Under federal securities laws, the SEC has the authority to set accounting standards in the United States. True /False ?
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Under federal securities laws, the SEC has the authority to set accounting standards in the United States.
True /False ?
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- What is the role of the Securities and Exchange Commission? Why are securities laws frequently referred to as “full disclosure laws”?How does the SEC affect the development of generally accepted accounting principles in the United States?What was the primary reason for the establishment of the 1933 Securities Act and the 1934 Securities Exchange Act? What power does the Securities and Exchange Commission (SEC) have?
- True or False - The SEC establishes International Financial Reporting Standards.If an investment bank offers both underwriting/distribution functions and investment advisory or management functions, which situation would be acceptable under U.S. Securities and Exchange regulations and ethics guidelines with regard to material non-public information (MNPI)?What are some of the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP)? What are some advantages and disadvantages of adopting IFRS in the US?
- What is the difference between Regulation S–K and Regulation S–X? choose the correct.a. Regulation S–K establishes reporting requirements for companies in their initial issuance of securities whereas Regulation S–X is directed toward the subsequent issuance of securities.b. Regulation S–K establishes reporting requirements for companies smaller than a certain size whereas Regulation S–X is directed toward companies larger than that size.c. Regulation S–K establishes regulations for nonfinancial information filed with the SEC whereas Regulation S–X prescribes the form and content of financial statements included in SEC filings.d. Regulation S–K establishes reporting requirements for publicly held companies whereas Regulation S–X is directed toward private companies.In what way is the Securities and Exchange Commission concerned about and supportive of accounting principles and standards?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? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)
- Discuss the methods by which the SEC can influence the development of generally accepted accounting principles in the United States.What is the applicable financial reporting framework in the U.S. known as? a. The Internal Revenue Code b. IFRS c. GAAP d. GAASWhat is the difference between Regulation S–K and Regulation S–X?a. Regulation S–K establishes reporting requirements for companies in their initial issuance of securities whereas Regulation S–X is directed toward the subsequent issuance of securities.b. Regulation S–K establishes reporting requirements for companies smaller than a certain size whereas Regulation S–X is directed toward companies larger than that size.c. Regulation S–K establishes regulations for nonfinancial information filed with the SEC whereas Regulation S–X prescribes the form and content of financial statements included in SEC filings.d. Regulation S–K establishes reporting requirements for publicly held companies whereas Regulation S–X is directed toward private companies.