Session 4 - Class Notes - Regulation of Accounting Standards I

Session 4 - Class Notes - Regulation of Accounting Standards I

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Session 4:  Regulation of  Session 4:  Regulation of  Accounting Standards Accounting Standards Hye Sun Chang ACCY 303  
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Outlines Outlines 1. Describe the development of accounting  standard setting in US. 2. Introduce FASB. 3. Explain the accounting for stock option  compensation.
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The Development of Financial  The Development of Financial  Accounting and Reporting Standards Accounting and Reporting Standards SEC has statutory authority to establish financial accounting  and reporting standards for publicly held companies under the  Securities Exchange Act of 1934. Throughout its history,  however, the Commission has been to rely on the private sector  for this function. – Committee on Accounting Procedure of the American  Institute of Certified Public Accountants (1936–1959).  – Accounting Principles Board, a part of the AICPA (1959– 73). – FASB: Financial Accounting Standards Board (1973- ) Occasionally, the SEC has used its power to influence the  standard setting:  – For example: expensing of stock options.
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Financial Accounting Standards  Financial Accounting Standards  Board (FASB) Board (FASB) A private sector organization with the mission to establish  and improve standards of financial accounting and  reporting for the guidance and education of the public,  including issuers, auditors and users of financial  information. 
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This note was uploaded on 11/08/2011 for the course ACCY 303 taught by Professor Staff during the Spring '08 term at University of Illinois, Urbana Champaign.

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Session 4 - Class Notes - Regulation of Accounting Standards I

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