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Accounting Acronyms

Make sense of the abbreviations.

Alphabet SoupIn order to better understand the “alphabet soup” of abbreviations related to accounting, financial literacy, and various agencies, this list is being provided:

Accounting Acronyms:

  • 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:

  • CFE – Certified Fraud Examiner
  • CFM – Certified in Financial Management
  • CFP – Certified Financial Planner
  • CGFM – Certified Government Financial Manager
  • ChFC – Chartered Financial Consultant
  • CITP – Certified Information Technology Professional
  • CLU – Chartered Life Underwriter
  • CMA – Certified Management Accountant
  • CPIM – Certified in Production & Inventory Management
  • CSEP – Certified Specialist in Estate Planning
  • CSRP – Certified Specialist in Retirement Planning
  • CVA – Certified Valuation Analyst
  • PFS – Personal Financial Specialist

College Degrees:

  • AA – Associate of Arts
  • BA – Bachelor of Arts
  • BS – Bashelor of Science
  • MA – Master of Arts
  • MBA – Master of Business Administration
  • MS – Master of Science
  • MST – Master of Tax
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