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Standards-Setting Bodies: FASB, GAAP, SEC, AICPA | Intermediate Accounting | CPA Exam FAR | Chp 1 p2
 
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After the stock market crash in 1929 and the Great Depression, there were calls  for  increased  government  regulation  and  supervision—especially  financial  institutions  and  the  stock  market.  As  a  result,  the  federal  government  established  the  Securities  and  Exchange  Commission  (SEC)  to  help  develop  and  standardize  financial  information  presented  to  stockholders. The SEC is a federal agency and administers the Securities Exchange Act of 1934  and several other acts. Most companies that issue securities to the public or are listed on a stock  exchange are required to file audited financial statements with the SEC. In addition, the SEC has  broad powers to prescribe the accounting practices and standards to be employed by companies  that fall within its jurisdiction.  9.  At the time the SEC was created, it encouraged the creation of a private standards­setting  body. As a result, accounting standards have developed in the private sector either through the  American Institute of Certified Public Accountants (AICPA) or the Financial Accounting Standards  Board  (FASB).  The  SEC  has  affirmed  its  support  for  the  FASB  by  indicating  that  financial  statements  conforming  to  standards  set  by  the  FASB  will  be  presumed  to  have  substantial  authoritative support.  10.  Over its history, the SEC’s involvement in the development of accounting standards has  varied. In some cases, the private sector has attempted to establish a standard, but the SEC has  refused to accept it. In other cases, the SEC has prodded the private sector into taking quicker  action on setting standards.  11.  If  the  SEC  believes  that  an  accounting  or  disclosure  irregularity  exists  regarding  a  company’s  financial  statements,  the  SEC  sends  a  deficiency  letter  to  the  company.  If  the  company’s  response  to  the  deficiency  letter  proves  unsatisfactory,  the  SEC  has  the  power  to  issue a “stop order,” which prevents the registrant from issuing securities or trading securities on  the exchanges. Criminal charges may also be brought by the Department of Justice.  At  the  urging  of  the  SEC,  the  AICPA  appointed  the  Committee  on  Accounting  Procedure (CAP) in 1939. This group issued 51 Accounting Research Bulletins (ARBs) during  the years 1939 to 1959. In  1959,  the  AICPA  created  the  Accounting  Principles  Board  (APB).  The  major  purposes of this group were (a) to advance the written expression of accounting principles, (b) to  determine  appropriate  practices,  and  (c) to  narrow the  areas  of  difference  and  inconsistency  in  practice. Its  pronouncements,  known  as APB  Opinions,  were  intended to  be  based mainly  on  research studies and be supported by reason and analysis.  The FASB  14.  Early  in  its  existence  the  APB  was  criticized  for  lack  of  productivity  and  failing  to  act  promptly,  then  it  was  criticized  for  overreacting  to  certain  issues.  A  committee,  known  as  the  Study Group on Establishment of Accounting Principles (Wheat Committee), was set up to  study the APB  and  recommend  changes  in  its  structure  and  operation. The  result  of the Study  Group’s  findings  was  the  demise  of  the  APB  and  the  creation  of  the  Financial  Accounting  Standards Board (FASB) in 1973. The FASB represents the current rule­making body within the  accounting profession.  15.  The role of the AICPA in standard setting is now diminished, but has a Financial Reporting  Executive Committee  (FinREC), which is authorized to make public statements on behalf of the  AICPA  on  financial  reporting  matters.  FinREC  also  issues  audit  and  accounting  guides,  which  address  particular  areas  in financial  reporting.  Furthermore, the  AICPA  has  been the  leader  in  developing auditing standards through its Auditing Standards Board—but the Sarbanes­Oxley Act  now  requires  the  Public  Company  Accounting  Oversight  Board  to  oversee  the  development  of  auditing standards. The AICPA continues to develop and grade the CPA examination.  16.  The  mission  of  the  FASB  is  to  establish  and  improve  standards  of  financial  accounting  and reporting for the guidance and education of the public, which includes issuers, auditors
What does The Securities and Exchange Commission do?
 
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Any questions? The Securities and Exchange Commission is a government entity created to regulate the trading in securities such as stocks and bonds. The "SEC" as it is known was created after the Great Depression to protect the public by regulating the trading in stocks and bonds. The goal is for the average investor, Joe Q, to have access to the same information as the executives who oversee or work for the public companies that are traded on the exchanges. All public companies must file their results with the SEC on a periodic basis, usually each quarter so that the public has access to the same information as the company executives. Also, the SEC makes sure that the "insiders" who work for the companies, do not have an unfair advantage to invest or trade in securities based on "inside" information that is not yet available to the public. So, the SEC is like an investment police force!
Views: 34243 FinLit
What Is the Securities & Exchange Commission? Is It Effective? U.S. Finance
 
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Within the SEC, there are five divisions. Headquartered in Washington, D.C., the SEC has 11 regional offices throughout the US. The SEC's divisions are:[10] Corporation Finance Trading and Markets Investment Management Enforcement Economic and Risk Analysis Corporation Finance is the division that oversees the disclosure made by public companies, as well as the registration of transactions, such as mergers, made by companies. The division is also responsible for operating EDGAR. The Trading and Markets division oversees self-regulatory organizations such as the Financial Industry Regulatory Authority (FINRA) and Municipal Securities Rulemaking Board (MSRB) and all broker-dealer firms and investment houses. This division also interprets proposed changes to regulations and monitors operations of the industry. In practice, the SEC delegates most of its enforcement and rulemaking authority to FINRA. In fact, all trading firms not regulated by other SROs must register as a member of FINRA. Individuals trading securities must pass exams administered by FINRA to become registered representatives.[11][12] The Investment Management Division oversees registered investment companies, which include mutual funds, as well as registered investment advisors. These entities are subject to extensive regulation under various federals securities laws.[13] The Division of Investment Management administers various federal securities laws, in particular the Investment Company Act of 1940 and Investment Advisers Act of 1940. This division's responsibilities include:[14] assisting the Commission in interpreting laws and regulations for the public and SEC inspection and enforcement staff; responding to no-action requests and requests for exemptive relief; reviewing investment company and investment adviser filings; assisting the Commission in enforcement matters involving investment companies and advisers; and advising the Commission on adapting SEC rules to new circumstances. The Enforcement Division works with the other three divisions, and other Commission offices, to investigate violations of the securities laws and regulations and to bring actions against alleged violators. The SEC generally conducts investigations in private. The SEC's staff may seek voluntary production of documents and testimony, or may seek a formal order of investigation from the SEC, which allows the staff to compel the production of documents and witness testimony. The SEC can bring a civil action in a U.S. District Court, or an administrative proceeding which is heard by an independent administrative law judge (ALJ). The SEC does not have criminal authority, but may refer matters to state and federal prosecutors. The director of the SEC's Enforcement Division Robert Khuzami left the office in February 2013.[15] Among the SEC's offices are: The Office of General Counsel, which acts as the agency's "lawyer" before federal appellate courts and provides legal advice to the Commission and other SEC divisions and offices; The Office of the Chief Accountant, which establishes and enforces accounting and auditing policies set by the SEC. This office has played a role in such areas as working with the Financial Accounting Standards Board to develop Generally Accepted Accounting Principles, the Public Company Accounting Oversight Board in developing audit requirements, and the International Accounting Standards Board in advancing the development of International Financial Reporting Standards; The Office of Compliance, Inspections and Examinations, which inspects broker-dealers, stock exchanges, credit rating agencies, registered investment companies, including both closed-end and open-end (mutual funds) investment companies, money funds. and Registered Investment Advisors; The Office of International Affairs, which represents the SEC abroad and which negotiates international enforcement information-sharing agreements, develops the SEC's international regulatory policies in areas such as mutual recognition, and helps develop international regulatory standards through organizations such as the International Organization of Securities Commissions and the Financial Stability Forum; The Office of Investor Education and Advocacy, which helps educate the public about securities markets and warns investors of fraud and stock market scams; The Office of Economic Analysis, which helps the SEC estimate the economic costs and benefits of its various rules and regulations; and The Office of Information Technology, which supports the Commission and staff in information technology, including application development, infrastructure operations. and engineering, user support, IT program management, capital planning, security, and enterprise architecture. The Inspector General. The SEC announced in January 2013 that it had named Carl Hoecker the new inspector general.[16][17] He has a staff of 22. https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission
Views: 6429 Way Back
History of the Accounting Standard Setting Process in the U.S.
 
