Organizations

Question 1

GAAP

Answer 1

-Generally Accepted Accounting Principles.

Question 2

FASB

Answer 2

-Financial Accounting Standard Board.

• the primary accounting standard-setting body in the U.S.
• Has the authority and primary responsibility to set accounting standards.
• nongovernment and rule makers.

Question 3

IASB

Answer 3

-International Accounting Standard Board.

• formed to develop worldwide accounting standards.
• issues standards called IFRS (International Financial Reporting Standards.)
• nongovernment and rule makers.

Question 4

SEC

Answer 4

• Securities and Exchange Commission.
• a U.S. government agency that oversees U.S. financial markets and accounting standard-setting bodies.
• has ultimate authority to determine the rules to be followed in preparing financial statements by companies whose securities are sold to the general public.
• government and rule enforcer.

Question 5

PCAOB

Answer 5

• Public Company Accounting Oversight Board.
• oversight of auditing standards for public companies.
• a governmental body created by the SOX, regulates the accounting profession and has wide powers to determine the standards that auditrs must follow.
• government and rule enforcer.

Question 6

IMA

Answer 6

• Institute of Management Accountants.
• directives on the practice of management and cost accounting called SMAs.
• a voluntary membership organization of accountants, finance specialists, and academics.

Question 7

SMAs

Answer 7

• Statements on Management Accounting.

- not legally binding, but it’s rigorous development and exposure process made them wide support.

Question 8

CMA-Canada

Answer 8

• Society of Management Accountants of Canada.

- similar to IMA, issues MAGs.

Question 9

MAGs.

Answer 9

• Management Accounting Guidelines.

- not legally binding but suggest high-quality accounting practices.

Question 10

CASB

Answer 10

• Cost Accounting Standards Board.
• issue cost accounting standards for defense contractors and federal agencies to help ensure uniformity and consistency in government contracting.
• required for companies bidding on or pricing cost-related contracts of the federal government.

-part of the U.S. Office of Federal Procurement 采购
Policy.

Question 11

SOX

Answer 11

• Sarbanes-Oxley Act of 2002.
• holds CEOs and CFOs personally accountable for their organization’s financial reporting.
• congress passed SOX to reduce unethical corporate behavior and decreased the likelihood of future scandals.

Question 12

FCA

Answer 12

• The False Claims Act.
• allow whistleblowers to receive 15-30% of any settlement proceeds resulting from the identification of such activities related to fraud against the U.S. government.

Question 13

FCPA

Answer 13

• Foreign Corrupt Practices Act.
• prohibits U.S. corporations and certain foreign issuers of securities that are sold in the U.S. from offering bribes to foreign officials to influence those individuals to help companies obtain business.

Question 14

OECD

Answer 14

• Organization of Economic Cooperation and Development.
• issued an anti-bribery convention in February 1999 to combat bribery.
• 39 countries had signed this document.

Question 15

GASB

Answer 15

• responsible for issuing accounting standards for state and local governments.
• established in 1984 under the same governmental body as the FASB.
• nongovernment and rule makers.

Question 16

AICPA

Answer 16

• American Institute of Certified Public Accountants.

- nongovernment and CPA regulators.