Purchase Solution

Accounting Standards: Oversight and Regulatory Issues

Not what you're looking for?

Ask Custom Question

Accounting Standards

1) What is your opinion on the question below?

Accounting standards are part of the infrastructure in our economy. Comparability and trust in published financial information are important for many different reasons. We need to examine the organizations involved, current trends and other issues affecting accounting and business entities.

FASB writes standards for US companies and the standards are the basis for comparability. AICPA promulgates standards for auditing procedures, which support the trust function. PCAOB is also involved in the process of monitoring the accounting profession.

IASB is the source of international standards and, IFAC is responsible for auditing procedures. The trend is towards convergence for US GAAP and IFRS.
References:

American Institute of Public Accountants (AICPA). (n.d.). Retrieved from http://www.aicpa.org/Pages/Default.aspx

Financial Accounting Standards Board (FASB). (n.d.). Retrieved from http://www.fasb.org/home

Financial Accounting Standards Board (FASB). (n.d.). Convergence with the International Accounting Standards Board. Retrieved from
http://www.fasb.org/intl/convergence_iasb.shtml

International Accounting Standards Board (IASB). (n.d.). Retrieved from http://www.ifrs.org/Home.htm

International Federation of Accountants (IFAC). (n.d.). Retrieved from http://www.ifac.org/

Public Company Accounting Oversight Board (PCAOB). (n.d.). Retrieved from http://pcaobus.org/Pages/default.aspx

Required:

Let's explore the role and impact of these organizations on business entities, the accounting profession, and our economy. In addition, comment on trends and current issues of interest to the above constituents.

You do not need to discuss every organization mentioned above. Choose one or two relevant aspects for further investigation and share your knowledge with the class. Try to add information not previously discussed by others. Please, provide factual information (not merely opinions) backed up by details or examples. Your comments should be in your own words and Include references in APA format.

Purchase this Solution
Solution Summary

This solution discusses two of the organizations listed in the student's question. The main points regarding the organization, their function, and advantages and disadvantages are thoroughly discussed.

Solution Preview

Accounting Standards

1) What is your opinion on the question below?

Accounting standards are part of the infrastructure in our economy. Comparability and trust in published financial information are important for many different reasons. We need to examine the organizations involved, current trends and other issues affecting accounting and business entities.
FASB writes standards for US companies and the standards are the basis for comparability. AICPA promulgates standards for auditing procedures, which support the trust function. PCAOB is also involved in the process of monitoring the accounting profession.
IASB is the source of international standards and, IFAC is responsible for auditing procedures. The trend is towards convergence for US GAAP and IFRS.

Required:
Let's explore the role and impact of these organizations on business entities, the accounting profession, and our economy. In addition, comment on trends and current issues of interest to the above constituents.

-- Each of the organizations ...

Purchase this Solution
Free BrainMass Quizzes
Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

Lean your Process

This quiz will help you understand the basic concepts of Lean.

Motivation

This tests some key elements of major motivation theories.

View More Free Quizzes
Related BrainMass Solutions

  • accounting regulatory bodies

    Four Accounting Regulatory Bodies: //Below is given a short description of Public Company Accounting Oversight Board. // Public Company Accounting Oversight Board One accounting regulatory body is the Public Company Accounting Oversight Board

  • Accounting Regulatory Bodies and their Impact

    287124 Discuss four Accounting Regulatory Bodies, and organization's compliance.

  • Accounting Regulatory Bodies Paper

    154049 Accounting Regulatory Bodies Paper Accounting Regulatory Bodies Paper I need help with Preparing a 800-word paper, in which I have to examine at least four accounting regulatory bodies, and discuss how an organization complies with the standards

  • Accounting Regulatory Bodies

    260339 Accounting Regulatory Bodies Paper: examine at least four accounting regulatory bodies, and discuss how an organization complies with the standards of the regulatory bodies Accounting Regulatory Bodies Paper Prepare a 300-750-word paper, in which

  • Accounting Regulatory Bodies

    In 350 word total min: Examine the following accounting regulatory bodies-What is each and Discuss how a company complies with the standards of each. 1) The Securities and Exchange Commission (SEC), 2) Financial Accounting Standards Board (FASB

  • Process for Issuance of SASs

    They direct external auditors of non-public entities on Generally Accepted Auditing Standards (GAAS), much like SOX and the Public Accounting Oversight Board watches over the auditing standards of publicly traded companies.

  • Regulatory Bodies on Companies

    if the FASB, the SEC, and the Public Accounting Oversight Board were all rolled into one, the regulatory process could be streamlined. However, these have been kept separate because these have very different perspectives and objectives.

  • Government bodies: financial reporting parameters

    The GASB is subject to oversight by the Financial Accounting Foundation (FAF), which selects the members of the GASB and the Financial Accounting Standards Board, and funds both organizations.

  • Accounting Regulators

    The Governmental Accounting Standards Board (GASB) was created to establish and improve accounting standards and financial reporting for the U.S. state and local government.

View More Related Solutions