1) Why is a strong accounting profession crucial for capital market development? Discuss. 2) Malaysian Accounting Standard Board (MASB) is established under the Financial Reporting Act 1997 as an independent authority. Discuss the functions of MASB. 3) Describe guidelines issued by Securities Commission in relation to company's financial reporting. 4) Who are the key players in the accounting regulatory process and what is their role in protecting public interest and enhancing investor confidence? Discuss 5) Explain the elements of disclosure based reporting (DBR) and analyse the

1) Why is a strong accounting profession crucial for capital market development? Discuss. 2) Malaysian Accounting Standard Board (MASB) is established under the Financial Reporting Act 1997 as an independent authority. Discuss the functions of MASB. 3) Describe guidelines issued by Securities Commission in relation to company's financial reporting. 4) Who are the key players in the accounting regulatory process and what is their role in protecting public interest and enhancing investor confidence? Discuss 5) Explain the elements of disclosure based reporting (DBR) and analyse the

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 5MC: The independent, nonprofit organization that sets financial accounting and reporting standards for...

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The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by the FASB, which is a set of concepts that guide financial reporting B. generally accepted accounting principles (GAAP) ii. independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) here in the United States C. Securities and Exchange Commission SEC) iii. standards, procedures, and principles companies must follow when preparing their financial statements D. conceptual framework iv. assumes a business will continue to operate in the foreseeable future E. going concern assumption v. independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time period assumption vi. companies can present useful information in shorter time periods such as years, quarters, or months
The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
How.do changes in accounting standards, such as the transition from GAAP to IFRS, impact financial reporting practices and decision-making processes within multinational corporations, considering the potential effects on comparability, transparency, and the overall quality of financial information?"
Which of the following is true of financial institutions? A. Financial institutions are the regulators of interest rates and other returns in financial markets. B. Financial institutions are accountable and responsible in reporting financial information for publicly-traded corporations. C. Financial institutions are required by the Sarbanes-Oxley Act to disclose the environment-friendly measures taken by investment corporations.
Please answer the following question and read the discussion question rubric: What is the primary objective of financial accounting, and explain the role of the SEC and FASB?
what are the reasons financial accounting standards inspire or encourage political action and involvement dring the standard-setting process?
What was the evolution of accounting theory and its significance in the contemporary business environment? What examples to illustrate how historical events and changing economic landscapes have influenced the development of accounting theory over time? Make a critical assessment of the International Accounting Standard Board’s (ASB) Conceptual framework 2018. Discuss the key elements of the conceptual framework and their role in enhancing the relevance and reliability of financial reporting.
PLEASE HELP SOLVE ALL 3) Describe guidelines issued by Securities Commission in relation to company’s financial reporting. 4) Who are the key players in the accounting regulatory process and what is their role in protecting public interest and enhancing investor confidence? Discuss 5) Explain the elements of disclosure based reporting (DBR) and analyse the usefulness of the reporting.
7.What are the three major areas of accounting? 8.What is the purpose of the Financial Accounting Standards Board? 9.What groups consistently offer opinions about proposed FASB statements? 10.What is the function of the Securities and Exchange Commission? 11.What led to the passage of the Public Company Accounting Reform and Investor Protection Act of 2002? 12.What is the purpose of the Public Company Accounting Oversight Board?"
Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? Group of answer choices 1.IRS (Internal Revenue Service) 2.SEC (Securities and Exchange Commission) 3.FASB (Financial Accounting Standards Board) 4. FDIC (Federal Deposit Insurance Corporation)
The primary objective of management accounting is O A. to provide management with information useful for planning and control of operations. O B. to provide banks and other creditors with information useful in making credit decisions. O. C. to provide the relevant taxation authorities with information about taxable income. O D. to provide shareholders and potential investors with useful information for decision making.