In what way is the Securities and Exchange Commission concerned about and supportive of accounting principles and standards?

Q: What is the role of the Public Company Accounting Oversight Board?

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Q: Explain in your own words what generally accepted accounting principles (GAAP) are.

A: GAAP are the rules , standard , guidelines and procedures according to which accounts are prepared.…

Q: What is the purpose of the Code of Professional Conduct for the accounting profession?

A: A code of ethics must have traditionally been the conventional mechanism whereby a profession…

Q: What are some examples of assurance services performed on nonfinancial information?What are some of…

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Q: If you were preparing the financial statements of a publicly traded company, which of the following…

A: Public limited companies are required to publish the financial report periodically.

Q: Describe the provisions of the Sarbanes–Oxley Act as they relate to the creation and…

A: The Sarbanes-Oxley Act is a federal law established to uphold and ensure strict auditing and…

Q: Compare and contrast the different types of accounting regulation that exist.

A: Accounting Regulation: Accounting regulations are being developed to allow investors , managers and…

Q: Why is there a need for a change in the structure of the International Accounting Standards…

A: IAS Committee (IASC) was set up in 1973 for bringing harmonization to the accounting process around…

Q: Do the conceptual frameworks of the International Accounting Standards Board and the Financial…

A: According to International Financial Reporting Standards (IFRS), the International Accounting…

Q: Who must register with the Public Company Accounting Oversight Board?

A: Public Company Accounting Oversight Board refers to the non-profit organization which regulates…

Q: Discuss the Generally Accepted Accounting Procedures (GAAP) and International Financial Reporting…

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: Difference between domestic accounting and International accounting?

A: Accounting is a tool of recording, summarising and analysing the financial transactions and events…

Q: What can be understood from International Accounting Standards Board (IASB)?

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Q: In terms of Accounting Theory: Part A - What are the symptoms of a regulatory system being public,…

A: Here discuss about the theories which are involved for public interest theory, regulatory capture…

Q: Explain the role of the International Accounting Standards Board (IASB) in relation to International…

A: Explain the role of International Accounting Standards Board (IASB) in relation to International…

Q: What are International Financial Reporting Standards? Who uses these accounting standards?

A: International Financial Reporting Standards (IFRS) are the accounting standards that are used…

Q: Explain the purpose of the Public Company Accounting Oversight Board.

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Why does The conceptual framework has been described as an “Accounting Constitution”?

A: The conceptual framework sets the boundary within which financial accounting and reporting takes…

Q: Why does the International Accounting Standards Committee (IASC) was formed?

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Q: Discuss the methods by which the SEC can influence the development of generally accepted accounting…

A: Definition:   Securities Exchange Commission (SEC): This is the government agency that governs the…

Q: Describe the SEC’s role in establishing generally accepted accounting principles (GAAP).

A: The Generally Accepted Accounting Principles (GAAP) are the accounting principles issued by the…

Q: What is the SEC’s relationship to the Public Company Accounting Oversight Board?

A: The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board to supervise the…

Q: How does the SEC affect the development of generally accepted accounting principles in the United…

A: SEC affects development of generally accepted accounting principles in the United States by…

Q: What is the role of the auditor in the financial reporting process?

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Q: What factors create a need for assurance services? Explain how these factors are important to the…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Isn't government stock, from an accounting standpoint, just an ordinary accounting concept with a…

A: A credit line in the context business investing refers to the cash created from the execution of a…

Q: Explain the roles of the SEC and the FASB in the setting of accounting standards.

A: Securities Exchange Commission (SEC): This is the government agency governs the working of financial…

Q: How has the Sarbanes-Oxley Act changed Public Accounting? Cite examples.

A: Sarbanes-Oxley Act (SOA)The Sarbanes-Oxley Act is the most far-reaching and significant federal…

Q: Difference between Financial Accounting Standards Board and International Accounting Standards…

A: The Financial Accounting Standards Board was established to create reporting guidelines. It is one…

Q: Explain about the adoption of International Financial Reporting Standards and consistency in…

A: Financial reporting means the final account of the company which show the financial position of the…

Q: Financial accounting and reporting standards in the United States are established primarily by thea.…

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Q: In what ways was it felt that the pronouncements issued by the Financial Accounting Standards Board…

A: The American Institute of Certified Public Accountant created the Accounting principles board in…

Q: What is the main goal for accounting rules in the UnitedStates and around the world? What…

A: The main goal of GAAP and IFRS is to guarantee that the companies prepare financial information must…