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Week 1 Disccssion 1 - with investors and creditors through...

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Research Case 1-3 1. Describe the mission of the FASB. The FASB mission is to “establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports.” (www. FASB.org) 2. Who are the current Board members? Briefly describe their backgrounds. There are seven members on the Board of the FASB right now. Each member can be on the board of five years and after those five years can also be appointed another five years. After those five years they can no longer be on the Board. Below is a list of the seven members and a brief description 1. Lesile F. Seidman 2. Daryl E. Buck 3. Russell G. Golden 4. Thomas J. Linsmeier 5. R. Harold Schroeder 6. Marc A. Siegel 7. Lawrence W. Smith How are topics added to the FASB’s technical agenda? REFERENCES: Retrieved from http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176154526495
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It is the responsibility of management to apply accounting standards when communicating
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Unformatted text preview: with investors and creditors through financial statements. Another group, auditors, serves as an independent intermediary to help ensure that management has in fact appropriately applied GAAP in preparing the company’s financial statements. Auditors examine (audit) financial statements to express a professional, independent opinion. The opinion reflects the auditors’ assessment of the statements’ fairness, which is determined by the extent to which they are prepared in compliance with GAAP. Some feel that it is impossible for an auditor to give an independent opinion on a company’s financial statements because the auditors’ fees for performing the audit are paid by the company. In addition to the audit fee, quite often the auditor performs other services for the company such as preparing the company’s income tax returns. Required: How might an auditor’s ethics be challenged while performing an au...
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  • Spring '11
  • Stern
  • Generally Accepted Accounting Principles, International Financial Reporting Standards, Financial audit, foster financial reporting

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Week 1 Disccssion 1 - with investors and creditors through...

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