Accounting System - 1

This report includes information on the following:
* US Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), International Accounting Standards Board (IASB), the Generally Accepted Accounting Prinicipals (GAAP), and the International Financial Reporting Standards (IFRS.) The main purpose of this report is to explain the main functions of the entities stated above, and further examine their processes and structures. * Headed by chair Elisse B. Walter, the US Securities and Exchange Commission’s main purpose is to protect investors, promote stability in the stock markets, and to enforce federal security laws. * Chairperson Leslie F. Seidman leads the Financial Accounting Standards Board (FASB), a non-profit organization, whose main purpose is to set the guidelines and standards for accounting practices and procedures in the United States. * The International Accounting Standards Board (IASB) consists of 16 board members, whose main task, under the guidance of the IFRS trustees, is to develop a single set of high quality, global accounting standards, that prove understandable, generally enforceable, and are based upon clearly articulated principles. * The International Financial Reporting Standards (IFRS) are a set of accounting standards developed by IASB (with the help and guidance from the IFRS advisory council, IFRS interpretations committee, and the IFRS foundation) that is becoming a global standard for the preparation of public company financial statements.

US Securities and Exchange Commission (SEC)
As it pertains to the US SEC, currently, Elisse B. Walter is the 30th Chairman of the Securities and Exchange Commission, as appointed by the current president, Barack Obama. The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. The SEC's foundation was laid in an era that was ripe for reform. Before the Great Crash of 1929, there was little support for federal regulation of the securities markets. This was particularly true during the post-World War I surge of securities activity. Proposals that the federal government require financial disclosure and prevent the fraudulent sale of stock were never seriously pursued. When the stock market crashed in October 1929, public confidence in the markets plummeted. Investors large and small, as well as the banks who had loaned to them, lost great sums of money in the ensuing Great Depression. There was a consensus that for the economy to recover, the public's faith in the capital markets needed to be restored. Based on the findings in these hearings, Congress — during the peak year of the Depression — passed the Securities Act of 1933. This law, together with the Securities Exchange Act of 1934, which created the SEC, was designed to restore investor confidence in our capital markets by providing investors and the markets with more reliable information and clear rules of honest dealing. Monitoring the securities industry requires a highly coordinated effort. Congress established the Securities and Exchange Commission in 1934 to enforce the newly-passed securities laws, to promote stability in the markets and, most importantly, to protect investors. As requested, below, please find the schedule of events for February, as listed on the SEC website: February 2013

When: Friday, February 1 (9:30 a.m.)
What: Advisory Committee on Small and Emerging Companies
See Sunshine Act Notice and Agenda
Where: SEC Headquarters, Multi-Purpose Room LL-006
100 F Street, NE
Washington, D.C. 20549
Contact: Office of the Secretary
(202) 551-5400

When: Tuesday, February 5 (10 a.m. - 4:00 p.m.)
What: Decimalization...

References: Cornerstones of Financial Accounting, 2nd Edition, Rich, Jones, Mowen, Hansen
[ 7 ]. IFRS Foundation “Who we are and what we do” PDF
[ 8 ].
[ 9 ].
[ 10 ].
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