ACCT 601 – ACCOUNTING CAPSTONE

The role of the FASB

 

 

 

 

 

The role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization ACCT 601-Accounting Capstone

Table of Contents I. Executive Summary 3 II. Introduction 3 III. Review of Literature 4 IV. Analysis 6 V. Recommendations 11 VI. Summary and Conclusions 14 VII. References 16

 

 

I. Executive Summary

 

The information in this research paper was collected from different data sources, such as web published articles to a peer-reviewed article in scholarly journals. This paper will explain what the FASB is, how it was formed and what the role of the FASB is in today’s modern organizations. The paper will provide the analysis, recommendation and conclusion on the role of the FASB.

This paper looks deep into why the FASB was formed, and how the accounting standards developed by the FASB impact business reporting. The research looks into the FASB function and its challenges as well as the Securities and Exchange Commission (the SEC) and its function related to the FASB and financial reporting.This paper will look into the fraud cases in the past and the benefits of the FASBand the SEC today. The research shows how the FASB in correlation with the SEC help create and enforce accounting rules and regulations to mitigate and eliminate fraud.

II. Introduction

 

This term paper will research the role of the FASB in monitoring and controlling the accounting practices in today’s modern organizations. It will also have an overview of the SEC’s unique position in the financial reporting process. This paper will look into the previous cases of accounting fraud and what hastriggered the FASB and the SEC to improve and enforce accounting standards. In addition, it will look into the benefits that the FASB brought to the shareholder and the public. All this will bring us to the conclusion on the effectiveness and the efficiency of the FASB in monitoring and controlling accounting processes in the organizations and reducing the occurrences of accounting fraud.

The research and analysis section talks about the main functions of the FASB. The FASB constantly needs to look into the ways to improve the accuracy of financial reports. The FASB job is to establish and improve standards of financial accounting and reporting so that the financial statements are free from misstatements. In addition, the SEC needs to enforce the standards to eliminate the fraud so financial statements will provide accurate and useful information not just to the investors but to general public as well.

At the end this paper will draw a conclusion on the effectiveness of the FASB. It will point out to the public what the FASB

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