Preview

Intermediate Accounting I Final Paper

Better Essays
Open Document
Open Document
1757 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Intermediate Accounting I Final Paper
In 1973, the Financial Accounting Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.” (FASB.org, 2009a). The FASB is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. Therefore, the FASB plays a vital and important role in protecting the financial well being and the overall stability of our economy.
“The Financial Accounting Foundation (FAF), organized in 1972, is the independent, private-sector organization with responsibility for the oversight, administration, and finances of the Financial Accounting Standards Board (FASB)” (FAF, 2009).
The five members of the FASB serve full time and are required to sever connections with the firms or institutions they served prior to joining the Board. While collectively they represent diverse backgrounds, they also must possess “knowledge of accounting, finance, and business, and a concern for the public interest in matters of financial accounting and reporting.” Board members are appointed for five-year terms and are eligible for reappointment to one additional five-year term. Expiration dates (on June 30) of current terms are indicated (FASB.org, 2009b).

The Current Board Members are as follows:
• Robert H. Herz, Chairman, 2012 - Robert H. Herz was appointed chairman of the Financial Accounting Standards Board (FASB), effective July 1, 2002, and was reappointed to a second term effective July 1, 2007. Previously, he was a senior partner with PricewaterhouseCoopers. Prior to joining the FASB, Mr. Herz was PricewaterhouseCoopers North America Theater Leader of Professional,


References: Bradford, Tiffany. Aug 6, 2007. GAAP and Accounting Standards. Retrieved March 21, 2011, from: http://gaap-standard-accounting-practices.suite101.com/article.cfm/what_is_gaap#ixzz0WcikkbQR FAF. 2009. Financial Accounting Foundation. March 21, 2011, from: http://www.fasb.org/faf/index2.shtml FASB.org. (2009a). Facts about FASB. Retrieved. March 21, 2011, from: http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176154526495 FASB.org. (2009b). Facts about FASB. Retrieved March 21, 2011, from: http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220131802 FASB.org. (2009c). Facts about FASB. Retrieved. March 21, 2011, from: http://www.fasb.org/facts/factsrhh.shtml FASB.org. (2009d). Facts about FASB. Retrieved. March 21, 2011, from: http://www.fasb.org/facts/factstjl.shtml FASB.org. (2009e). Facts about FASB. Retrieved. March 21, 2011, from: http://www.fasb.org/facts/factslfs.shtml FASB.org. (2009f). Facts about FASB. Retrieved. March 21, 2011, from: http://www.fasb.org/facts/factsmas.shtml FASB.org. (2009g). Facts about FASB. Retrieved. March 21, 2011, 2009, from: http://www.fasb.org/facts/factslws.shtml
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Powerful Essays

    Sarbanes Oxley Memo
    • 1426 Words
    • 6 Pages

    Sarbanes Oxley Memo

    The Financial Accounting Standards Board (FASB), is a professional standards board created by accountants to establish Generally Accepted Accounting Principles (GAAP),…

    • 1426 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    Fasb System Orientation
    • 740 Words
    • 3 Pages

    Fasb System Orientation

    The objective of creating the FASB codification system is to take a large amount of accounting standards data following GAAP and reduce the standards into a simpler form for means of research. The purpose is to develop a system that allows a user to find GAAP standards quickly with less research. This conveys the standards into an explanation that users can follow and allow comparability of interpretation instead of different interpretations of the same standards. Accounting professionals therefore, are uniformed in accounting reports and use work effectively on helping clients instead of spending time researching.…

    • 740 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    ACC 541 Week 1
    • 1251 Words
    • 4 Pages

    ACC 541 Week 1

    The Financial Accounting Standards Board (FASB) is the independent body that is responsible for the creation of GAAP. The board is the standard setting body in charge of standards for nongovernmental companies operating in the United States. Since 2002, the IASB and FASB have been working together to improve and converge U.S. GAAP and IFRS. The United States is not the only country working toward convergence, as of 2009, Japan and China were both working toward convergence of IFRS as well as their accounting standards. In February 2010 the Securities Exchange Commission (SEC) issued statements of support of the convergence in IFRS and U.S. GAAP.…

    • 1251 Words
    • 4 Pages
    Better Essays
    Read More
  • Good Essays

    Gasb and Fasb Analysis Paper
    • 631 Words
    • 3 Pages

    Gasb and Fasb Analysis Paper

    Since 1973, the Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting. Those standards govern the preparation of financial statements. They are officially recognized as authoritative by the Securities and Exchange Commission (SEC) (Financial Reporting Release No. 1, Section 101, and reaffirmed in its April 2003 Policy Statement) and the American Institute of Certified Public Accountants (Rule 203, Rules of Professional Conduct, as amended May 1973 and May 1979). Such standards are important to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information.…

    • 631 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Financial Accounting Standards Board Analysis Paper
    • 704 Words
    • 3 Pages

    Financial Accounting Standards Board Analysis Paper

    The purpose of this paper is to review, compare, and show the contrast between the two accounting standard boards; Governmental Accounting Standards Board (GASB), and the Financial Accounting Standards Board (FASB). The objectives of both Boards will be discussed as well as similarities and differences with each. The topic will then review modified accrual basis of accounting and how it differs from full accrual accounting.…

