Topics to be discussed in your research paper (10% each of the total grade): • W

Question

Topics to be discussed in your research paper (10% each of the total grade):

• What is the mission of the organization?
• What is the history of the organization (Date established, Why was it established, Founded by whom, etc.)?
• Who is the current leader/chairman of the organization?
• What regulations and/or standards do they establish and/or enforce?
• What investigative and enforcement authority do the organizations have over their constituents?
• What publications do they produce?
• What current topics are the organizations dealing with?

Topic to be discussed in your research paper (30% of the total grade):

• How is this organization beneficial to society and/or the business community?

Paper Layout:

The body of your paper is to be at least two (2) pages in length and no more than three (3) pages. The body of your paper does not include your title or reference page. The paper must be typed and double spaced with a font size of 12 and a 1” margin. It is preferred that you use Arial or Times New Roman. Your paper should be laid out in the following manner: Title Page (Paper Title, Course Name, Class Period and Your Name – Centered and Double Spaced), Paper Content (2 – 3 Pages) and Reference Page (MLA or APA Style Acceptable)

Remember: All of these questions are applicable to ALL of these organizations, so be sure to address them ALL. Also, this is to be your OWN work. Be sure to cite your sources and give credit for ideas that are not your own. Essay format and grammar count.

Explanation / Answer

The FASB's mission is "to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. To achieve this, FASB has five goals:

·         Improve the usefulness of financial reporting by focusing on the primary characteristics of relevance and reliability, and on the qualities of comparability and consistency.

·         Keep standards current to reflect changes in methods of doing business and in the economy.

·         Consider promptly any significant areas of deficiency in financial reporting that might be improved through standard setting.

·         Promote international convergence of accounting standards concurrent with improving the quality of financial reporting.

·         Improve common understanding of the nature and purposes of information in financial reports

History:

The FASB is not a governmental body. The SEC has legal authority to establish financial accounting and reporting standards for publicly held companies under the Securities Exchange Act of 1934. Throughout its history, however, Commission policy has been to rely on the private sector for this function to the extent that the private sector demonstrates ability to fulfill the responsibility in the public interest

The FASB is part of a structure that is independent of all other business and professional organizations. Before the present structure was created, financial accounting and reporting standards were established first by the Committee on Accounting Procedure of the American Institute of Certified Publi Accountants (1936–1959) and then by the Accounting Principles Board, also a part of the AICPA (1959–73). Pronouncements of those predecessor bodies remain in force unless amended or superseded by the FASB.

The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973, replacing the Committee on Accounting Procedure (CAP) and the Accounting Principles Board (APB) of the American Institute of Certified Public Accountants (AICPA).

Members

The FASB's structure is very different from its predecessors in many ways. The board consists of seven full-time members. These members are required to sever all ties to previous firms and institutions that they may have served prior to joining the FASB. This is to ensure the impartiality and independence of the FASB. All members are selected by the FAF. They are appointed for a five year term and are eligible for one additional five year term. The current members are (with current term end dates indicated):

·         Leslie F. Seidman, Chairman (2013)

·         Daryl E. Buck (2015)

·         Russell G. Golden (2012)

·         Thomas J. Linsmeier (2016)

·         R. Harold Schroeder (2015)

·         Marc A. Siegel (2013)

·         Lawrence W. Smith (2012)

In additional to the full-time members, there are approximately 68 staff members. These staff are, "professionals drawn from public accounting, industry, academe, and government, plus support personnel."

In 1984, the FASB formed the Emerging Issues Task Force (EITF). This group was formed in order to provide timely responses to financial issues as they emerged. This group includes 15 people from both the private and public sectors coupled with representatives from the FASB and an SEC observer. As issues emerge, the task force considers them and tries to reach a consensus on what course of action to take. If that consensus can be reached, they issue an EITF Issue and FASB doesn't get involved. An EITF Issue is considered just as valid as a FASB pronouncement and is included in the GAAP.

FASB is pursuing a convergence project with the International Accounting Standards Board (IASB) and International Financial Reporting Standards (IFRS). On Sept. 18, 2002, in Norwalk, Connecticut, FASB and IASB met and issued a Memorandum of Understanding. This document outlined plans to converge IFRS and US GAAP into one set of high quality and compatible standards. As part of the project, FASB has begun moving from the principle of historical cost to fair value

Publications:

Main article: List of FASB Pronouncements

In order to establish accounting principles, the FASB issues pronouncements publicly, each addressing general or specific accounting issues. These pronouncements are:

·         Statements of Financial Accounting Standards

·         Statements of Financial Accounting Concepts

·         FASB Interpretations

·         FASB Technical Bulletins

·         EITF Abstracts

Concepts:

·         Money measurement

·         Entity

·         Going concern

·         Cost

·         Dual aspect

·         Accounting period

·         Conservation

·         Realization

·         Matching

·         Consistency

·         Materiality

·         Pooling of interests (Links to the IAS rules on pooling, which are not the same as FASB's)

·         Stock option expensing

·         FASB 157 Mark-to-Market Fair Value Accounting

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