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Can You please write a response to this persons di...

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Can You please write a response to this persons discussion. A small paragraph just to show that I know what shes talking about. THANK YOU "Financial statements are prepared in accordance with what? What governing bodies set accounting standards? Why do you think financial statements are required to be prepared using the same standards? Financial statements are prepared in accordance with what? According to our chapter 2 readings financial statements are prepared in accordance with the U.S GAAP and the IFRS. What governing bodies set accounting standards? From my understanding there are 4 different governing bodies that the standards for accounting. These are the FASB, IASB, SEC, and the GASB. The FASB is the Financial Accounting Standards Board which helps to protect not only investors but also protects the public from fraud. The IASB is the Internal Accounting Standards Board and they have boards all around the world to help develop the standards for accounting. The SEC is the Security and Exchange Commission which are set in place to help the stock markets from crashing. GASB is the Governmental Accounting Standards Board they set standards to help users better understand reports, guidelines and educate these users. Why do you think financial statements are required to be prepared using the same standards? I believe that it is important to use these standards when preparing the financial statements to help keep accounting organized, fraud from occuring and chaos. If we did not have the standards fraud would be at a higher rate along with businesses closing doors sooner than expected do to not fallowing any type of standard and knowledge of how to record financial funds. "

 

Paper#1512 | Written in 18-Jul-2015

Price : $25
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