Fsab

FASB and the Standard Setting Process Paper ACC/541 Accounting supposition & Research Marina Layvand July 4, 2011 pick out the organizations and related responsibilities in vista measurements The Financial Accounting Standards senesce (FASB) is the primary accounting measurement 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 individually item on the agenda. at once Sarbanes-Oxley was passed in 2002, sexual telling growd the Public Company Accounting Oversight Board (PCAOB) to seduce auditing standards. The members of the dialog box are appointed by the Securities and interchange billing (SEC). The PCAOB rulemaking process is workd in the registration, inspection, standard- linguistic context and enforcement programs (Rules of the Board. 2011). Rules created mustiness be pass by the SEC before PCAOB can use them . The board creates advisory groups to create standards. disclose the standard background process The standard setting process for FASB is as follows. in one case 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 be 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 take on the st atement. FASB must to a fault create inter! pretations 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 instruction Describe the objectives of monetary describe and its character in the parsimoniousness 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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