The Ethics Of The Fasb

1166 WordsJun 7, 20155 Pages
Class#10 Daryl E. Buck currently holds FASB member. Prior to joining the Board, he spent eighteen years as Senior Vice President & Chief Financial Officer of Reasor’s Holding Company. He graduated summa cum laude with a B.S. in accounting from Southeastern Oklahoma State University. He was talking about what FASB is and general accounting rules. FASB is largely organized 7 members as full-time job. The mission of the FASB is to establish and improve standards of financial accounting and reporting that tries to provide decision-useful information to investors and other users of financial reports in terms of nongovernmental entities. The U.S. Securities and Exchanges Commission (SEC) authorizes FASB setting accounting standards. The…show more content…
The presentation issued by Mr. Buck was valuable because I have learned what the function of FASB is. Also, I was always curious of the differences in SEC, FASB, and PCAOB. From now on, I definitely realized the differences in SEC, FASB, and PCAOB. Class#11 Two speakers from PwC presented what FairTax Act is and how it would impact the U.S. macroeconomic landscape. Jade Walle is an assurance partner at PwC. With his 18 years of experience in PwC’s Assurance & Global Capital Markets practices in Tulsa, London, and Houston, Mr. Walle brings boundless passion & energy, working collaboratively with clients in the consumer products & energy industries. He graduated from Oklahoma State University with bachelor and master degree in accounting major. Aaron Lawson currently holds an assurance senior associate in PwC. The FairTax principles and goals are proposed against the current system of IRS. The principles and goals are very simple, fair, voluntary, transparent, and good for social security & Medicare. The FairTax wants to repeal the individual income tax, alternative minimum tax, corporate and business income taxes, etc. The FairTax proposal does not define the value added tax, flat tax, regressive in nature, and a spending reduction proposal. The opponents of FairTax argue that it would cause cost more and promote creating a huge governmental bureaucracy. However, the proponents of FairTax refute
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