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Unformatted text preview: Module One - Chapter One Homework (CA 1-14 -- p.26) A. The EITF examines emerging problems with financial reporting and comes to a consensus on topics. If the problem is large enough, the FASB takes over for the due process of topic examination. B. Once a topic is considered, it must go through the steps of due process. First the topic is identified and places on the Boards agenda. Then it is researched and the pros and cons are issued. Third, there is a public hearing on the proposed standard. After this, the Board evaluates the public response and research. Finally, the Board makes and last changes, if needed, and then it becomes a standard. C. Three other organizations involved in the setting of GAAP: 1. SEC Securities and Exchanges Commission 2. AICPA American Institute of CPAs 3. Financial Executives Institute Module One Chapter Two Homework (CA 2-2, 2-5 -- pp. 60-1) 2-2 A. The benefits that can be derived from the FASBs conceptual framework are found in the better understanding of financial...
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This note was uploaded on 04/06/2011 for the course ACC 300 taught by Professor Barga during the Spring '11 term at St. Leo.
- Spring '11