ACC-1A Lecture Notes - Lecture 3: International Accounting Standards Board, International Financial Reporting Standards, Ifrs Foundation
Document Summary
Gaap aims to make info relevant (users decisions), reliable (trusted by users), and comparable (contrasting organizations) Securities and exchange commission (sec) a government agency that has the legal authority to set gaap. Oversees proper use of gaap that raise money from public through stocks and debt. Companies that issue stock on us exchanges. Us sec registrants companies incorporated in the us. Non-us sec registrants companies incorporated under non-us laws. Financial accounting standards board (fasb) a private-sector group that sets both broad and specific principles for the us gaap international standards. International accounting standards board (iasb) is an independent group of individuals from many countries that issues international. If the standards are the same, one company can potentially use a single set of financial statements in all financial markets. For the sec to change the gaap to include the individual ifrs standards, the sec would. Maintain its oversight of fasb, including authority to prescribe accounting principles and standards for us issuers.
