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?

Q: What are the reasons in support of financial reporting regulation

A: Financial reporting (sometimes known as accounting) is the process of recording and disclosing…

Q: Explain why the accounting standards are necessary in financial reporting.

A: Accounting Standards are the rules and guidelines that are used for preparation of financial…

Q: Which of the following statement best explains the need for a regulatory framework? A regulatory…

A: Financial statements are prepared for various purposes such as for external reporting, managerial…

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

A: Introduction

Q: Evaluate the attributes of full disclosure in financial reporting, including the accounting…

A: FULL DISCLOSURE PRINCIPLE -  The full disclosure principle states that the information which is…

Q: Generally Accepted Accounting Principles (GAAP) are currently formulated by the a. Financial…

A: GAAP: Generally accepted accounting principles (GAAP). It refers to accounting principles, standards…

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: These refers to Laws and Rules that govern the working of Financial Institutions? Financial Market…

A: Financial institution are very important for any country and for the growth and development of…

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: What is the definition of a conceptual framework? Why is it vital to have a conceptual framework in…

A: Conceptual Framework: A conceptual framework logically explains connected aims and foundations that…

Q: What is the meaning of Chief accountant of the SEC?

A: Securities Exchange Commission (SEC): This is the government agency that governs the working of…

Q: Write suitable discussion related to (i) the definitions of accounting and the forms of the…

A: (i) Accounting is the practice of keeping track of a company's financial activities. Summarizing,…

Q: The Financial Accounting Standards Board (FASB) has developed a conceptual framework for financial…

A: (a) FASB’s Conceptual Framework should provide benefits to the accounting community such as: (1)…

Q: Generally Accepted Accounting Principles (GAAP) are currently formulated by the< Financial…

A: Find the board that is responsible for creation and governance of GAAP.

Q: Can you think of any reasons why the SEC relies on private sector bodies to set accounting…

A: Securities and Exchange Commission (SEC): SEC was created under the Securities Act of 1933 and…

Q: Do the conceptual frameworks of the International Accounting Standards Board and the Financial…

A: According to International Financial Reporting Standards (IFRS), the International Accounting…

Q: IASB standards and the Conceptual Framework for Financial Reporting

A: IASB standards and Conceptual Framework for Financial Reporting provide guidance to do accounting in…

Q: What are the objectives, principles and assumptions of the Conceptual Framework for Financial…

A: Answer: Concept: Conceptual framework describes the objective and concept for general purpose…

Q: a) explain the main purposes of the IASB’s Conceptual Framework document.  (b) discuss the…

A: The International accounting standards committee (IASC) was replaced by international accounting…

Q: Which of the following is a qualitative characteristic of financial information included in the…

A: Qualitative characteristics are metrics or attributes that are helpful in decision making while…

Q: The Conceptual Framework for Financial Reporting addresses fundamental issues including Group of…

A: Solution Concept Conceptual framework is the accounting framework that provides the basis for the…

Q: Explain the following: How Generally Accepted Accounting Practices are utilized in financial…

A: Introduction:   Financial statements are documents that describe a company's operations and…

Q: In terms of Accounting Theory: Part A - What are the symptoms of a regulatory system being public,…

A: Here discuss about the theories which are involved for public interest theory, regulatory capture…

Q: The body of rules and procedures that guide the measurement and communication of financial…

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

Q: Conduct Applied Research on Accounting Theory and the Relevance to Financial Reporting.

A: Bookkeeping hypothesis could likewise be used to disclose existing practices to amass a superior…

Q: Which of the following is the federal, independent agency that provides oversight of public…

A:

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

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

Q: What is involved in the legal requirements of financial governance? Select an answer: having a…

A: According to the given question, we are required to find out the correct option from the available…

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: Discuss the methods by which the SEC can influence the development of generally accepted accounting…

A: Definition:   Securities Exchange Commission (SEC): This is the government agency that governs the…

Q: Describe the SEC’s role in establishing generally accepted accounting principles (GAAP).

A: The Generally Accepted Accounting Principles (GAAP) are the accounting principles issued by the…

Q: External users of financial accounting information include all of the following except ________.A.…

A: Accounting is the process of recording, summarising and analysing accounting information for the…

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: Accounting Write two types of financial institutions and explain about them?

A: Explanation of Concept Financial institution are the company which provide the financial services…

Q: what are the reasons financial accounting standards inspire or encourage political action and…

A: The financial accounting standards are used while accounting by all the entities which are required…

Q: These are used by the FASB, and it is a set of concepts that guide financial reporting.

A: FINANCIAL REPORTING REFERS TO THE COMMUNICATION OF FINANCIAL INFORMATION LIKE FINANCIAL STATEMENTS…

Q: Under the Conceptual Framework of Financial Reporting, users of financial information may be…

A: SOLUTION-   USERS OF FINANCIAL INFORMATION-   A-INTERNAL USERS- 1-OWNER'S. 2-MANAGERS. 3-EMPLOYEES.…

Q: objective of financial reporting

A: Financial reporting is the process of making record of collected financial information and…

Q: What group or organization is/was responsible for the issuance of Accounting Research Bulletins?

A: Accounting Research Bulletins are the documents on Various problems and challenges faced in the…