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8 Cards in this Set
- Front
- Back
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What companies are subject to SEC rules and regulations? |
All companies that issue in the US |
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What act established the SEC and in what year? |
Securities Exchange Act of 1934 |
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Committee on Accounting Procedure (CAP) |
Determined GAAP from 1939 until 1959 |
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Accounting Principles Board (APB) |
Determined GAAP from 1959 to 1973 |
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Financial Accounting Standards Board (FASB) |
Determined GAAP from 1973 to present |
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_______ is the single source of authoritative nongovernmental US GAAP as of July 1, 2009. |
FASB Accounting Standards Codification |
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What does the acronym "FEDPRIA" stand for? |
"FEDPRIA" is a mnemonic used to describe the types of literature in the Codification:
1. Financial Accounting Standards Board (FASB) 2. Emerging Issues Task Force (EITF) 3. Derivative Implementation Group Issues 4. Accounting Principles Board Opinions 5. Accounting Research Bulletins 6. Accounting Interpretations 7. American Institute of Certified Public Accountants (AICPA) |
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What SEC standards are included in the Codification ("RFAISE")? |
1. Regulation S-X 2. Financial Reporting Releases (FRR) 3. Accounting Series Releases (ASR) 4. Interpretative Releases (IR) 5. Staff Accounting Bulletins (SAB) 6. EITF Topic D and SEC Staff Observer Comments
"Regulation For Accounting Is Emerging" |
