Accounting Acronyms

In order to better understand the “alphabet soup” of abbreviations related to accounting, financial literacy, and various agencies, this list 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.
• CPA – Certified Public Accountant
• 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