The term Accounting Standards Pronouncements refers to a hierarchy of communications from the Financial Accounting and Standards Board. Generally, these pronouncements consist of Accounting Standards Updates, Statements of Financial Accounting Concepts, and "other" communications.
The Financial Accounting and Standards Board, or FASB, is an independent, non-profit organization which establishes the standards used by companies in the preparation of financial reports. These standards are commonly referred to as Generally Accepted Accounting Principles, or GAAP, and are used in the preparation of reports such as the balance sheet, income statement, and statement of cash flows.
The FASB has authority over the subject, style, and content of these standards and also has the authority with respect to pronouncements and other accounting communications, including:
Finally, the FASB can assemble and Emerging Issues Task Force, or EITF, to help in the identification, analysis and resolution of emerging issues affecting financial accounting and reporting.