F1 - SEC Coverage Flashcards
1
Q
In the US, who has the legal authority to establish US GAAP?
A
The SEC, however in most instances the SEC has allowed the accounting profession to establish GAAP and self-regulate
2
Q
What established the SEC?
A
Securities Exchange Act of 1934
3
Q
What are the SEVEN (7) AUTHORITATIVE PROUNCEMENTS issued by the SEC?
HINT: R.F.A.I.S.E.S.
A
(1) Regulation S-X
(2) Financial Reporting Releases (FRR)
(3) Accounting Series Releases (ASR)
(4) Interpretive Releases (IR)
(5) Staff Accounting Bulletins (SAB)
(6) EITF Topic D
(7) SEC Observer Comments
4
Q
Are the SEVEN (7) SEC AUTHORITATIVE PRONOUNCEMENTS spelled out in ENTIRETY in the FASB CODIFICATION (ASC)?
A
NO, only the RELEVANT PORTIONS were included for REFERENCE
