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Financial accounting oversight in the United States is provided by all of the following organizations except the
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- This is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkFinancial accounting and reporting standards in the United States are established primarily by thea. Securities and Exchange Commission (SEC).b. Financial Accounting Standards Board (FASB).c. International Accounting Standards Board (IASB).d. The U.S. Congress.Accounting practices in the United States are governed by a set of accounting rules referred to as: The International Financial Reporting Standards (IFRS) The Financial Accounting Standards The Accounting Principles Generally Accepted Accounting Principles (GAAP)
- What are the two primary organizations in the U.S. that are responsible for setting standards relatedto the preparation of accounting information?What type of circumstances would drive an organization to comply with US Generally Accepted Accounting Principles (GAAP)? Choose all that apply. Lender reporting requirements International Financial Reporting Standards (IFRS) requirements Equity investor reporting requirements An audit by the internal revenue services (IRS)An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. In the United States, the Generally Accepted Accounting Principles form the set of accounting standards widely accepted for preparing financial statements. International companies follow the International Financial Reporting Standards, which are set by the International Accounting Standards Board and serve as the guideline for non-U.S. GAAP companies reporting financial statements. Examine the role of accounting concepts and conventions in the preparation of financial statement?
- Discuss the development of the modern corporation in the United States, through doing so, discuss the development of accounting standards and conceptual framework. Moreover, include in your answer the importance of the conceptual framework as a theory for financial accounting standards.Discuss the methods by which the SEC can influence the development of generally accepted accounting principles in the United States.Do the conceptual frameworks of the International Accounting Standards Board and the Financial Accounting Standards Board vary in terms of the function of financial reporting?
- An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. In the United States, the Generally Accepted Accounting Principles form the set of accounting standards widely accepted for preparing financial statements. International companies follow the International Financial Reporting Standards, which are set by the International Accounting Standards Board and serve as the guideline for non-U.S. GAAP companies reporting financial statements.Critically assess how the use of principles-based standards will aid effective standard-setting by the International Accounting Standard Board (IASB), and aid decisionusefulness for stakeholders. You should develop your arguments in the context of appropriate accounting theory?US generally accepted accounting principles are currently developed by which entity? A . Th e Securities and Exchange Commission.Explain about the adoption of International Financial Reporting Standards and consistency in accounting practices.
