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Setting Accounting Standards.

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Recent changes brought on by Sarbanes-Oxley and the PCAOB have made the subject of how accounting standards are set both important and timely. Prepare a paper on the standard-setting process. Be sure to do the following:

Describe authoritative sources of accounting information.

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Solution Summary

This posting discusses how accounting standards are set in the present context. It also discusses what can be called authoritative sources of accounting.

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STEP 1

The sources of accounting information: The generally accepted accounting principles or the GAAP is the financial accounting treatment rules. Other sources of accounting principles are the Financial Standards Board (FASB), The American Institute of Certified Public Accountants (AICPA) and the Securities and Exchange Commission (SEC) usually set accounting standards.
The rules and the judgments regarding correct treatment of accounting information can be found in GAAP.

STEP 2

The Sarbanes Oxley act of 2002 sets down ...

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