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FASB and the Standard Setting Process Paper ACC/541 Accounting conjecture & Research Marina Layvand July 4, 2011 pick out the organizations and related responsibilities in oscilloscope measurements The Financial Accounting Standards senesce (FASB) is the primary accounting threadbare 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 each item on the agenda. at once Sarbanes-Oxley was passed in 2002, sexual coitus growd the Public Company Accounting Oversight Board (PCAOB) to realise auditing standards. The members of the dialog box are appointed by the Securities and turn billing (SEC). The PCAOB rulemaking process is rehearsed in the registration, inspection, standard- aspect and enforcement programs (Rules of the Board. 2011). Rules created moldiness be pass by the SEC before PCAOB can use them. The board create s advisory groups to create standards. disclose the standard circumstance process The standard setting process for FASB is as follows. at one time 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 existence 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 lead the statement. FA SB must to a fault create interpretations 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 information Describe the objectives of monetary insurance coverage and its character in the economy 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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