Got a tricky question? Receive an answer from students like you! Try us!

The SEC's "Condorsement" Proposal - Essay Example

Free
College
Author : zanderhowe
Essay
Finance & Accounting
Pages 3 (753 words)
Download 0

Summary

The SEC’s “Condorsement” Proposal Contents The SEC’s “Condorsement” Proposal 1 Contents 2 Introduction 3 Financial Accounting Standards Board (FASB) 3 International Accounting Standards Board (IASB) 4 Relation between FASB and IASB 4 Condorsement 5 Conclusion 6 Reference 7 7 Introduction Every registered company has to prepare financial statement every year annually, semi annually or on a quarterly basis…

Extract of sample
The SEC's "Condorsement" Proposal

The main objective of using accounting standards is to make the preparation of the accounting statements of all the companies as per same accounting methods which would in term help in comparing different companies. It also ensures transparency of transactions, accountability and reliability of the transactions. In this project the convergence of the FASB and IASB has been discussed with the view of condorsement of the accounting standards. Financial Accounting Standards Board (FASB) Financial accounting standard board is an organization which establishes financial accounting standards. Financial accounting standard board was established in 1973. The accounting standards which are laid down by the financial accounting standard board are recognized by the security exchange commission as per section 101 and also by the American institute of certified public accountant too. The mission of the organization is establishing financial accounting standards and improving them so that the investors can get useful information from the report of the financial statements (Financial Accounting Standard Board, n.d). ...
Download paper
Not exactly what you need?

Related Essays

The strength of the economy of China and the future of the economy
This essay discusses that economic development of a country measured by certain factors related to economics. The factors are the gross domestic product of the country, which relates to the standard of leaving of the people of the country. For developing a country, the government has to take certain measures. For making a sustainable development, the government has to assure that the financial base of the country is good. For making the financial base robust, the government has to use the sources available to them efficiently and should do sector wise development. In the era of globalization,…
6 pages (1506 words)
Research Proposal
The Sarbanes-Oxley Act of 2002 (SOX) is the legislative solution to the ethical scandals, such as Enron, Tyco, Qwest, Global Crossing, and WorldCom, involving accounting irregularities and fraud (Stephan, 2007). This Act implements extensive changes to public accounting and corporate laws, and also expands corporate governance extending the responsibilities of senior executives and board members. SOX has changed the current business environment. In the past business ethics was viewed as important (Bies & Forte, 2010). Now, business ethics is mandatory, but where is the map for business…
6 pages (1506 words)
The SEC's Condorsement" Proposal
In this study, I would discuss about the IASB as well as the FASB and their relationship with each other. I would then evaluate the SEC proposal and express my opinions about the same. IASB & FASB and Their Relationship with Each Other In year 1973, the International Accounting Standards Committee (IASC) was set up for the purpose of maintaining standardization in the accounting principles all over the world. In 2001, the International Accounting Standards Board (IASB) was constituted subsequent to the restructuring of the IASC. The main goal of the IASB was to prepare and issue standards to…
Audit proposal
This therefore shows that an audit should be frequently undertaken and in a very concise manner. Another reason it should always be undertaken is that it helps mitigate the possibility of any risks in the operations of the business. In line with the above, an auditor selected to conduct one to an organization needs to write an audit proposal to convince the management on the importance of conducting the audit and how cost effective they are likely to do it and achieve the organizational objectives. A proposal must be detailed and thorough, prepared in an ethical and professional manner…
3 pages (753 words)
Management Dissertation Proposal Proforma
Yes Degree Programme: MBA in Finance & Accounting Specialization Track: General _______ Finance -X- Marketing_______ [Please check as appropriate] Other___________________ (please specify) DATE: January 10, 2012Aims of dissertation Background of the research Financial markets across the world have been reporting increasing integration within the as well as across different boundaries. There are several factors that have drastically grown the financial markets in the last decades particularly in the developing countries and some of these factors are globalization, deregulation and advancement…
6 pages (1506 words)
Banking failures
The research is based on the recent International financial crisis of UK banking system 08/09, which failed to adhere to existing financial and national regulations. The significant impact of shadow banking system that facilitates complex financial structures, derivatives and asset securities have resulted in extreme trading risk as compared to the normal banking operations. The banking system is regulated by the competition commission, which summon operations of the banks towards a complex monopoly for banking giants as compared to the smaller banks. Banking failures are termed as shutting…
7 pages (1757 words)
Research Proposal
For a turn-around investment, it got a great opportunity through the ideal Cogitel set back. The company’s profitability soon increased, as the company stock was taken over by Zeghal and turn-investment team. Through this investment it obtained a qualifying certificate which ultimately helped them to gain profit. As a result, they transformed into a regional packaging leader from a family owned business through this opportunity. Cogitel implemented its growth through acquisition strategy TurnInvest and Swicorp both jointly acquired a major part of venture in a new holding company- Altea…
8 pages (2008 words)