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This video outlines the history of the accounting standard-setting process in the United States. This began with the Securities Act of 1933 and the Securities Exchange Act of 1934, which required publicly-traded firms to file extensive financial disclosures and created the Securities and Exchange Commission to regulate those disclosures. The SEC delegated the responsibility for creating accounting standards to a private organization, the Committee on Accounting Procedure, in 1939. The CAP was the standard-setter until 1959, when it was replaced by the Accounting Principles Board. The APB issued accounting standards until 1973, when it was replaced by the Financial Accounting Standards Board. The FASB has created a conceptual framework to guide the development of accounting standards, and in 2009 it codified the accounting standards to create a single level of GAAP. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 12850 Edspira
SEC Reporting Requirements | CPA Exam FAR
 
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Webiste: www.farhatlectures.com Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/ This recording cover the SEC reporting requirements.
SEC Role in Auditing | Auditing and Attestation | CPA Exam | P 8
 
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Understand the role of the Public Company Accounting Oversight Board and the effects of the Sarbanes–Oxley Act on the CPA profession. Triggered by the bankruptcies and alleged audit failures involving such companies as Enron and WorldCom, the Sarbanes–Oxley Act is considered by many to be the most important legislation affecting the auditing profession since the 1933 and 1934 Securities Acts. The provisions of the Act dramatically changed the relationship between publicly held companies and their audit firms. The Sarbanes–Oxley Act established the Public Company Accounting Oversight Board (PCAOB), appointed and overseen by the SEC. The PCAOB provides oversight for auditors of public companies; establishes auditing, attestation, and quality control standards for public company audits; and performs inspections of audit engagements as well as the quality controls at audit firms performing those audits. As a result of the 2010 Dodd-Frank financial reform legislation, auditors of brokers and dealers registered with the Securities and Exchange Commission are also required to register with the PCAOB, are subject to inspections, and must follow PCAOB auditing and attestation standards. The PCAOB conducts inspections of registered accounting firms to assess their compliance with the rules of the PCAOB and SEC, professional standards, and each firm’s own quality control policies. SEC, Securities and exchange commission, Securities Act of 1933, Securities Exchange act of 1934, Form S-1, Form 8-k, Form 10-k form 10-Q
SEC - The United States Securities And Exchange Commission
 
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What is SEC? The United States Securities and Exchange Comission was founded years and years ago to protect participants of the stock market. SEC offers services for investors and traders. You can use SEC EDGAR search to find financial information about any public stock. The United States Securities and Exchange Commission was create to protect participants of the stock market and to regulate buying and selling processess.
Views: 6714 Joyful Investor
Finance: What is the 1934 Securities And Exchange Act?
 
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What was the 1934 Securities and Exchange Act? Hit play to find out.
Views: 375 Shmoop
Financial Accounting Standards Board (FASB)
 
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This video describes the structure and role of the Financial Accounting Standards Board (FASB). The FASB is a nonprofit organization that creates accounting standards for companies in the United States. The FASB has seven board members that are appointed by the Financial Accounting Foundation, which oversees the FASB's activities. FASB board members serve a 5-year term and work for the FASB full-time (they must sever ties with their former employer). The FASB board members periodically issue a new accounting standard, which is referred to as an Accounting Standard Update (ASU) because it amends the Accounting Standard Codification (ASC). Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 12468 Edspira
The Securities Act of 1933 and the Securities Exchange Act of 1934
 
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This video discusses how the Securities Act of 1933 and the Securities Exchange Act of 1934 affected financial accounting in the United States. These acts created the Securities and Exchange Commission (SEC) and require publicly-traded companies to be registered with the SEC. Publicly-traded companies must file an annual report (the 10-K), a quarterly report (the 10-Q), and a report whenever there is a material event (the 8-K) such as a bankruptcy, change of ownership, etc. This significantly increased the regulation for public companies in the U.S. and increased protections for investors. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 9396 Edspira
Assurance, Non-Assurance, Audit and Attestation Services | Auditing and Attestation | CPA Exam
 
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Assurance services, non assurance services, attestation, reviews. An assurance service is an independent professional service that improves the quality of information for decision makers. Such services are valued because the assurance provider is independent and perceived as being unbiased with respect to the information examined. Individuals who are responsible for making business decisions seek assurance services to help improve the reliability and relevance of the information used as the basis for their decisions. Attestation Services One category of assurance services provided by CPAs is attestation services. An attestation service is a type of assurance service in which the CPA firm issues a report about a subject matter or assertion that is made by another party. Primary categories of attestation services include: Audit of historical financial statements Audit of internal control over financial reporting Review of historical financial statements Other attestation services that may be applied to a broad range of subject matter Audit of Historical Financial Statements In an audit of historical financial statements, management asserts that the financial statements are fairly stated in accordance with applicable U.S. or international accounting standards. An audit of these statements is a form of attestation service in which the auditor issues a written report expressing an opinion about whether the financial statements are fairly stated in accordance with the applicable accounting standards. These audits are the most common assurance service provided by CPA firms. Audits are designed to provide reasonable assurance that the financial statements are free of material misstatements. Reasonable assurance is a high, but not absolute level of assurance. This level of assurance is usually sufficient to meet the information needs of financial statement users. Much of this book is about how auditors design tests to provide this level of assurance, considering the client’s business and industry and risks of material misstatements in the financial statements. Publicly traded companies in the United States are required to have audits under the federal securities acts. Auditor reports can be found in all public companies’ annual financial reports. Most public companies’ audited financial statements can be accessed over the Internet from the Securities and Exchange Commission (SEC) EDGAR database or directly from each company’s Web site. Many privately held companies also have their annual financial statements audited to obtain financing from banks and other financial institutions. Government and not-for-profit entities often have audits to meet the requirements of lenders or funding sources. Audit of Internal Control over Financial Reporting For an audit of internal control over financial reporting, management asserts that internal controls have been developed and implemented following well established criteria. Section 404 of the Sarbanes–Oxley Act requires public companies to report management’s assessment of the effectiveness of internal control. The Act also requires auditors for larger public companies to attest to the effectiveness of internal control over financial reporting. This evaluation, which is integrated with the audit of the financial statements, increases user confidence about future financial reporting, because effective internal controls reduce the likelihood of future misstatements in the financial statements. Review of Historical Financial Statements For a review of historical financial statements, management asserts that the statements are fairly stated in accordance with accounting standards, the same as for audits. The CPA provides a lower level of assurance for reviews of financial statements compared to a high level for audits, therefore less evidence is needed. A review is often adequate to meet financial statement users’ needs. It can be provided by the CPA firm at a much lower fee than an audit because less evidence is needed. Many nonpublic companies use this attestation option to provide limited assurance on their financial statements without incurring the cost of an audit. Other Attestation Services CPAs provide numerous other attestation services. Typically, the CPA is engaged to provide written assurance about the reliability of an assertion made by management. Many of these services are natural extensions of the audit of historical financial statements, as users seek independent assurances about other types of information. For example, when a bank loans money to a company, the loan agreement may require the company to engage a CPA to provide assurance about the company’s compliance with the financial provisions of the loan. The company requesting the loan must assert the loan provisions to be attested to before the CPA can accumulate the evidence needed to issue the attestation report.
IFRS Summit 2010: Waiting for the Securities and Exchange Commission
 
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Watch the video to hear Sir David Tweedie's thoughts on the importance of the SEC's eventual decision regarding International Financial Reporting Standards (IFRS).
Views: 407 Deloitte US
What is GAAP?
 
