section of the AICPA
TPA	Nonauthoritative Technical Questions and Answers on accounting and auditing topics (Technical Practice Aids) issued by the AICPA, which are codified in AICPA Technical Practice Aids, along with other types of AICPA guidance.