Accounting Acronyms

In order to better understand abbreviations regarding accounting, financial literacy, and various agencies, this list of accounting acronyms is being provided:

AICPA - American Institute of Certified Public Accountants

ASB - Auditing Standards Board of AICPA

CCH - Commerce Clearing House; tax and business law information and software for accounting, legal, human resources, securities, insurance, health care and small business professionals.

EA - Enrolled Agent

ERISA - Employee Retirement Income Security Act

FASB - Financial Accounting Standards Board, private organization which decides GAAP

GAAP - Generally Accepted Auditing Standards

GASB - Governmental Accounting Standards Board - sets rules for government accounting only

KPI - Key Performance Indicators (closing books)

MAP - Management of an Accounting Practice

OCBOA - Other Comprehensive Basis of Accounting

PMP - Project Management Professional

PRP - Peer Review Program

SAS – Statements of Auditing Standards from AICPA’s Auditing Standards Board (ASB)

SAS 99 – Consideration of Fraud in a Financial Statement Audit

SECPS – Securities & Exchange Commission Practice Session (Peer Review Program, PRP)

SEP – Simplified Employee Pension

SIMPLE – Saving Incentive Match Plan for Employees

SOP – Statement of Position as in AICPA SOP

SSAE – Statements on Standards for Attestation Engagements (attestation is audit, compilation & review)

SSARS – Statements on Standards for Accounting & Review Services

Certifications List:

CFE - Certified Fraud Examiner

CFM – Certified in Financial Management

CFP – Certified Financial Planner

CGFM - Certified Government Financial Manager

ChFC – Chartered Financial Consultant

CLU – Chartered Life Underwriter

CSEP – Certified Specialist in Estate Planning

CSRP - Certified Specialist in Retirement Planning

CFM – Certified Financial Manager

CITP – Certified Information Technology Professional

CMA – Certified Management Accountant

CPIM – Certified in Production & Inventory Management

CVA – Certified Valuation Analyst