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GAAP stands for Generally Accepted Accounting Principles; these are the standard and commonly accepted ways of recording and reporting accounting. GAAP is the acronym for generally accepted accounting principles. That means the basic accounting principles and guidelines such as the cost principle, matching principle, full disclosure, etc., the detailed standards and other rules issued by the Financial Accounting Standards Board and its predecessor the Accounting Principles Board, and generally accepted industry practices. GAAP must be adhered to when a company distributes its financial statements outside of the company. If a corporation's stock is publicly traded, the financial statements must also adhere to rules established by the overseeing governmental agency. This includes having its financial statements audited by an independent accounting firm. Accountants use generally accepted accounting principles to guide them in recording and reporting financial information. GAAP comprises a broad set of principles that have been developed by the accounting profession. In 2008, the Securities and Exchange Commission issued a preliminary "roadmap" that may lead the United States to abandon Generally Accepted Accounting Principles in the and to join more than 100 countries around the world instead in using the London-based International Financial Reporting Standard. The SEC expressed their aim to fully adopt International Financial Reporting Standards in the U.S. by 2014. With the convergence of the U.S. GAAP and the international IFRS accounting systems, as the highest authority over International Financial Reporting Standards, the International Accounting Standards Board is becoming more important in the United States. By Barry Norman, Investors Trading Academy
EY Partner: Slow Progress Toward Global Convergence on Accounting Standards
 
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Serena Wolfe, partner at professional services firm EY, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix. Wolfe commented on the possibility of reaching global convergence on accounting standards. “We as a firm are fully supportive of a single set of high-quality financial standards that are applied globally,” she said. “I think we are moving towards that.” Wolfe noted that if the Securities and Exchange Commission (SEC) decides to champion convergence, it is likely that it would seek more targeted convergence on specific standards, rather than a broader approach. “I think it will come, but it will be slow and a bit more specific,” Wolfe said. Meanwhile, Wolfe said both Mortgage and Equity REITs are likely to be impacted by upcoming amendments from the Financial Accounting Standards Board (FASB) concerning guidance on the impairment of financial instruments. The proposed amendments would introduce a new impairment model based on expected losses, rather than incurred losses. “Impairment is going to be very significant for Mortgage REITs because of the type of products they invest in,” Wolfe said. At the same time, Equity REITs are likely to have to make major changes to their systems and controls to adapt to the new rules, she said. 4/27/2015 | By Sarah Borchersen-Keto
Views: 637 Nareit1
The Resistance to Change from USGAAP to IFRS
 
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The purpose of this dissertation was to investigate the resistance to change from U.S. Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS). The study involved an in-depth examination of the technical similarities and differences that exist under GAAP and IFRS. The researcher selected a qualitative research method approach that involved triangulation of individual interviews and a focus group discussion. The focus group discussion provided a great advantage to the research study because the researcher was able to gather responses from several participants related to the issue under study at one time. Triangulation helped the researcher increase validity and reduce subjectivity in understanding the resistance to change from rules-based to principles-based standards. The number of countries that have officially adopted IFRS as a singular accounting language is 138 (IFRS Foundation, 2013). The Securities and Exchange Commission (SEC), the Financial Accounting Standard Board (FASB), and the International Accounting Standard Board (IASB) have determined that IFRS should be adopted optionally in the United States by 2016. The Results suggest IFRS should act as a singular accounting language, which will promote high transparency and a better economic position in the world financial market. Future research should focus on understanding the cross-cultural psychological effects of the adoption of principles-based and the relevance of corporate social responsibility by reshaping economic and global political forces.
Views: 514 Edel Lemus
Is the Securities Exchange Commission Effective? Arthur Levitt - Stocks, Investors (1995)
 
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Levitt was appointed to his first five-year term as Chairman of the SEC by President Clinton in July 1993 and reappointed in May 1998. He left the Commission on February 9, 2001, and was succeeded by Harvey Pitt. Levitt has said that he first learned of his being considered for the job from The Wall Street Journal. At the time Levitt came to the SEC, the Financial Accounting Standards Board (FASB) had proposed requiring companies to record stock options on their income statements, which split the accounting industry and was opposed by many in the American business community. According to a Merrill Lynch study, expensing stock options would have reduced profits among leading high-tech companies by 60% on average. Congress began to exert pressure on the FASB, and on May 3, 1994, the Senate, led by Democratic Senator Joe Lieberman, offered a non-binding resolution urging FASB not to adopt the proposed rule; the vote in favor was 88–9. Concerned that insensitivity to this sentiment in Congress might threaten FASB as an independent standard setter, Levitt urged the FASB to not go ahead with the rule proposal. He later said this "was probably the single biggest mistake I made in my years at the SEC."[6] In September 1998 at New York University, he gave a speech entitled "The Numbers Game". It addressed five ways in which corporations were managing earnings (big bath charges, creative acquisition accounting, cookie-jar reserves, materiality, revenue recognition). In his speech, Levitt advocated improving the transparency and comparability of financial statements. In 1997, the SEC under Levitt's leadership approved the exemption of some Enron partnerships from the tight accounting controls of the Investment Company Act of 1940. Without this exemption, critics maintain, the company would have been constrained by strict rules found in 1996 legislation that would have prohibited certain foreign investments and the shifting of debt to its foreign subsidiary shell companies. During Levitt's tenure at the SEC, he was widely viewed as a pro-investor advocate and received favorable press coverage. More recently he has come under criticism for failing to act against 1990s bull market abuses and not uncovering Bernard Madoff's Ponzi scheme. http://en.wikipedia.org/wiki/Arthur_Levitt The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. [3] The enforcement authority it received from Congress enables the SEC to bring civil enforcement actions against individuals or companies alleged to have committed accounting fraud, provided false information, or engaged in insider trading or other violations of the securities law. The SEC also works with criminal law enforcement agencies to prosecute individuals and companies alike for offenses that include a criminal violation. To achieve its mandate, the SEC enforces the statutory requirement that public companies submit quarterly and annual reports, as well as other periodic reports. In addition to annual financial reports, company executives must provide a narrative account, called the "management discussion and analysis" (MD&A), that outlines the previous year of operations and explains how the company fared in that time period. MD&A will usually also touch on the upcoming year, outlining future goals and approaches to new projects. In an attempt to level the playing field for all investors, the SEC maintains an online database called EDGAR (the Electronic Data Gathering, Analysis, and Retrieval system) online from which investors can access this and other information filed with the agency. Quarterly and semiannual reports from public companies are crucial for investors to make sound decisions when investing in the capital markets. Unlike banking, investment in the capital markets is not guaranteed by the federal government. The potential for big gains needs to be weighed against equally likely losses. Mandatory disclosure of financial and other information about the issuer and the security itself gives private individuals as well as large institutions the same basic facts about the public companies they invest in, thereby increasing public scrutiny while reducing insider trading and fraud. The SEC makes reports available to the public through the EDGAR system. The SEC also offers publications on investment-related topics for public education. The same online system also takes tips and complaints from investors to help the SEC track down violators of the securities laws. The SEC adheres to a strict policy of never commenting on the existence or status of an ongoing investigation. http://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission
Views: 395 Way Back
The Securities Exchange Act of 1934
 
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http://thebusinessprofessor.com/securities-exchange-act-of-1934/ The Securities Exchange Act of 1934
Extensible Business Reporting Language | Intermediate Accounting | XBRL | CPA Exam FAR
 
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Webiste: www.farhatlectures.com Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/ BRL (eXtensible Business Reporting Language) is a freely available and global standard for exchanging business information. XBRL allows the expression of semantic meaning commonly required in business reporting. The language is XML-based and uses the XML syntax and related XML technologies such as XML Schema, XLink, XPath, and Namespaces. One use of XBRL is to define and exchange financial information, such as a financial statement. The XBRL Specification is developed and published by XBRL International, Inc. (XII). XBRL is a standards-based way to communicate and exchange business information between business systems. These communications are defined by metadata set out in taxonomies, which capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning. Information being communicated or exchanged is provided within an XBRL instance. Early users of XBRL included regulators such as the U.S. Federal Deposit Insurance Corporation[2] and the Committee of European Banking Supervisors (CEBS).[3] Common functions in many countries that make use of XBRL include regulators of stock exchanges and securities, banking regulators, business registrars, revenue reporting and tax-filing agencies, and national statistical agencies. A wiki repository of XBRL projects is available to be freely explored and updated.[4] Within the last ten years, the Securities and Exchange Commission (SEC) in the United States, the United Kingdom's HM Revenue and Customs (HMRC), and Companies House, Singapore had begun to require companies to use it, and other regulators were following suit.[5] Development of the SEC's initial US GAAP Taxonomy was led by XBRL US and was accepted and deployed for use by public companies in 2008 in phases, with the largest filers going first: foreign companies which use International Financial Reporting Standards (IFRS) are expected to submit their financial returns to the SEC using XBRL once the IFRS taxonomy has been accepted by the SEC. In the UK in 2011, both HMRC and Companies House accepted XBRL in the iXBRL format. XBRL was adopted by the Ministry of Corporate Affairs (MCA) of India for filing financial and costing information with the Central Government.[6]
Financial Accounting Standards Board
 
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The Financial Accounting Standards Board is a private, non-profit organization whose primary purpose is to establish and improve generally accepted accounting principles within the United States in the public's interest. The Securities and Exchange Commission designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants' Accounting Principles Board on July 1, 1973. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
Views: 328 Audiopedia
Pounder: Yes, GAAP is the Bananas...
 
