Intermediate Accounting
16th Edition
ISBN: 9780134102313
Author: GORDON
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 1, Problem 1.4E
History of Standard Setting in the United States. Joe Choi, a history major is considering transferring to your school of business to study accounting Joe is having some doubts because he is uncertain if there is any room for history in accounting. Convince Joe to major in accounting by providing a history of standard setting in the United States. In your response, address the following items:
- a. When did financial reporting standard setting begin in the United States?
- b. Who had initial authority to set accounting standards?
- c. Which organizations were delegated the authority to set standards? Comment on the types of standards issued and concerns with the standard-setting process under each organization.
- d. Who currently sets accounting standards in the United States? What is the structure of the organization? What types of standards are issued?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
What have been the roles played by professional accounting bodies in the development of accounting in the USA, UK, and Ghana?
What has been the major role(s) played by professional accounting bodies in the development of accounting in the USA, UK and Ghana?
Good day please help with the following question , the information as well as question has been attached in south african accounting standards
Chapter 1 Solutions
Intermediate Accounting
Ch. 1 - Prob. 1.1QCh. 1 - Prob. 1.2QCh. 1 - How is the allocation of capital linked to the...Ch. 1 - Prob. 1.4QCh. 1 - What is the function of the accounting standard...Ch. 1 - Can U.S. companies listen on U.S. stock exchanges...Ch. 1 - Prob. 1.7QCh. 1 - Prob. 1.8QCh. 1 - Prob. 1.9QCh. 1 - Prob. 1.10Q
Ch. 1 - Prob. 1.1BECh. 1 - Financial Statement Users and Other Parties...Ch. 1 - Prob. 1.3BECh. 1 - Prob. 1.4BECh. 1 - Prob. 1.5BECh. 1 - Prob. 1.6BECh. 1 - Prob. 1.7BECh. 1 - Financial Accounting. Define financial accounting...Ch. 1 - Prob. 1.2ECh. 1 - Convergence of Accounting Standards, IFRS Vikram...Ch. 1 - History of Standard Setting in the United States....Ch. 1 - Prob. 1.5ECh. 1 - Prob. 1.6ECh. 1 - Rules-versus Principles-Based Accounting. Review...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by the FASB, which is a set of concepts that guide financial reporting B. generally accepted accounting principles (GAAP) ii. independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) here in the United States C. Securities and Exchange Commission SEC) iii. standards, procedures, and principles companies must follow when preparing their financial statements D. conceptual framework iv. assumes a business will continue to operate in the foreseeable future E. going concern assumption v. independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time period assumption vi. companies can present useful information in shorter time periods such as years, quarters, or monthsarrow_forwardWith reference to the article “The Effect of Accounting Education and National Culture on Accounting Judgments: A Comparative Study of Anglo-Celtic and Chinese Culture” Chand, Cummings, Patel (2012), answer the question: Are the standards for the accounting profession truly global?arrow_forward1. Which of the following was the first private sector entity that set accounting standards in the United States? Accounting Principles BoardCommittee on Accounting ProcedureFinancial Accounting Standards BoardAICPA 2. ) The enhancing qualitative characteristic of understandability means that information should be understood by those who are experts in the interpretation of financial information.those who have a reasonable understanding of business and economic activities.financial analysts.CPAs. 3.) Incurring an expense for advertising on an account would be recorded by debiting liabilities.crediting assets.debiting an expense.debiting assets. 4. When a business makes an end-of-period adjusting entry with a debit to supplies expense, the usual credit entry is made to accounts payable.supplies.cash.retained earnings. 5. Temporary accounts would not include salaries payable.depreciation expense.supplies expense.cost of goods sold.arrow_forward
- Good day please may you assist with the following question, the information has been attached in South African accounting standards pleasearrow_forwardFact Finding of requirements on Financial advisory service registration in AustraliaAssuming after graduation you would like to work as a financial adviser. Go to the website ofAustralian Securities and Investment Commission, do a fact finding and present an analysisof financial advisor registration to identify whether you are qualified and what steps shouldbe taken to be a financial adviser in Australia. The following questions should be addressed:(1) What is the ASIC’s Financial advisers register?(2) Who should be on the Register, who are not on the Register and who updates theregister?(3) What information should be on the Register?(4) What are the relevant financial products for a financial advisor?(5) What are the professional standards applied for a financial advisor.arrow_forwardWhich of the following factors has not influenced the development of accounting practices in various nations? a.cultural background b.the political environment c.economic development d.all of these factors have influenced the development of accounting practicesarrow_forward
- Are the standards for the accounting profession truly global With reference to the article “The Effect of Accounting Education and National Culture on Accounting Judgments: A Comparative Study of Anglo-Celtic and Chinese Culture” Chand, Cummings, Patel (2012)?arrow_forwardRead and T for True and F for False of the following phrases: Accounting is France and its standards derive from the opinions and recommendations of professionals ,and the instructions of the stock exchange. *True *Falsearrow_forwardGood evening , please may you help with the following question based on the information provided , in south african accounting standards please??arrow_forward
- One of your clients has recently read about the goal of converging to International Accounting Standards and they are concerned about what impact it may have on their company. 1. Discuss some of the costs that a company might incur as part of its converging with International Accounting Standards. 2. Discuss why it might be important to your client to adopt International Accounting Standards even though they are currently only operating domestically throughout the central part of the United States.arrow_forwardAnswer required for this question. Question Critically discuss SIX causes of differences in accounting practices used in different countries. You must discuss, with relevant examples, how a particular factor contributes to or leads to a particular difference in accounting practices.arrow_forwardThe CPA Canada Handbook-Accounting is the handbook of Canadian accounting standards. Why do companies in Canada ensure that their financial reporting is consistent with Canadian GAAP? a. Their bank requires them to do so. b. Their auditors require them to do so. c. Reporting under the CPA Canada Handbook-Accounting is required by public compannies boards of directors. d. Compliance with the CPA Canada Handbook-Accounting pronouncements is usually required by many legal statutes.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Business Diversification; Author: GreggU;https://www.youtube.com/watch?v=50-d__Pn_Ac;License: Standard Youtube License