Explain the impact of accounting standards suchas GAAP and the Sarbanes-Oxley Act on corporateaccounting.

Q: What is the role of the Public Company Accounting Oversight Board?

A:

Q: A summary of the company’s significant accounting policies is a required disclosure. Why is this…

A: Disclosure of accounting policies: Disclosure of accounting policies means disclosing the accounting…

Q: Explain breifely about the theories of accounting regulation – public interest theory, capture…

A: The four theories of accounting regulation are: Public interest theory, Capture theory, Economic…

Q: explain how financial management relates to general corporate policy

A: Financial management is a process of managing all financial resources. It is the process of…

Q: explain the relationship between culture and the adoption of accounting practices

A: Culture includes the beliefs, ideas and customs followed by the individuals in a particular society.…

Q: What is the rationale behind the Financial Accounting Standards Board's classification of accounting…

A: Introduction

Q: Describe the provisions of the Sarbanes–Oxley Act as they relate to the creation and…

A: The Sarbanes-Oxley Act is a federal law established to uphold and ensure strict auditing and…

Q: ‘The accounting concepts and accounting standards are generally referred to as the essence of…

A: INTRODUCTION  Financial Accounting refers to collecting , summarizing and presentation of the…

Q: Explain the Consistency principle, which is one of the GAAP content in financial accounting, by…

A: Consistency principle is the principle which is applied in the preparation and presentation of…

Q: "To maintain public confidence and trust in the financial reporting of companies" is the purpose of…

A: Sarbanes- Oxley: The act came in to force from 2002 year. The act is for protecting investors from…

Q: Explain the purpose of Generally Accepted Accounting Principles (GAAP), including the organization…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: analyze company disclosures of signifi cant accounting policies

A: Accounting principles are the principles that are framed by the Company to carry on the activities…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: External users of accounting information are users outside the organisation that use information for…

Q: Who are the most important consumers of accounting information and why do they need it? What kind of…

A: Here is the Answer

Q: WHAT IS FINANCIAL REPORTING STANDARDS AND ENGAGEMENT STANDARDS? AND ITS CONNECTION WITH THE…

A: Financial reporting standards provides principle for preparation of financial reports and…

Q: Who must register with the Public Company Accounting Oversight Board?

A: Public Company Accounting Oversight Board refers to the non-profit organization which regulates…

Q: Of what value is a common set of standards in financial accounting and reporting?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Explain the purpose of the Public Company Accounting Oversight Board.

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Explain how to develop financial accounting and reporting standards.

A: The financial accounting and reporting standards are created by IASB

Q: According to the FASB conceptual framework, the objectiveof financial reporting for business…

A: FASB is an independent 7 member board, of accounting professionals overseeing the creation of…

Q: What is the role of the Financial Accounting Standards Board (FASB)?

A: Financial Accounting Standards Board (FASB) is an organization responsible for establishing and…

Q: When it comes to the contemporary practice of accounting, what is the significance of the Accounting…

A: Here is the Answer

Q: Identify the different entities that makeethics rules for CPAs and public accountingfirms.

A: Ethics:     “That branch of philosophy which is the systematic study of reflective choice, of the…

Q: In what way is the Securities and Exchange Commission concerned about and supportive of accounting…

A: Securities and Exchange commission (SEC): It is a government body established to safeguard the…

Q: The financial accounting Standards board is responsible for

A: FASB is an independent, not for profit private organisation recognised by Securities Exchange…

Q: Which is one of the most important roles of the accounting function within an organization?

A: Accounting Function: Accounting function are the functions related to maintenance of records of the…

Q: What is the SEC’s relationship to the Public Company Accounting Oversight Board?

A: The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board to supervise the…

Q: What factors create a need for assurance services? Explain how these factors are important to the…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Describe the organization of public accounting firms and identify the variousservices that they…

A: A small business might use a public accounting firm to prepare the monthly or quarterly financial…

Q: Historically, what factors contributed to the diversity of accounting systems worldwide?

A: The following are the five major factors that have contributed to the diversity of accounting system…

Q: Which of the following organizations is responsible for the creation and governance of accounting…

A: The answer is option (b.) [i.e, Financial Accounting standards Board (FASB)] Refer Step 2 for…

Q: Asap Impact of the Financial Accounting Standard Board

A: The Financial Accounting Standards Board was formed to develop reporting standards. It is one of the…

Q: Describe the roles of the following organizations in establishing generally accepted…

A: a. The Financial Accounting standards Board (FASB) is the primary standard-setting body in the…

Q: Describe the internal role of accounting for organizations.

A: Accounting refers to the method of communicating financial information to users such as investors,…

Q: Make logical comparison between financial accounting with other fields of accounting ?

A: Accounting It is a process under which financial transactions are recorded ,stored, retrieving ,…

Q: what are the accounting standards codification and how companies apply them to their activities?

A: Accounting standard: It is a set of basic rules and principles which is set by the Financial…