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the development and delivery of educational products and services for financial professionals. His areas of expertise include corporate financial reporting, the global convergence of financial reporting standards, and ethics in the accounting profession. Since founding Leveraged Logic in 1988, Bruce has presented accounting and finance seminars to thousands of professionals around the world. His seminar participants have come from the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Internal Revenue Service (IRS), each of the ten largest U.S. accounting firms, and many "Global 500" companies. Prior to founding his firm, Bruce worked for several global companies including Eastman Kodak, IBM, Pennzoil, and Exxon. Currently, he hosts "This Week in Accounting," an online seminar series conducted live in the CPEanywhere™ Virtual Classroom. Bruce is the author of the 2010 U.S. Master GAAP Guide (CCH) and the Convergence Guidebook for Corporate Financial Reporting (Wiley). He also writes the "IFRS in Perspective" blog, the monthly "Financial Reporting" column for Strategic Finance magazine, and other articles that regularly appear online and in print publications reaching hundreds of thousands of accounting and finance professionals.
Views: 617 CPA Trendlines
Public Company Accounting Oversight Board (PCAOB)
 
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The Public Company Accounting Oversight Board (PCAOB) was created by the Sarbanes-Oxley Act of 2002 to regulate the audit industry. Audit firms that have at least one publicly-traded client must register with the PCAOB, and their audits are subject to periodic inspections by the PCAOB. The PCAOB also creates auditing standards for audits of publicly-traded companies and has enforcement and disciplinary powers over auditing firms. The PCAOB has 5 board members who are appointed to 5-year terms by the Securities and Exchange Commission (SEC). The SEC also oversees the activities of the PCAOB. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 4877 Edspira
A Conversation with the SEC Chairman and Chief Accountant
 
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At the December 2017 AICPA Conference on Current SEC and PCAOB Developments, Center for Audit Quality Executive Director Cindy Fornelli moderated a conversation with US Securities and Exchange Commission (SEC) Chairman Jay Clayton and Chief Accountant Wesley R. Bricker. The wide-ranging discussion covered topics such as the state of the capital markets, the vital role of public company auditors and audit committees, implementation of new accounting standards, and the regulation of Bitcoin.
Views: 684 AICPA
GAAP, FASB Codification - CPA FAR Review
 
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Also available on: http://faithfulrunneredu.blogspot.com/2016/01/gaap-fasb-codification-cpa-far-review.html What is the composition of GAAP? Principles, methods, and procedures that are generally accepted by the accounting profession Majority of GAAP pronouncements are issued by which organization(s)? Principles, methods, and procedures that are generally accepted by the accounting profession Majority of GAAP pronouncements are issued by which organization(s)? * Committee on Accounting Procedure (CAP) * Accounting Principles Board (APB) * Financial Accounting Standards Board (FASB) What is the sole source of authoritative U.S. GAAP for nongovernmental entities, except for SEC guidance? The FASB Accounting Standards Codification How many levels of hierarchy does the Codification have? * One level * There is no hierarchy for GAAP What are the nonauthoritative GAAP? Accounting and financial reporting practices EXCLUDED from the Codification. What is the purpose of the Codification? To compile GAAP in an structured electronic form, organized by major area and topic. What does the Codification exclude? * Other Comprehensive Basis of Accounting * Cash Basis * Income Tax Basis * Regulatory Accounting Principles * NOT limited to above __________________________________________________________________________________________________________________________________ Why Ford Is A Solid Investment x-men days of future past trailer __________________________________________________________________________________________________________________________________ Financial accounting and reporting is concerned with providing relevant information to investors and creditors (and other parties) for the purpose of making informed resource allocation decisions. These decisions are, in the main, whether to invest in a firm or to lend money to it. Financial information is disseminated in many forms including news releases, prospectuses for future securities offerings, filings with the Securities and Exchange Commission (SEC), and annual reports to shareholders. Financial statements are the culmination of the accounting process and represent the most comprehensive financial information disclosures made by firms. The footnotes and other textual and tabular information provide supplementary information and help to explain the amounts disclosed in those statements. To ensure that financial reporting meets these objectives, a set of reporting rules called GAAP has been created. GAAP primarily address three aspects of financial reporting. GAAP affects what is disclosed in financial statements and in what amount. For example, GAAP requires that many assets be reported at their historical cost, rather than at current market value. Without a relatively uniform set of GAAP, business entities would be free to report whatever amounts they desired. The FASB is currently the standard-setting body in the United States. The Securities and Exchange Commission (SEC) is the federal government agency that administers the securities laws of the U.S. These laws affect firms that issue debt and equity securities to the public. Such firms register with the SEC and are called "registrants." The financial statements of these firms must be filed with the SEC and must be audited by independent third parties (CPA firms). The American Institute of Certified Public Accountants (AICPA) is the national professional organization for practicing CPAs and has had a great impact on accounting principles over the years. The mission of the AICPA is to provide its members with resources, information, and leadership so that they may in turn provide valuable services for the benefit of their clients, employers, and the general public. The FASB is one of three parts of the current accounting standard-setting mechanism in the U.S. The other two are the Financial Accounting Foundation (FAF) - the parent body, and the Financial Accounting Standards Advisory Council (FASAC): 1. FAF - appoints the members of the FASB and its advisory councils, ensures adequate funding for the FASB, and exercises oversight over the FASB. Funding sources include fees levied on publicly traded firms under the Sarbanes-Oxley Act, contributions, and publication sales. The trustees of the FAF are appointed from organizations with an interest in accounting standards. 2. FASB - establishes financial accounting standards for business entities. The FASB is an independent body, subject only to the FAF. 3. FASAC - provides guidance on major policy issues, project priorities, and the formation of task forces. Former East German First Lady Margot Honecker Dies in Chile
Views: 5692 Faithful Runner
Impact of Lease Accounting Standard Unclear, PwC Partner Says
 
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Tom Wilkin, partner at PwC, joined REIT.com for a video interview at REITWise 2016: NAREIT’s Law, Accounting and Finance Conference at the Marriott Marquis in Washington, D.C. Wilkin discussed the impact of the Financial Accounting Standards Board’s (FASB) new lease accounting standard. Issued in February, the new standard will not have a significant impact on lessors, Wilkin said: “Landlords are to a large extent unaffected.” The impact on lessees, however, is less clear, he said. Specifically, it could change their general approach to negotiating leases, according to Wilkin. According to Wilkin, FASB and the Securities and Exchange Commission (SEC) targeted lease accounting as an area where there were significant off-balance sheet transactions and potential abuses. “They viewed those as a significant issue that had to be fixed,” he said. Meanwhile, Wilkin commented on FASB’s credit impairment standard, which is reaching the final stages of completion. The standard will alter how entities measure and recognize credit impairment for certain financial assets. FASB’s standard is looking at more of a lifetime loss model, according to Wilkin. This is addressing the biggest concern the SEC had, which is the perception that financial institutions were too slow in recognizing losses in the heat of the 2008 downturn, according to Wilkin. Property REITs are probably not going to feel much impact from the new standard, Wilkin said. However, mortgage REITs connected to higher-risk securities will have more of an issue, according to Wilkin. 4/15/2016 | By Sarah Borchersen-Keto
Views: 325 Nareit1
Chairman Schapiro's Opening Statement at Open Meeting on Global Accounting Standards
 
