Chapter 12, Problem 12.8BE

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agree of disagree with this paragraph  Accounting is the information system that identifies, records, and communicates the economic events of an organization to invested users. The Securities and Exchange Commission (SEC), oversees U.S. financial markets and accounting standard-setting bodies, whereas the Financial Accounting Standards Board (FASB) is the primary accounting standard-setting body in the United States. These two utilize a conceptual framework that serves as a basis for future accounting standards. Its primary objective is financial reporting to investors that is useful to its creditors for making decisions about providing capital. The AICPA actually sets professional standards for the accountants, the FASB develops GAAP or generally accepted accounting practices by creating standards the SEC enforces public companies to follow, and essentially oversees the overall compliance of financial reporting for all public traded companies like Google, Apple, and Microsoft for…

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