Fasb Essay

2562 WordsDec 18, 201311 Pages
Business Research Report FASB ------------------------------------------------- & How It Effects Parker & Associates, LLP. Presented to: The Executive Management Team Assessment Code: RWT1 Date: 12/16/2011 Table of Contents Executive Summary...............................3 Introduction............................................4 Business Report................................5 - 8 Conclusion..............................................9 References..............................................10 Executive Summary Parker & Associates, LLP is an accounting firm offering accounting services (specializing in auditing) and business consulting. Our goal is to gain an outstanding reputation which is known as one of the top accounting firms in Texas, not only for our superior workmanship, but also for our high ethical standards. One of the ways this goal will be accomplished is by complying with the standards set in place by the Financial Accounting Standards board (FASB). The FASB was appointed by the Security Exchange Commission (SEC) to set accounting standards for public companies. FASB’s mission is, “to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.” FASB is a private, not-for-profit organization and is not associated with a governmental body, however, SEC has full legal authority over FASB and FASB is also monitored by the Financial Accounting Foundation (FAF). One of FASB’s goals is to ensure the confidence of the investment community. With such events as the stock market crash from the 1930’s to recent scandals (I.E. Enron), it was brought to attention that publicly traded companies needed more regulation, broader ethical standards, and government intervention. Due to the

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