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Chairman Schapiro's Opening Statement at Open Meeting on Global Accounting Standards on February 24, 2010.
Securities and Exchange Commission Orders Jay-Z to Appear in Court
 
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Securities and Exchange Commission Orders Jay-Z to Appear in Court On Thursday, the SEC announced it is investigating Iconix Brand Group Inc., which acquired Jay-Z’s retail company, Rocawear, for $200 million in 2007. The commission believes Iconix has violated federal securities laws regarding its financial reporting on the clothing brand. The SEC said it sent Jay-Z, born Shawn Carter, two subpoenas, one in November and the other in February, for which he failed to appear. Securities and Exchange Commi
Reporting Cash Flows | Principles of Accounting
 
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Learn all about reporting cash flows in just a few minutes! Fabio Ambrosio, CPA, instructor of accounting at the Central Washington University, explains the purpose of the statement of cash flows, regulations and standards governing its creation, oversight organizations including the Securities and Exchange Commission (SEC) and Financial Accounting Standards Board (FASB), and overviews of direct and indirect methods for preparing it.This video is part of a complete, condensed Principles of Accounting series presented in short, digestible summaries. Access the free study guides for Principles of Accounting here: https://www.coursehero.com/sg/principles-of-accounting/ Course Hero's Principles of Accounting video series covers the essentials of introductory accounting. Our short digest covers everything you need to know about the accounting cycle, accounting systems and controls, accounting for receivables and long-term assets, accounting for liabilities and equities, entity organizations and business analysis. The video series begins with an introduction to Generally Accepted Accounting Principles (GAAP) and an exploration of accounting systems. It continues with an exploration of journalizing, trial balances, and the adjusting process that leads to the creation of the four major financial statements companies produce: income statement, statement of owner’s equity, balance sheet and statement of cash flows. Along the way, you'll learn about: • GAAP and other legal requirements for accounting and reporting • The Accounting Equation • Single-Step and Multiple-Step Financial Statements • Double-Entry and Manual Accounting Systems • The General Ledger and Chart of Accountings • Trial balances and the adjusting process • Ethical standards in accounting The series continues by providing a deeper understanding of how entities employ accounting principles, including: • Accounting for merchandising businesses, including inventory costing methods and systems • Internal and cash controls • Accounting for receivables and long-term assets • Accounting for current liabilities and payroll, long-term liabilities and investments • Categories of businesses and the four types of business entities • Corporate annual reports Finally, the Principles of Accounting crash course includes a primer on business analysis tools, including preparation of a statement of cash flows and the uses ratio analysis. Additional concepts we cover in these quick videos include: accounts payable, accrual basis accounting, cash basis accounting, Financial Accounting Standards Board (FASB), periodic and perpetual inventory systems, horizontal analysis, vertical analysis, liquidity analysis, matching principle, proprietorship, limited liability company (LLC), partnerships, operating income, Sarbanes-Oxley Act (SOX), subsidiary ledgers and single-step income statements. Explore Course Hero’s collection of free Business and Accounting Study Guides here: https://www.coursehero.com/sg/ About Course Hero: Course Hero helps empower students and educators to succeed! We’re fueled by a passionate community of students and educators who share their course-specific knowledge and resources to help others learn. Learn more at http://www.coursehero.com. Master Your Classes with Course Hero! Get the latest updates: Facebook: https://www.facebook.com/coursehero Twitter: https://twitter.com/coursehero
Views: 30 Course Hero
The SEC's Investment Company Reporting Modernization Rules and Forms: What You Need to Know
 
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The U.S. Securities and Exchange Commission (SEC) recently adopted sweeping new rules and forms to modernize reporting for registered investment companies (funds). The new requirements will dramatically increase the quantity and type of information that funds will provide to the SEC and investors. This webinar examines key components of the new requirements, as well as highlight issues raised by this new reporting regime, and how the new rules and forms may reflect the SEC’s future policy and examination priorities.
Views: 937 Dechert LLP
After the SEC XBRL mandate: What's next for IFRS filers?
 
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On March 1, 2017 the U.S. SEC published the IFRS Taxonomy on its website and, consequently, launched a mandate for IFRS companies to submit XBRL files for periodic financial reporting. This XBRL requirement will be mandatory for IFRS financial statements with fiscal periods ending on or after December 15, 2017. Here's what filers must know.
Views: 379 Merrill Corporation
GAAP, SEC, AICPA Role in Accounting Governance | Financial Accounting | CPA Exam FAR | Ch 1 P 2
 
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This video discusses the role of SEC, AICPA in setting the accounting standards generally accepted accounting principles GAAP. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]
Generally Accepted Accounting Principles (United States)
 
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Generally Accepted Accounting Principles, USA GAAP or GAAP stands for "generally accepted accounting principles". Although the U.S. Securities and Exchange Commission (SEC) has stated that it intends to move from US GAAP to the International Financial Reporting Standards (IFRS), they differ considerably from GAAP and progress has been slow and uncertain. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
Views: 5030 Audiopedia
financial reporting 101, understanding financial reporting basics and fundamentals
 
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financial reporting 101, understanding financial reporting basics and fundamentals. Financial reporting is a vital part of corporate governance. In this lesson, you'll learn what financial reporting is, its primary components, its purpose, and be provided with some examples. Financial Reporting Defined: Financial reporting involves the disclosure of financial information to management and the public (if the company is publicly traded) about how the company is performing over a specific period of time. Financial reports are usually issued on a quarterly and annual basis. This is different from management reporting, which is financial information that is disclosed to those inside the company to be used to make decisions within the company. Financial reports are included in a public company's annual report. Purpose: Financial reporting serves two primary purposes. First, it helps management to engage in effective decision-making concerning the company's objectives and overall strategies. The data disclosed in the reports can help management discern the strengths and weaknesses of the company, as well as its overall financial health. Second, financial reporting provides vital information about the financial health and activities of the company to its stakeholders including its shareholders, potential investors, consumers, and government regulators. It's a means of ensuring that the company is being run appropriately. You should note that if a company is publicly traded, it is subject to some very strict reporting regulations enforced by the Securities and Exchange Commission (SEC). Financial Statements and Analysis Let's take a look at the primary financial statements used in financial reporting and what each will tell you about the company. A balance sheet is a snapshot of what the company owns and how it financed what it owns, through borrowing or through the company owners' investments. Now, let's look at it in a more technical sense. A balance sheet is based on the standard accounting model: Assets = Liabilities + Equity. The balance sheet breaks down these components and reports the company's assets, liabilities, and equity.
Financial Accounting Standards Advisory Council Meeting - Friday March 29, 2019
 
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Topics: The Advisory Council will meet to discuss: 1. Conceptual Framework 2. Accounting for highly inflationary economies 3. Implementation of major standards. The Advisory Council also will hear highlights from: 1. The FASB chairman 2. A representative of the Securities and Exchange Commission’s Office of the Chief Accountant 3. A representative of the Public Company Accounting Oversight Board’s Office of the Chief Auditor
SEC & PCAOB Independence Requirements
 
