Public Accountants), the FASB (Financial Accounting Standards Board) and the GASB (Government Accounting Standards Board). The SEC is a federal agency formed to standardize financial information that is given to stockholders after the stock market crash in 1929. The SEC oversees 12,000 companies that are publicly traded in the stock market. It also encouraged the development of private sector standard-setting organizations which led to the formation of the AICPA and FASB. The SEC relies on the private
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GASB 68: An Examination of Affects to the Pension Problem Including Stakeholder Interests Private retirement systems are regulated by the Pension Benefit Corporation (Employee Retirement Income Security Act of 1974); state and local governments are not subject to federal regulation but rather voluntarily comply with GASB standards. (Mattrell, 2013) With all the newsworthy stories involving public pensions, analysts were becoming increasingly critical of GASB regulation over the pension systems
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install several statement of standards that tells the not-for-profits what has to be reported and also how to report the financial statements. These standards from GASB and the FASB are the results of the nonfinancial audience concerns about not-for-profits and government entities. The concerns force the GASB and the FASB to review and update their standards. Also provide new standards as well. Reference Titard, P. W (2003). The Changing Landscape of Accounting Standards Setting. (cover
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Accountants (AICPA), the Financial Accounting Standard Board (FASB) and the Government Accounting Standard Board (GASB). The SEC helps to develop and standardize financial Information for the stockholders under the Securities and Exchange Act of 1933 and 1934. The AICPA contributes with committees and boards. FASB establishes and improves standards of financials accounting and reporting for the guidance and education of the public. GASB, was created due to the financials prepare by the state and local
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Question 1: * Proficient-level: * There are several important functions performed in an organization, among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping. Answer: According to the Dictionary of Accounting Terms, Accounting is defined as a one step process of recording, measuring, interpreting and communicating financial data by preparing financial statements in order to reflect financial condition and operating
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public reliance on CPA skills is most significant. FASB - Financial Accounting Standards Board: The mission of the FASB is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports. GASB - Governmental Accounting Standards: The Governmental Accounting Standards Board (GASB) is the independent organization that establishes and
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and briefly describe the three organizations that set standards for state and local governments, the federal government, and nongovernmental not- for-profit organizations. 1–4 What is the definition of a government as agreed upon by the FASB and GASB? 1–5 Describe the “hierarchy of GAAP” for state and local governments, the federal government, and nongovernmental not-for-profit organizations. 1–6 Accounting and financial reporting for state and local governments use, in different
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Questions 1-3, 1-4, 1-5, 1-6, 1-8, and 1-10 1-3. The GASB has responsibility for setting accounting and reporting standards for both state and local governments and governmental not-for-profit organizations. The FASB has responsibility for setting accounting and reporting standards for business organizations and nongovernmental not-for-profit organizations. The FASAB has the responsibility of setting accounting and reporting standards for the agencies and departments of the federal government.
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audit documentation, reporting if a previously reported material still exists, and compliance with auditing and related professional practice standards (Public Company Accounting Oversight Board, 2008) The Governmental Accounting Standards Board (GASB) is a not-for-profit organization that establishes and improves standards of financial accounting and reporting for state and local governments in the U.S. (Governmental Accounting Standards Board, 2008). Their standards include: useful financial reports
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organization to create standards for financial accounting. The fourth body is the Financial Accounting Standards Board (FASB). This body was created by our previous body, the FAF, and they set up standards for nongovernment financial accounting and reporting. Our fifth body to discuss is called Governmental Accounting Standards Board (GASB) and they are the counterpart of FASB for the state and local levels. The next regulatory body is called the Federal Accounting Standards Advisory Board (FASAB)
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