ADVANCED ACCT CUSTOM W/CONNECT
14th Edition
ISBN: 9781307697711
Author: Hoyle
Publisher: MCG/CREATE
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Question
Chapter 12, Problem 19Q
To determine
Describe the SEC’s response to the FASB’s handling of accounting for oil- and gas-producing companies, and the reason for the significance of this action.
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How does the SEC affect the development of generally accepted accounting principles in the United States?
(Students should visit the SEC website, www.sec.gov, for supplemental resources.)
What was the SEC’s response to the FASB’s handling of accounting for oil- and gas-producing companies, and why was this action considered so significant?
Which of the following best describes the extent to which the SEC requires or permits the use of IFRS by U.S. public companies?a. U.S. public companies are required to use IFRS.b. U.S. public companies may choose between IFRS and U.S. GAAP.c. U.S. public companies may use IFRS, but must also provide a reconciliation to U.S. GAAP.d. U.S. public companies are neither required nor allowed to use IFRS.
Chapter 12 Solutions
ADVANCED ACCT CUSTOM W/CONNECT
Ch. 12 - Prob. 1QCh. 12 - Prob. 2QCh. 12 - Prob. 3QCh. 12 - Prob. 4QCh. 12 - Prob. 5QCh. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - Prob. 8QCh. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 11QCh. 12 - Prob. 12QCh. 12 - Prob. 13QCh. 12 - Prob. 14QCh. 12 - Prob. 15QCh. 12 - Prob. 16QCh. 12 - Prob. 17QCh. 12 - What is the purpose of Financial Reporting...Ch. 12 - Prob. 19QCh. 12 - What is the purpose of a registration statement?Ch. 12 - Prob. 21QCh. 12 - Prob. 22QCh. 12 - Prob. 23QCh. 12 - Prob. 24QCh. 12 - Prob. 25QCh. 12 - What is a prefiling conference, and why might it...Ch. 12 - Prob. 27QCh. 12 - Prob. 28QCh. 12 - Prob. 29QCh. 12 - Prob. 30QCh. 12 - Prob. 31QCh. 12 - Prob. 32QCh. 12 - Prob. 33QCh. 12 - What is the purpose of the Managements Discussion...Ch. 12 - Prob. 35QCh. 12 - Prob. 36QCh. 12 - Prob. 1PCh. 12 - Prob. 2PCh. 12 - Prob. 3PCh. 12 - Prob. 4PCh. 12 - Prob. 5PCh. 12 - Prob. 6PCh. 12 - Prob. 7PCh. 12 - Prob. 8PCh. 12 - Which of the following is a registration statement...Ch. 12 - Prob. 10PCh. 12 - Prob. 11PCh. 12 - Prob. 12PCh. 12 - Prob. 13PCh. 12 - Prob. 14PCh. 12 - Prob. 15PCh. 12 - Prob. 16PCh. 12 - Prob. 17PCh. 12 - Prob. 18PCh. 12 - Prob. 19PCh. 12 - Prob. 20PCh. 12 - Prob. 21PCh. 12 - Prob. 22PCh. 12 - Prob. 23PCh. 12 - Prob. 24PCh. 12 - Prob. 25PCh. 12 - Prob. 26PCh. 12 - Explain each of the following items: a. Staff...Ch. 12 - Prob. 28P
Knowledge Booster
Similar questions
- Which private sector that is not under any direct governement control can the SEC accept or reject rules created? AIPCA or FASBarrow_forwardCan you think of any reasons why the SEC relies on private sector bodies to set accounting standards, ratherthan undertaking the task itself?arrow_forwardHow does the SEC generate revenues?arrow_forward
- What other restrictions and requirements apply to auditors whenproviding nonaudit services to public companies?arrow_forwardWhat is the SEC’s relationship to the Public Company Accounting Oversight Board?arrow_forwardDo you believe that the current international accounting standard-setting arrangements, based around the IASB, are at risk of regulatory capture? Why or why not?arrow_forward
- Why do you think the SEC requires companies to disclose fees paid to independent accountingfirms for audit and consulting services? What must be disclosed?arrow_forwardThe Overstock-Grant Thornton dispute was publicly aired via disclosure statements filed with the SEC. What impact do you believe those disclosures had on the investing public's confidence in the financial reporting domain and the independent audit function? Were the interactions between Overstock and Grant Thornton unprofessional or otherwise inappropriate? Explain.arrow_forwardWhich of the following best describes the extent to which the SEC requires or permits the use of IFRS by U.S. public companies? Multiple Choice U.S. public companies are required to use IFRS. U.S. public companies may use IFRS, but must also provide a reconciliation to U.S. GAAP. U.S. public companies may choose between IFRS and U.S. GAAP. U.S. public companies are neither required nor allowed to use IFRS.arrow_forward
- Choose the correct. Which of the following best describes the extent to which the SEC requires or permits the use of IFRS by U.S. public companies?a. U.S. public companies are required to use IFRS.b. U.S. public companies may choose between IFRS and U.S. GAAP.c. U.S. public companies may use IFRS, but must also provide a reconciliation to U.S. GAAP.d. U.S. public companies are neither required nor allowed to use IFRS.arrow_forwardIf a corporation may be violating federal and state laws governing environmental concerns, which one of the following types of audit will best assist in ascertaining whether such situations may exist?arrow_forwardChoose the correct. What was the significance of the controversy in 1977 over the appropriate accounting principles to be used by oil- and gas-producing companies?a. Several major lawsuits resulted.b. Companies refused to follow the SEC’s dictates.c. Partners of a major accounting firm were indicted on criminal charges.d. The SEC overruled the FASB on its handling of this matter.arrow_forward
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