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Please like our Facebook page at https://www.facebook.com/rutgersweb To watch the entire video, go to https://www.youtube.com/watch?v=4gTHpGD1PCg Course Summary: Introduction to the principles and concepts of the audit as an attestation service offered by the accounting profession. Primary emphasis is placed on Generally Accepted Auditing Standards, the role of the CPA/auditor in evidence collection, analytical review procedures and reporting, the CPA/auditor's ethical and legal responsibilities, the role of the Securities and Exchange Commission as well as other constituencies. Audit testing, including statistical sampling, internal control issues, and audit programs are discussed. -- Description: There are different auditing standards for public and nonpublic entities. AICPA Statements on Auditing Standards says that for the audits of public entities, standards issued by the auditing standards board prior to April 2003 not amended or superseded by PCAOB standards (interim standards). For audits of nonpublic entities, all current standards issued by Auditing Standards Board (ASB) apply. The PCAOB Auditing Standards does not deal with the audits of nonpublic entities. For audits of public entities, they state that all current standards issued by the PCAOB apply. Generally accepted auditing standards identify the necessary qualifications and characteristics of auditors and guide the conduct of the audit. The purpose of GAAS is to achieve the following objectives of an audit examination: (1) to obtain reasonable assurance about whether financial statements are free of material misstatement and (2) to report on the financial statements and communicate in accordance with auditor's findings. The responsibilities principle states that an auditor must have competence and capabilities (experience and expertise), independence (independence in fact vs. independence in appearance and financial/managerial relationships), due care (level of performance by reasonable auditor in similar circumstances), and professional skepticism and judgment (skepticism is appropriate for questioning and critical assessment of evidence and judgment is application of training, knowledge, and experience in making informed decisions during the audit). The value of auditing depends heavily on the public's perception of the independence of auditors. A member in public practice shall be independent in the performance of professional services. All covered members are prohibited from owning any direct investments in audit clients. Covered members are individuals on the attest engagement team, individuals in a position to influence the attest engagement, a partner or manager who provides non attest services to the attest client beginning once he or she provides 10 hours of non attest services, a partner in the office in which the lead attest engagement partner primarily practices in connection with the attest engagement, the firm, including the firm's employee benefit plan, and an entity whose operating, financial, or accounting policies can be controlled by any of the individuals or entities described above or by two or more such individuals or entities if they act together. There are several prohibited financial relationships. Direct prohibited financial relationships occur when a covered member has a financial interest in an attest client, such as ownership of stock or a loan to or from the client. A material indirect relationship occurs when a covered member has a financial interest in an entity that is associated with an attest client, for example an investment in a mutual fund that owns the client's stock. An exception to this is certain types of personal loans from financial institutions who are clients are permitted. The independence of a CPA is impaired if the CPA performs a managerial or other significant role for a client's organization during the time period covered by an attest engagement. A firm's independence will be considered to be impaired with respect to a client if a partner or professional employee leaves the firm and is subsequently employed by a client in a key position. The Sarbanes-Oxley Act and several SEC provisions address auditor independence. Prohibited services include bookkeeping and other accounting services, financial information systems design and implementation, appraisal or valuation services, actuarial services, internal audit outsourcing, management of human resource functions, broker, dealer, or investment adviser or investment banker services, legal and expert services unrelated to the audit, and any other service that the PCAOB determines by regulation is impermissible. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
FMN: The SEC Speaks - From GAAP to Non-GAAP
 
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FMN March 2017 - Segment 2 Wes Brinker on Internal Control over Financial Reporting (ICFR) As part of its mission, the SEC's Office of Chief Accountant ensures that financial statements are presented fairly. Despite our coverage earlier this year, you may be surprised to learn that the Securities and Exchange Commission is not "anti-non-GAAP." In his presentation on recent initiatives to enhance the transparency and relevancy of financial reporting, Wesley Bricker - the SEC's Chief Accountant - insists that non-GAAP metrics must supplement, rather than supplant, GAAP performance measures. Learn more about this class at https://ecampus.smartpros.com/modules/Catalog/CourseDetails.aspx?CourseGroupID=2476&productgroupid=19229
Views: 64 SmartPros Ltd.
Series 7 Exam Session 4 - SEC Regs
 
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Session 4 in our Series 7 exam videos. Provides an overview of SEC Regulations covered in the exam. Get more answers at our forum for finance and accounting at passingscoreforum.com
Views: 24792 Passing Score
SEC Financial Reporting and Requirements
 
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Including IFRS Financial Statement Checklist for SMEs
Views: 877 Niccoi Reyes
What are Generally Accepted Accounting Principles?
 
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What are Generally Accepted Accounting Principles? Generally Accepted Accounting Principles, also called GAAP or US GAAP, is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC has stated that it intends to move from US GAAP to the International Financial Reporting Standards (IFRS), the latter differ considerably from GAAP and progress has been slow and uncertain. The Financial Accounting Standards Board (FASB) has published US GAAP in Extensible Business Reporting Language (XBRL) beginning in 2008. History: Auditors took the leading role in developing GAAP for business enterprises. Accounting standards have historically been set by the American Institute of Certified Public Accountants (AICPA) subject to Securities and Exchange Commission regulations. The AICPA first created the Committee on Accounting Procedure in 1939 and replaced that with the Accounting Principles Board in 1959. In 1973, the Accounting Principles Board was replaced by the Financial Accounting Standards Board (FASB) under the supervision of the Financial Accounting Foundation with the Financial Accounting Standards Advisory Council serving to advise and provide input on the accounting standards. Other organizations involved in determining United States accounting standards include the Governmental Accounting Standards Board (GASB), formed in 1984; and the Federal Accounting Standards Advisory Board (FASAB), formed in 1990. Circa 2008, the FASB issued the FASB Accounting Standards Codification, which reorganized the thousands of US GAAP pronouncements into roughly 90 accounting topics. ………………………………………………………………………………….. Sources: Text: Text of this video has been taken from Wikipedia, which is available under the Creative Commons Attribution-ShareAlike License
Views: 101 Free Audio Books
SEC fines KPMG $50 million for cheating, calls misconduct "astonishing"
 
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The U.S. Securities and Exchange Commission on Monday charged accounting firm KPMG with illegally getting sneak peaks at regulators' plans to review its work before making changes to remove potential issues.The SEC also alleges KPMG auditors cheated on the auditing firm's training exams, calling its ethical failures "simply unacceptable."KPMG admitted wrongdoing and will pay a $50 million penalty to settle the charges as the SEC continues to investigate the auditing firm. KPMG, one of the big four accounting firms that Wall Street and the public rely on to audit public companies, seemingly is not so good at auditing itself. The company is paying $50 million to the U.S. Securities and Exchange Commission to settle allegations former employees got an illegal look at regulators' plans to review its work and KPMG auditors cheated on the company's training exams. The SEC on Monday charged KPMG with altering past audit work after getting stolen information about inspections of the firm to be conducted by the Public Company Accounting Oversight Board. Additionally, "numerous KPMG audit professionals cheated on internal training exams by improperly sharing answers and manipulating test results," the SEC said in a statement. "High-quality financial statements prepared and reviewed in accordance with applicable accounting principles and professional standards are the bedrock of our capital markets. KPMG's ethical failures are simply unacceptable," SEC Chairman Jay Clayton stated. "The breadth and seriousness of the misconduct at issue here is, frankly, astonishing," Steven Peikin, co-director of the SEC's Enforcement Division, added. According to an SEC order, former senior members of KPMG's Audit Quality and Professional Practice Group "improperly obtained and used confidential information" from 2015 to 2017 held by the government's Public Company Accounting Oversight Board, which the SEC oversees. The firm's employees wanted the information because KPMG "had experienced a high rate of audit deficiency findings in prior PCAOB inspections and had made improving its inspection results a priority," the SEC noted. After getting a secret list, the firm's executives would then revise audit work documents to lessen the likelihood that "the PCAOB would find deficiencies," according to the regulator. Lessons learned? In addition to paying a $50 million penalty, KPMG acknowledged wrongdoing and agreed to retain an independent consultant to review and assess its ethics and integrity controls and its compliance with various undertakings. On its website, KPMG describes its ethical culture as one "where everyone embraces a sense of personal responsibility for doing the right thing in the right way." In an emailed statement to CBS MoneyWatch, KPMG declared: "Integrity and quality remain our focus, as always. The foundation of our role as auditors and advisers is trust. We have learned important lessons through this experience and we are a stronger fi
Downloading financial statements in Excel format from SEC EDGAR database
 
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This video shows how the financial statements of the US companies could be downloaded in an Excel file format from the SEC EDGAR database.
Views: 3707 Finance with Mohan
What is EARNINGS MANAGEMENT? What does EARNINGS MANAGEMENT mean?
 
