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Ethical and Legal Obligations Abstract The intent of this paper is to identify the ethical and legal obligations of financial reporting. The relationship between
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Submitted by katyk on April 27, 2008
Category: Miscellaneous
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Abstract
The intent of this paper is to identify the ethical and legal obligations of financial reporting. The relationship between the FASB, SEC, and PCAOB will be discussed. In addition, explanations of basic accounting theories, assumptions, and principals will be given. Lastly, an evaluation of the role of ethics in accounting will be discussed.
Ethical and Legal Obligations Paper
FASB, SEC, and PCAOB
The Financial Accounting Standards Board or FASB is responsible for creating uniform and generally accepted accounting principles (GAAP) by which the financial statements of United States companies must be prepared. The Securities and Exchange Commission officially recognizes the FASB as authoritative and it necessitates that all publicly held organizations follow the rules established by the FASB.
The Securities and Exchange Commission is an independent regulatory agency responsible for administering federal laws on stocks and bonds to protect investors and to ensure that the securities market operates fairly and honestly. The SEC implements securities laws through sanctions and all companies with stock registered in the United States must agree with the SEC rules and regulations. All companies must file quarterly reports as to the progress of their companies.
The Sarbanes-Oxley Act of 2002 created the Public Company Accounting Oversight Board (PCAOB) as a regulatory board to regulate audits of the SEC registrants. According to The Ohio Society of CPAs, “Operating under the U.S. Securities and Exchange Commission, the PCAOB and has the authority for registration, inspection, and discipline of firms auditing SEC registrants, and sets standards for public company audits”.
The Financial Accounting Board, Public Company Accounting Oversight Board and Securities and Exchange Commission arose from a need to have alternative accounting methods established for use by a number of different types of...
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