The Different Roles Of The Accounting Profession

1305 WordsFeb 3, 20176 Pages
The Different Roles of the Accounting Profession Module by: Link-Systems International, Inc.. E-mail the author Summary: Demo/Sample Learning Object in Accounting Note: You are viewing an old style version of this document. The new style version is available here. Links [hide links] Supplemental links Weakly related linkThe Salvation Army Weakly related linkAmazon.com Weakly related linkGoogle Weakly related linkTwitter Weakly related linkVerizon Weakly related linkJPMorgan Chase Bank Weakly related linkFASB Weakly related linkSarbanes-Oxley Act Weakly related linkPCAOB Weakly related linkKPMG Peat Marwick Weakly related linkGrant Thornton…show more content…
The bank uses the information to learn about the health of an organization. Is the organization profitable? Does the organization make enough money to repay the loan? Are bills paid on time? Organizations provide external financial information in two main reports: an annual report and the Form 10-K. The annual report is a summary of an organization’s financial results for the year with its current financial condition and future plans. The annual report is available from the website of most businesses. The Form 10-K is an annual report form businesses file with the Securities and Exchange Commission (SEC) agency of the US Government. Financial reports in the US must be completed according to generally accepted accounting principles (GAAP) as determined by the Financial Accounting Standards Board (FASB). In addition, the US Government passed the Sarbanes-Oxley Act and established the Public Company Accounting Oversight Board (PCAOB) in the aftermath of unethical accounting practices at large corporations, such as Enron and WorldCom. The Sarbanes-Oxley Act created additional accounting regulations for large companies and the PCAOB overseas the American Institute of Certified
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