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What is EARNINGS MANAGEMENT? What does EARNINGS MANAGEMENT mean? EARNINGS MANAGEMENT meaning - EARNINGS MANAGEMENT definition - EARNINGS MANAGEMENT explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license Earnings management, in accounting, is the act of intentionally influencing the process of financial reporting to obtain some private gain. Earnings management involves the alteration of financial reports to mislead stakeholders about the organization's underlying performance, or to "influence contractual outcomes that depend on reported accounting numbers." Earnings management has a negative effect on earnings quality, and may weaken the credibility of financial reporting. Furthermore, in a 1998 speech Securities and Exchange Commission chairman Arthur Levitt called earnings management "widespread". Despite its pervasiveness, the complexity of accounting rules can make earnings management difficult for individual investors to detect. Earnings management is believed to be widespread. A 1990 report on earnings management situations stated that "short-term earnings are being managed in many, if not all companies", and in a 1998 speech, Securities and Exchange Commission (SEC) chairman Arthur Levitt called earnings management a "widespread, but too little-challenged custom". In a 2013 essay, Ray Ball, while opining that accounting research was not reliably documenting earnings management, wrote: "Of course earnings management goes on. People have been tried and convicted." The SEC has criticized earnings management as having adverse consequences for financial reporting, and for masking "the true consequences of management's decisions". It has called on standard-setters to make changes to accounting standards to improve financial statement transparency, and has called for increased oversight over the financial reporting process. The SEC has also pressed charges against the management of firms involved in fraudulent earnings management. Earnings management involves the manipulation of company earnings towards a pre-determined target. This target can be motivated by a preference for more stable earnings, in which case management is said to be carrying out income smoothing. Opportunistic income smoothing can in turn signal lower risk and increase a firm's market value. Other possible motivations for earnings management include the need to maintain the levels of certain accounting ratios due to debt covenants, and the pressure to maintain increasing earnings and to beat analyst targets. Earnings management may involve exploiting opportunities to make accounting decisions that change the earnings figure reported on the financial statements. Accounting decisions can in turn affect earnings because they can influence the timing of transactions and the estimates used in financial reporting. For example, a comparatively small change in the estimates for uncollectible accounts can have a significant effect on net income, and a company using last-in, first-out accounting for inventories can increase net income in times of rising prices by delaying purchases to future periods. Earnings management may be difficult for individual investors to detect due to the complexity of accounting rules, although accounting researchers have proposed several methods. For example, research has shown that firms with large accruals and weak governance structures are more likely to be engaging in earnings management. More recent research suggested that linguistics-based methods can detect financial manipulation, for example studies in 2012 found that whether a subsequent irregularity or deceptive restatement occurred is related to the linguistics used by top management in earnings conference calls.
Views: 5217 The Audiopedia
PCAOB Role in Auditing | Auditing and Attestation | CPA Exam
 
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Understand the role of the Public Company Accounting Oversight Board and the effects of the Sarbanes–Oxley Act on the CPA profession. Triggered by the bankruptcies and alleged audit failures involving such companies as Enron and WorldCom, the Sarbanes–Oxley Act is considered by many to be the most important legislation affecting the auditing profession since the 1933 and 1934 Securities Acts. The provisions of the Act dramatically changed the relationship between publicly held companies and their audit firms. The Sarbanes–Oxley Act established the Public Company Accounting Oversight Board (PCAOB), appointed and overseen by the SEC. The PCAOB provides oversight for auditors of public companies; establishes auditing, attestation, and quality control standards for public company audits; and performs inspections of audit engagements as well as the quality controls at audit firms performing those audits. As a result of the 2010 Dodd-Frank financial reform legislation, auditors of brokers and dealers registered with the Securities and Exchange Commission are also required to register with the PCAOB, are subject to inspections, and must follow PCAOB auditing and attestation standards. The PCAOB conducts inspections of registered accounting firms to assess their compliance with the rules of the PCAOB and SEC, professional standards, and each firm’s own quality control policies.
CPA questions FAR | SEC Reporting | Intermediate Accounting
 
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CPA questions,cpa exam,intermediate accounting,FASB Accounting standard Updates,cpa questions and answers,cpa questions for free,cpa questions and answers free,cpa questions sample,cpa exam preparation,cpa exam questions,cpa exam review,cpa exam 2018,cpa exam tips
Pounder: The Small Biz/Small Firm Advantage
 
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Bruce Pounder is President of Leveraged Logic™, a leader in the development and delivery of educational products and services for financial professionals. His areas of expertise include corporate financial reporting, the global convergence of financial reporting standards, and ethics in the accounting profession. Since founding Leveraged Logic in 1988, Bruce has presented accounting and finance seminars to thousands of professionals around the world. His seminar participants have come from the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Internal Revenue Service (IRS), each of the ten largest U.S. accounting firms, and many "Global 500" companies. Prior to founding his firm, Bruce worked for several global companies including Eastman Kodak, IBM, Pennzoil, and Exxon. Currently, he hosts "This Week in Accounting," an online seminar series conducted live in the CPEanywhere™ Virtual Classroom. Bruce is the author of the 2010 U.S. Master GAAP Guide (CCH) and the Convergence Guidebook for Corporate Financial Reporting (Wiley). He also writes the "IFRS in Perspective" blog, the monthly "Financial Reporting" column for Strategic Finance magazine, and other articles that regularly appear online and in print publications reaching hundreds of thousands of accounting and finance professionals.
Views: 114 CPA Trendlines
SEC Chair: SEC still studies public company reporting requirements
 
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CNBC's Bob Pisani reports on a statement from SEC Chairman Jay Clayton following President Trump's tweet about asking the regulator to study six-month earnings reports over the current quarterly release cycle.
Views: 189 CNBC Television
Why US Investors Should Watch China Accounting Clash
 
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The US and China may be headed for a clash over, of all things, accounting. Earlier this month, the US Securities and Exchange Commission charged the Chinese affiliates of the top five accounting firms with violating US securities law. That's because they refused to give the SEC audit work papers for 9 Chinese companies listed in the US that the SEC is investigating for fraud. The accounting firms refused to give the SEC work audit papers because if they did, they would violate China's state secrets laws. If this issue continues to escalate, Chinese companies could be forced to delist in US stock markets. And that would be bad news for the companies, but especially for their US investors.
Views: 752 NTDonChina
Dangers Of Fraudulent Business Data -- Now The SEC Take Action
 
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Follow us on TWITTER: http://twitter.com/cnforbiddennews Like us on FACEBOOK: http://www.facebook.com/chinaforbiddennews It is reported that on suspicion of fraudulent accounting practices of nine U.S.-listed Chinese companies, the powerful Securities and Exchange Commission (SEC) demanded that the Big Four release the audit information of their clients. However, the Big Four refused to present the data about companies based in China and listed in the U.S., saying they endeavored to comply with Chinese secrecy laws. A U.S. SEC judge has decided that the Chinese units of the Big Four accountants should be suspended from auditing. The Big Four are Deloitte, Ernst & Young, KPMG and PwC, the four largest professional accounting firms in the world On January 23, the U.S. SEC decided to suspend the Chinese branches of the Big Four for six months. The reason is that the Big Four refused to provide work papers of the audits to the SEC for conducting investigations of suspected financial fraud of US-listed Chinese companies. Beijing CPA, Du Yanlin, once an audit manager of overseas-listed Sinopec, suspects the problem lies in the audit papers. Du Yanlin, Beijing CPA: "Take Sinopec for example. If Sinopec is suspected of fraud, it is questionable if any fraud would show in the audit. It is very hard to trace it because they might manipulate the data through other ways There also might be some clues in paperwork. The Big Four could have deleted the clues during the audit as long as it does not violate the principles. However, the SEC does not believe so." The Big Four handle the vast majority of audits for large international companies in their Chinese subsidiaries. The vast majority of US-listed Chinese companies also choose the Big Four as their auditing agencies in order to gain the trust of the SEC. Shanghai Securities News speculate that the six month suspension will result in a change of audit services of international Chinese companies. More than 200 US-listed Chinese companies will also make the switch. This is evidently causing tremendous losses to those Chinese companies in the process of being listed in the US. Lee Li, Former PwC CPA: "The financial statements of listed companies are open to the public. It helps investors and creditors to assess the business. In general, audited financial statements are relatively credible. Fraudulent financial statements often mislead investors." Arthur Andersen was once the world's largest accounting firm. Its fraudulent practices and obstruction of justice finally discredited the company and turned the Big Five into the Big Four. The BBC Chinese report pointed out the skepticism of the data the Chinese companies have presented. To cut taxes or receive tax credits, false sales and profits are generally reported. The official data may also be altered for political purposes. WSJ reported that at least 130 such companies encountered questions about their accounting or disclosures, starting around 2010. Many of the companies had gained access to U.S. markets through "reverse mergers." The long arm of the SEC has filed about 20 lawsuits and administrative proceedings against various Chinese companies and their executives over the past two years, alleging a variety of fraudulent practices. That wave of alleged problems caused the companies' stocks to plunge, costing U.S. investors billions of dollars on paper. Since 2011, the SEC have since clamped down on the use of reverse mergers to get onto U.S. exchanges. The Big Four's refusal to cooperate with the request to share papers for relevant investigation has resulted in the SEC's administrative proceeding against them, reported the WSJ. The Big Four argue that they tried to comply with Chinese secrecy laws. Du Yanlin: "The Big Four could have resisted the SEC with the official support of the communist regime, and considerations for the aspect of business in China. The communist regime is a complex Government, with too many secrets, not necessarily trade secretes , but many more besides." The Big Four are preparing to appeal. Du Yanlin indicates that if it were in China, any audit firm, including the Big Four, would have to comply and cooperate unconditionally. 《神韵》2014世界巡演新亮点 http://www.ShenYunPerformingArts.org/
Views: 142 ChinaForbiddenNews
CFAP BFD L04
 
