Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN: 9781337485913
Author: BROOKS
Publisher: Cengage
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a. What is the Sarbanes –Oxley Act? (SOX)
b. What are the highlights of SOX
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d. Describe how SOX would have impacted Accounting over the past 18 years
e. Provide the pros and cons of SOX
f. Compare and contrast the usage of SOX in the private sector vs similar requirements in the public sector
Look at Note 31.2, “Retirement Benefits.” AF incorporates estimates regarding staffturnover, life expectancy, salary increase, retirement age, and discount rates. Howdid AF report changes in these assumptions? Is that reporting method the same ordifferent from the way we report changes under U.S. GAAP?
Which of the following regarding GAAP is true?a. GAAP is an abbreviation for generally appliedaccounting principles.b. Changes in GAAP always affect the amount of incomereported by a company.c. GAAP is the abbreviation for generally acceptedaccounting principles.d. Changes to GAAP must be approved by the SenateFinance Committee.
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