mission of the fasb, History

In 1934, Congress maked the Securities and Exchange Commission (SEC) and gave it both the power and responsibility for setting accounting and reporting standards in the United States. In 1973, the SEC designated the Financial Accounting Standards Board (FASB) as the organization responsible for setting accounting standards for public companies in the US. It changed the Committee on Accounting Procedure (CAP) and the Accounting Principles Board (APB) of the American Institute of Certified Public Accountants (AICPA). Thoroughly read the information on "What We Do." What are the two basic objectives of the 1933 Securities Act? Explain the mission of the SEC. Look at "Commissioners." How do you get appointed? Who are the chairman and the other commissioners? Describe the relationship among the SEC and the various private sector standard-setting bodies that have, over time, been delegated the responsibility for setting accounting standards. Can you think of any reasons why the SEC has delegated this responsibility rather than set standards directly?

Required: Explain the mission of the FASB. Look at "Our People." How do you get appointed? Who are the present Board members? Briefly explain their backgrounds. How are topics added to the FASB's technical agenda?

Posted Date: 3/19/2013 6:30:23 AM | Location : United States

Related Discussions:- mission of the fasb, Assignment Help, Ask Question on mission of the fasb, Get Answer, Expert's Help, mission of the fasb Discussions

Write discussion on mission of the fasb
Your posts are moderated
Related Questions
How did Eastern and Western Europe differ after the Second World War? How did the events of 1968 in France and Czechoslovakia reflect these differences?

During Haun''s westward journey what happened as a result of the buffalo stamped?

Do you see any lessons about religious tolerance today from the history of the persecution of the Christians in the Roman Empire?

Compare US foreign policy in Europe during 1776-1823 with US policy in Europe during 1933-1950.

What is the Continental Congress? When the French and Indian War ended in 1763, Britain and America were seemingly on a collision course. With the French Empire now eliminated

Which three resources were reported as existing in incredible numbers. In your own words, analyze the impact of the invention of the cotton gin and how it opened up a "rush" to

What were the various American responses to the Lend-Lease Bill?

All of the following are reasons why the civil rights movement began to slow down in latter half of the 1960s EXCEPT: The relationship with the Democratic Party posed challenges

After the Indian defeat in Metacom's War, many of the surviving Indians were confined to enclaves or a) executed for treason b) sold as slaves on the West Indies c) driven over

Education in the Middle Ages: Scholasticism Beginning in about the 12th century, the writings of Greek and Roman philosophers, such as Plato and Aristotle, which had been littl