WGU D103 - Intermediate Accounting Module 1
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Terms in this set (29)
Three organizations are instrumental Securities and Exchange Commission (SEC)
in the development of financial American Institute of Certified Public Accountants
accounting standards (GAAP) in the (AICPA)
United States: Financial Accounting Standards Board (FASB)
Securities and Exchange s a result of these events, the federal government
Commission (SEC) established the xxx to help develop and
standardize financial information presented to
stockholders. The xxx is a federal agency. It
administers the xx Exchange Act of 1934 and
several other acts. Most companies that issue
securities to the public or are listed on a stock
exchange are required to file audited financial
statements with the xx. In addition, the xxx has
broad powers to prescribe, in whatever detail it
desires, the accounting practices and standards to
be employed by companies that fall within its
jurisdiction
The International Organization of Consists of more than 100 securities regulatory
Securities Commissions (IOSCO), agencies or securities exchanges from all over the
established in 1987 world. Collectively, its members represent a
substantial proportion of the world's capital
markets. The SEC is a member of xxxx.
, At the time the SEC was created, no As a result, accounting standards have developed
group—public or private—issued in the private sector either through the American
accounting standards. The SEC Institute of Certified Public Accountants (AICPA) or
encouraged the creation of a private the Financial Accounting Standards Board (FASB).
standard-setting body because it
believed that the private sector had
the appropriate resources and talent
to achieve this daunting task.
The SEC has affirmed its support for FASB Financial Accounting Standards Board
the xxx by indicating that financial
statements conforming to standards
set by the xx are presumed to have
substantial authoritative support. In
short, the SEC requires registrants to
adhere to GAAP
What is a FASB exposure draft? An xxx is a document published by the FASB to
solicit public comment on a proposed new
accounting standard. Interested parties are invited
to express their opinions to minimize any
unintended consequences before whatever is
being recommended becomes law.
As we indicated earlier, companies a deficiency letter to the company. Companies
listed on a stock exchange must usually resolve these deficiency letters quickly. If
submit their financial statements to disagreement continues, the SEC may issue a "stop
the SEC. If the SEC believes that an order," which prevents the registrant from issuing
accounting or disclosure irregularity or trading securities on the exchanges. The
exists regarding the form or content Department of Justice may also file criminal
of the financial statements, it sends charges for violations of certain laws. The SEC
process, private sector initiatives, and civil and
criminal litigation help to ensure the integrity of
financial reporting for public companies.
Exam | Questions and Answers | Verified
Solutions | 2026 Edition | Pass Guaranteed
Save
Terms in this set (29)
Three organizations are instrumental Securities and Exchange Commission (SEC)
in the development of financial American Institute of Certified Public Accountants
accounting standards (GAAP) in the (AICPA)
United States: Financial Accounting Standards Board (FASB)
Securities and Exchange s a result of these events, the federal government
Commission (SEC) established the xxx to help develop and
standardize financial information presented to
stockholders. The xxx is a federal agency. It
administers the xx Exchange Act of 1934 and
several other acts. Most companies that issue
securities to the public or are listed on a stock
exchange are required to file audited financial
statements with the xx. In addition, the xxx has
broad powers to prescribe, in whatever detail it
desires, the accounting practices and standards to
be employed by companies that fall within its
jurisdiction
The International Organization of Consists of more than 100 securities regulatory
Securities Commissions (IOSCO), agencies or securities exchanges from all over the
established in 1987 world. Collectively, its members represent a
substantial proportion of the world's capital
markets. The SEC is a member of xxxx.
, At the time the SEC was created, no As a result, accounting standards have developed
group—public or private—issued in the private sector either through the American
accounting standards. The SEC Institute of Certified Public Accountants (AICPA) or
encouraged the creation of a private the Financial Accounting Standards Board (FASB).
standard-setting body because it
believed that the private sector had
the appropriate resources and talent
to achieve this daunting task.
The SEC has affirmed its support for FASB Financial Accounting Standards Board
the xxx by indicating that financial
statements conforming to standards
set by the xx are presumed to have
substantial authoritative support. In
short, the SEC requires registrants to
adhere to GAAP
What is a FASB exposure draft? An xxx is a document published by the FASB to
solicit public comment on a proposed new
accounting standard. Interested parties are invited
to express their opinions to minimize any
unintended consequences before whatever is
being recommended becomes law.
As we indicated earlier, companies a deficiency letter to the company. Companies
listed on a stock exchange must usually resolve these deficiency letters quickly. If
submit their financial statements to disagreement continues, the SEC may issue a "stop
the SEC. If the SEC believes that an order," which prevents the registrant from issuing
accounting or disclosure irregularity or trading securities on the exchanges. The
exists regarding the form or content Department of Justice may also file criminal
of the financial statements, it sends charges for violations of certain laws. The SEC
process, private sector initiatives, and civil and
criminal litigation help to ensure the integrity of
financial reporting for public companies.