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Institute of Chartered Accountants of Pakistan ICAP study material for CFAP (CA Final) Level. Subject : Business Finance Decision BFD Institute of Chartered Accountants of Pakistan, Study Material, Chartered Accountancy, Education, CA, CA Pakistan, ICAP, IFRS, IASs, Accounting, Reporting, Classes, Online Lectures, IASB, CA Final, International Accounting Standards, International Financial Reporting Standards, CFAP, CAF, AFC, Intermediate, Graduation, CSS, ACCA, ICMAP, Accounting and Financial Reporting, Financial Reporting, Taxation, Business Assurance, Tax Planning, Tax Compliance, Securities and Exchange Commission of Pakistan, FBR, SECP, Tax House, RTO, Internal Audit, Advisory Services, Informational Technology, Business Advisory, Mergers and acquisitions, Privatisation advice, Financial due diligence, Bid support and bid defense services, Structuring services, Valuations, Independent opinions, Corporate Advisory Services, Strategic Solutions, Development Advisory, Fund Management, Financial Monitoring, Pre-award Assessment, Program Assessment, Monitoring and Evaluation, Grants Advisory Services, Organizational Capacity Assessment, Value for Money Analysis, Financial statements audit, IFRS reporting, Regulatory compliance and reporting, Sarbanes-Oxley compliance, Corporate reporting improvement, Independent controls & systems process assurance, ERP implementation services, Post Implementation Reviews   Institute of Chartered Accountants of Pakistan, Study Material, Chartered Accountancy, Education, CA, CA Pakistan, ICAP, Online Lectures, CA Final, CFAP, CAF, AFC, Graduation, CSS, ICMAP, ACCA, Taxation, , Tax Planning, Tax Compliance, FBR, Tax House, RTO, Khalid petiwala lectures, tax lectures ___ Uploaded by MUHAMMAD ADIL HUSSAIN ======================================= Please subscribe to this channel for more videos * click * https://www.youtube.com/c/muhammadadilhussain * ======================================= Follow me on facebook click https://www.facebook.com/madil.hussain.7 * ======================================= Visit my website https://madilhussain.wordpress.com/ * ======================================= Visit my website for professional issues. https://www.taxaam.com ======================================= #Muhammad_Adil_Hussain, #Top_Trending, #WhatsApp_Status
Pounder: Be Relevant, Visible, Distinctive
 
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Bruce Pounder is President of Leveraged Logic™, a leader in the development and delivery of educational products and services for financial professionals. His areas of expertise include corporate financial reporting, the global convergence of financial reporting standards, and ethics in the accounting profession. Since founding Leveraged Logic in 1988, Bruce has presented accounting and finance seminars to thousands of professionals around the world. His seminar participants have come from the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Internal Revenue Service (IRS), each of the ten largest U.S. accounting firms, and many "Global 500" companies. Prior to founding his firm, Bruce worked for several global companies including Eastman Kodak, IBM, Pennzoil, and Exxon. Currently, he hosts "This Week in Accounting," an online seminar series conducted live in the CPEanywhere™ Virtual Classroom. Bruce is the author of the 2010 U.S. Master GAAP Guide (CCH) and the Convergence Guidebook for Corporate Financial Reporting (Wiley). He also writes the "IFRS in Perspective" blog, the monthly "Financial Reporting" column for Strategic Finance magazine, and other articles that regularly appear online and in print publications reaching hundreds of thousands of accounting and finance professionals.
Views: 39 CPA Trendlines
Auditing Standards for Public and Nonpublic Entities
 
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Please like our Facebook page at https://www.facebook.com/rutgersweb To watch the entire video, go to https://www.youtube.com/watch?v=4gTHpGD1PCg Course Summary: Introduction to the principles and concepts of the audit as an attestation service offered by the accounting profession. Primary emphasis is placed on Generally Accepted Auditing Standards, the role of the CPA/auditor in evidence collection, analytical review procedures and reporting, the CPA/auditor's ethical and legal responsibilities, the role of the Securities and Exchange Commission as well as other constituencies. Audit testing, including statistical sampling, internal control issues, and audit programs are discussed. -- Description: There are different auditing standards for public and nonpublic entities. AICPA Statements on Auditing Standards says that for the audits of public entities, standards issued by the auditing standards board prior to April 2003 not amended or superseded by PCAOB standards (interim standards). For audits of nonpublic entities, all current standards issued by Auditing Standards Board (ASB) apply. The PCAOB Auditing Standards does not deal with the audits of nonpublic entities. For audits of public entities, they state that all current standards issued by the PCAOB apply. Generally accepted auditing standards identify the necessary qualifications and characteristics of auditors and guide the conduct of the audit. The purpose of GAAS is to achieve the following objectives of an audit examination: (1) to obtain reasonable assurance about whether financial statements are free of material misstatement and (2) to report on the financial statements and communicate in accordance with auditor's findings. The responsibilities principle states that an auditor must have competence and capabilities (experience and expertise), independence (independence in fact vs. independence in appearance and financial/managerial relationships), due care (level of performance by reasonable auditor in similar circumstances), and professional skepticism and judgment (skepticism is appropriate for questioning and critical assessment of evidence and judgment is application of training, knowledge, and experience in making informed decisions during the audit). The value of auditing depends heavily on the public's perception of the independence of auditors. A member in public practice shall be independent in the performance of professional services. All covered members are prohibited from owning any direct investments in audit clients. Covered members are individuals on the attest engagement team, individuals in a position to influence the attest engagement, a partner or manager who provides non attest services to the attest client beginning once he or she provides 10 hours of non attest services, a partner in the office in which the lead attest engagement partner primarily practices in connection with the attest engagement, the firm, including the firm's employee benefit plan, and an entity whose operating, financial, or accounting policies can be controlled by any of the individuals or entities described above or by two or more such individuals or entities if they act together. There are several prohibited financial relationships. Direct prohibited financial relationships occur when a covered member has a financial interest in an attest client, such as ownership of stock or a loan to or from the client. A material indirect relationship occurs when a covered member has a financial interest in an entity that is associated with an attest client, for example an investment in a mutual fund that owns the client's stock. An exception to this is certain types of personal loans from financial institutions who are clients are permitted. The independence of a CPA is impaired if the CPA performs a managerial or other significant role for a client's organization during the time period covered by an attest engagement. A firm's independence will be considered to be impaired with respect to a client if a partner or professional employee leaves the firm and is subsequently employed by a client in a key position. The Sarbanes-Oxley Act and several SEC provisions address auditor independence. Prohibited services include bookkeeping and other accounting services, financial information systems design and implementation, appraisal or valuation services, actuarial services, internal audit outsourcing, management of human resource functions, broker, dealer, or investment adviser or investment banker services, legal and expert services unrelated to the audit, and any other service that the PCAOB determines by regulation is impermissible. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html