Under federal securities laws, the SEC has the authority to set accounting standards in the United States. True /False ?

1)List and explain the General Standards. 2)What are the Auditor’s Liabilities under Common Law and Contract Law. 3) What are the Auditor’s Liabilities under Statutory Law (SEC Acts and Other Acts of Congress).   Securities Act 1933:   Securities & Exchange Act 1934:   Foreign Corrupt Practices Act (1977):   Private Securities Litigation Reform Act (1995/1998):   Sarbanes-Oxley Act (2002):

Compare the information disclosed by Microsoft to comply with the fair value disclosure requirements found in Section 820-10-50 of the Codification with that provided by Goldman Sachs. What is your opinion of the overall value of the information disclosed by each firm?  To answer this question, focus on the understandability and usefulness of the disclosures to the users of the financial statements. Finally, compare the extent of Microsoft’s disclosures to those made by Goldman Sachs.  Why do you think that there is a difference in the level of disclosure detail for the two companies?

Please answer the question: After the Securities Act of 1933 and Securities Exchange act of 1934, what did auditors focus on? Why was the change in focus necessary?

Under the conceptual framework for international financial reporting a non-controlling interest fits the definition of:   a liability. an equity item. an asset.

Under what circumstances is a company exempt from filing a registration statement with the SEC prior to the issuance of securities?

Write a short note on Securities and Exchange Commission.

Do you believe that the current international accounting standard-setting arrangements, based around the IASB, are at risk of regulatory capture? Why or why not?

A core objective of the International Organization of Securities Commissions is to: C . ensure that markets are fair, effi cient, and transparent.

A core objective of the International Organization of Securities Commissions is to: B . protect users of fi nancial statements.