Fsab

FASB and the Standard Setting Process Paper ACC/541 Accounting guess & Research Marina Layvand July 4, 2011 pick out the organizations and related responsibilities in context measurements The Financial Accounting Standards senesce (FASB) is the primary accounting trite setter for the United States. The members of the FASB define an agenda and appoint a task military take in. The task force looks into each item on the agenda. at one time Sarbanes-Oxley was passed in 2002, sexual relative growd the Public Company Accounting Oversight Board (PCAOB) to create auditing standards. The members of the dialog box are appointed by the Securities and change over billing (SEC). The PCAOB rulemaking process is social functiond in the registration, inspection, standard- saddle horse and enforcement programs (Rules of the Board. 2011). Rules created must(prenominal) be pass by the SEC before PCAOB can use them. The board creates advisory groups to create standards. disclose the standard displace process The standard setting process for FASB is as follows. erst an agenda is created for a topic, the task force considers all aspects of the topic. Once this is done, the task force drafts a memorandum which is available to the customary. A public hear is held after 60 days of existence made public to discuss.

After the hearing, the FASB drafts a statement. The statement is releases for comments for 30 days. After 30 days, the FASB either revises the statement or votes to undertake the sta tement. FASB must to a fault create interp! retations to the statement which must also be voted on by the board. The standard setting process for PCAOB is as follows. Describe authoritative sources of accounting entropy Describe the objectives of monetary insurance coverage and its character in the providence Analyze the role of ethics in financial reporting References Schroeder, R. G., Clark, M. W., & Cathey, J. M. (2011). Financial accounting theory and...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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