ECON 4 Lecture 2: Jan 10 2019
Document Summary
Set by the general accounting standards board in the us. Delegated to the sec (securities and exchange commision) Delegated to the financial accounting standards board (fasb) When rules need to be change, it is again delegated to the. Emerging issues task force (eitf) or the american institute of. A lot of time, the rules converge with the ifrs. Set up by the international accounting standards boards. Deals with exchange rates, foreign currency, translations, etc. Established by the international accounting standards board (iasb) Required in over 100 countries (closer to 200) Not applicable to us firms filing in the us. The overlap is large enough with gaap that for a beginner course, there doesn"t have to be much differentiation. Management is responsible for preparing financial statements. With oversight from the audit committee of the board of directors (bod) Middle and lower level managers pass it up to the c/e/f/oo who then pass it to the bod.
