What are secondary sources of US GAAP and how can they be used to help a researcher?
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Secondary sources of US GAAP refer to publications that provide interpretations, explanations, and guidance on accounting principles and standards issued by the Financial Accounting Standards Board (FASB). These sources are not authoritative in their own right but can be valuable resources for researchers and professionals seeking further clarification or practical guidance.
Some common examples of secondary sources are:
1. Accounting textbooks: Various textbooks written by accounting experts often include explanations of US GAAP principles and provide practical examples to help researchers understand and apply these principles.
2. Accounting journals: Academic and professional journals such as the Journal of Accountancy, The Accounting Review, and The CPA Journal often publish articles that discuss and analyze specific accounting issues, emerging trends, and developments in US GAAP.
3. Professional accounting organizations: Organizations like the American Institute of Certified Public Accountants (AICPA) and Financial Executives International (FEI) publish technical guides, practice aids, and papers that provide interpretations, case studies, and best practices related to US GAAP.
4. Accounting research databases: Online research platforms like ProQuest, JSTOR, and SSRN host a vast collection of academic papers, dissertations, and research articles in the field of accounting that can offer insights, analysis, and interpretations of US GAAP.
Researchers can use secondary sources of US GAAP to:
- Gain a deeper understanding of complex accounting principles: These secondary sources often provide detailed explanations, examples, and case studies that can help researchers comprehend the intricacies of US GAAP principles.
- Interpret specific accounting standards: Certain secondary sources focus on specific accounting standards or topics, providing discussions and interpretations that can aid researchers in understanding the application and implications of these standards.
- Stay updated on emerging issues: Accounting journals and professional organization publications often cover emerging trends, new pronouncements, and regulatory changes, allowing researchers to stay current with the latest developments in US GAAP.
- Support decision-making and problem-solving: Secondary sources can provide practical guidance and examples that researchers can refer to when faced with accounting dilemmas or complex transactions, assisting in decision-making and problem-solving processes.
It is important to note that while secondary sources can be helpful references, they are not authoritative sources like the FASB's Accounting Standards Codification (ASC). Therefore, it is crucial to verify and cross-reference information from secondary sources with the primary source, i.e., the official ASC, for accurate and up-to-date guidance.
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