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Org financial accounting standards board financial

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Unformatted text preview: Committee recommendations adopted in 1973 http://www.aicpa.org/ Financial Accounting Standards Board Financial Accounting Standards Board Wheat Committee’s recommendations resulted in the creation of a the Financial Accounting Standards Board in 1973. Financial Accounting Financial Accounting Foundation Foundation Selects members of the FASB Funds their activities Exercises general oversight. Financial Accounting Financial Accounting Standards Board Standards Board Mission to establish and improve standards of financial accounting and reporting. Financial Accounting Financial Accounting Standards Advisory Standards Advisory Council Council Chapter 1-14 Consult on major policy issues. Due Process Due Process FASB relies on two basic premises: Responsive to entire economic community (2) Operate in full view of the public (1) Step 1 = Topic placed on agenda Step 2 = Research conducted and Discussion Memorandum issued. Step 3 = Public hearing Step 4 = Board evaluates research, public response and issues Exposure Draft Step 5 = Board evaluates responses and issues final Statement of Financial Accounting Standard Chapter 1-15 How are standards enforced? How are standards enforced? 1. 2. 3. 4. Chapter 1-16 SEC filing requirements AICPA Code of Ethics – Rule 203 Stock exchange requirements Bank requirements for loans Bank LO 6 LO What is GAAP? What is GAAP?...
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  • Spring '11
  • LynnAlmond
  • International Financial Reporting Standards, U.S. Securities and Exchange Commission, Financial Accounting Standards Board

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