SEC and FASB

The SEC and FASB work jointly to make sure investors have sufficient information about companies and the reported information is clear and consistent. Publicly traded companies are required by the SEC to furnish detailed financial reports to the public on a quarterly basis using FASB standards as a format for reporting. Using the Internet and Strayer Library at https://research.strayer.edu, research the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC) to address the following questions.

Write a four to five (4-5) page paper in which you:

  1. Analyze the Financial Accounting Standards Board (FASB) conceptual framework and the benefits expected to be derived from the conceptual framework.  Identify two (2) weaknesses of the framework and make at least two (2) recommendations that would enhance the conceptual framework. Provide a rationale to support your recommendations.
  2. Analyze the two primary qualities of useful accounting information and give your opinion on whether you agree with the two primary qualities. Suggest to FASB one additional primary quality that would enhance accounting usefulness. Provide two examples to support your suggestion.
  3. Describe the role of the Securities and Exchange Commission (SEC) and its development of the financial accounting theory and practice.  Analyze the relationship between the SEC and the FASB with respect to the development and establishment of financial theory and practices. Give two recommendations that would improve the relationship between the SEC and FASB. Provide a rationale to support for your recommendations.
  4. Go to https://research.strayer.edu to locate three (3) quality academic resources in this assignment. Note: Wikipedia and similar websites do not qualify as academic resources.The best choice is to access Strayer University’s Online Library at https://research.strayer.edu  and the iCampus University Library Research page at https://icampus.strayer.edu/library/research.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, your name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

  • Create recommendations for enhancing an accounting framework and for improving the relationship between the SEC and the FASB.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.

Rubic

1. Analyze the Financial Accounting Standards Board (FASB) conceptual framework and the benefits expected to be derived from the conceptual framework.  Identify two (2) weaknesses of the framework and make at least two (2) recommendations that would enhance the conceptual framework. Provide a rationale to support your recommendations.

Weight: 25%

2 Analyze the two primary qualities of useful accounting information.  Demonstrate the value of useful accounting information and discuss the consequences if accounting information is not useful.   Provide two examples to support your rationale.

Weight: 25%

3. Describe the role of the Securities and Exchange Commission (SEC) and its development of the financial accounting theory and practice.  Analyze the relationship between the SEC and the FASB with respect to the development and establishment of financial theory and practices. Give two recommendations that would improve the relationship between the SEC and FASB. Provide a rationale to support for your recommendations.

Weight:25%

4. Cite 3 reputable sources.

Weight: 5%

Writing Mechanics, Grammar, and Formatting

Weight: 5%

6. Appropriate use of APA in-text citations and  reference section.

Weight: 5%

7. Information Literacy/Integration of Sources

Weight: 5%

8. Clarity and Coherence of Writing

Weight: 5%

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