Accounting Acronyms Scavenger Hunt
After completing this lab session you should be able to:
1. Understand the importance of each of the following organizations: FASB, IASB, and SEC
2. Be able to state the head of each of the organizations
3. Understand the importance of GAAP
4. Be familiar with the associated organization’s websites
1. Navigate to the SEC website – www.sec.gov
2. Answer the following questions
a. Who is the Chairman of the SEC?
The Chairman is Elisse B. Walter.
b. What is the main purpose of the SEC?
The mission of the SEC is to protect investors, maintain fair, orderly, and efficient markets and facilitate capital formation.
c. When was the SEC created and why was it created?
The SEC was created in 1934 to enforce the newly-passed securities laws, to promote stability in the markets and protect investors.
d. What is an upcoming event scheduled by the SEC?
An upcoming event that the SEC has scheduled is the Investors Advisory Committee on Friday, January 18, 2013 at 10:00am.
3. Navigate to the FASB website – www.fasb.org
4. Answer the following questions
a. Who is the Chairman of FASB?
The Chairman of the FASB is Leslie F. Seidman.
b. What is the main purpose of FASB?
The mission of the FASB is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision useful information to investors and other users of financial reports.
c. When was FASB created and why was it created?
The FASB was created in 1973 to establish standards of financial accounting that govern the preparation of financial reports by nongovernmental entities.
d. Are meetings of FASB open to the public?
The meetings of the FASB are open to the public.
5. Navigate to the IASB website – www.iasb.co.uk
6. Answer the following questions:
a. Where is the IASB located?
The ISAB is located at:
30 Cannon Street...