Financial Statement Analysis 13th Edition by Charles Gibson

Question

Financial Statement Analysis 13th Edition by Charles Gibson

النسخة 13الرقم المعياري الدولي: 978-8131525258

Financial Statement Analysis 13th Edition by Charles Gibson

النسخة 13الرقم المعياري الدولي: 978-8131525258

تمرين 1

التوضيح

موثّق

a. The AICPA is an organization of CPAs that prior to 1973 accepted the primary responsibility for the development of generally accepted accounting principles. Their role was substantially reduced in 1973 when the Financial Accounting Standards Board was established. Their role was further reduced with the establishment of the Public Company Accounting Oversight Board was established in 2002.
b. The Financial Accounting Standards Board replaced the Accounting Principles Board as the primary rule-making body for accounting standards. It is an independent organization and includes members other than public accountants.
c. The SEC has the authority to determine generally accepted accounting principles and to regulate the accounting profession. The SEC has elected to leave much of the determination of generally accepted accounting principles to the private sector. The Financial Accounting Standards Board has played the major role in establishing accounting standards since 1973. Regulation of the accounting profession was substantially turned over to the Public Company Accounting Oversight Board in 2002.