    • 704 Words
    • 3 Pages
    Good Essays
    Read More
  • Better Essays

    Acc 541 Accounting Standards Board Research Paper
    • 1149 Words
    • 5 Pages

    Acc 541 Accounting Standards Board Research Paper

    The FASB has been establishing accounting standards for the private sector ever since 1973, when it was formally formed. The FASB is documented as the commanding team by the American Institute of Certified Public Accountants and the Securities and Exchange Commission. The FASB is a private organization. The FASB is predominantly responsible for the establishment of accounting rules and reporting standards. The main assignment of the FASB is to improve accounting standards and to ensure that financial reporting is correct. The FASB oversees that reporting from nongovernment entities provides useful…

    • 1149 Words
    • 5 Pages
    Better Essays
    Read More
  • Best Essays

    Accounting Issues: Accounting for Annual Health Insurance Fees
    • 1925 Words
    • 8 Pages

    Accounting Issues: Accounting for Annual Health Insurance Fees

    The accounting aspect for the annual fee paid by pharmaceutical manufacturers is subject to review by the Emerging Issues Task Force (EITF). The same accounting issue goes for a provision of the new Health Care Act that calls for annual fees to health insurers are to be paid to the federal government. This leads to an issue at hand for the proper treatment of recording the annual fees and what period they should be recorded in. FASB, Financial Accounting Standards Board, is a private organization that establishes GAAP, generally accepted accounting principles, for public companies in the United States. It was created in 1973 by the Security and Exchange Commission (SEC) to replace the Committee on Accounting Procedure (CAP) and the Accounting Principles Board (APB). To help deal with the issue of how to record the annual fee, FASB has issued a…

    • 1925 Words
    • 8 Pages
    Best Essays
    Read More
  • Better Essays

    Summary on Research for Accounting Changes and Error Analysis
    • 1157 Words
    • 5 Pages

    Summary on Research for Accounting Changes and Error Analysis

    Financial Accounting Standards Board (FASB). Accounting Standards Codification TM. Financial Accounting Standards Board (FASB), 2012. Web. 17 April. 2012.…

    • 1157 Words
    • 5 Pages
    Better Essays
    Read More
  • Good Essays

    Gasb and Fasb Analysis
    • 684 Words
    • 3 Pages

    Gasb and Fasb Analysis

    The GASB sets rules for reporting and financial accounting for entities of local and state government. The FASB sets rules for reporting and financial accounting for entities of private-sector. The relationship between GASB and FASB is that the members to both the boards are appointed by the Financial Accounting Foundation. The Financial Accounting Foundation plays a larger role in the case of GASB. Financial Accounting Foundation also raises funds, gives general oversight of governmental accounting standards and appoints its members. The GASB and the Financial Accounting Foundation get assistance from the Government Accounting Standards Advisory Council. So the role of the government regulation in the application of accounting standards and reporting requirements is substantial.…

    • 684 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    acc/537 outline
    • 288 Words
    • 3 Pages

    acc/537 outline

    Financial accounting standards board (FASB) standard categorizes the major sources of generally accepted accounting principles (GAAP) as:…

    • 288 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Where Does the Us Stand on the Adoption of Ifrs?
    • 1356 Words
    • 6 Pages

    Where Does the Us Stand on the Adoption of Ifrs?

    In the United States of America, the Financial Accounting Standards Board (FASB) currently has the jurisdiction to set accounting standards. The…

    • 1356 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Good Essays

    Cpa Research Paper
    • 441 Words
    • 2 Pages

    Cpa Research Paper

    In 1934, the Securities and Exchange Commission (SEC) required all publicly traded companies to file periodic financial reports to be endorsed by members of the accounting industry. The AICPA established accounting standards until 1973, when the Financial Accounting Standards Board (FASB) was launched to set standards for private…

    • 441 Words
    • 2 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    FASB Codification System Orientation Paper
    • 371 Words
    • 2 Pages

    FASB Codification System Orientation Paper

    The purpose is to have accounting to have established GAAP principles for nongovernmental entities to follow. This helps to maintain uniform accounting principles. The FASB Accounting Standards Codification as the source of authoritative principles and standards recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP (FASB. n.d.). The SEC helps to regulate to ensure entities are following the guidelines properly.…

    • 371 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    Research and Compare the Role of Aasb
    • 3380 Words
    • 14 Pages

    Research and Compare the Role of Aasb

    The Australian Accounting Standards Board is an Australian Government Agency and according to Deegan (2010), AASB is defined as the “body charged with developing conceptual framework for accounting practices, making and formulating accounting standards and participating in and contributing to the development of a single set of accounting standards for the world wide use”. Therefore AASB plays a very important role in the Australian Accounting Standards but however, since the Financial Reporting Council (FRC) has been imposed and also due to some legislative changes, the effectiveness of the AASB appears to have been neglected.…

    • 3380 Words
    • 14 Pages
    Better Essays
    Read More
  • Powerful Essays

    IPSAS 17
    • 12789 Words
    • 52 Pages

    IPSAS 17

    IPSAS 17—PROPERTY, PLANT AND EQUIPMENT Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 16 (revised 2003), “Property, Plant and Equipment” published by the International Accounting Standards Board (IASB). Extracts from IAS 16 are reproduced in this publication of the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) with the permission of the International Accounting Standards Committee Foundation (IASCF). The approved text of International Financial Reporting Standards (IFRSs) is that published by IASB in the English language, and copies may be obtained directly from IASB Publications Department, 30 Cannon Street, London EC4M 6XH, United Kingdom. E-mail: publications@iasb.org Internet: http://www.iasb.org IFRSs, IASs, Exposure Drafts and other publications of IASC and IASB are copyright of IASCF.…

    • 12789 Words
    • 52 Pages
    Powerful Essays
    Read More

Related Topics