ACC 497 Week 2, Team Assignment - Case Study Assignment

May 1st, 2015
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ACC 497 Week 2, Team Assignment - Case Study Assignment

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Case StudyACC 497NameDateInstructorCase 1-3: Politicalization of Accounting Standardsa. The original formation of accounting organizations came from the need to be more organized, with standards that would be followed by all companies with the idea of protecting the business and the stockholder. From this need the Committee on Accounting Procedure (CAP) was formed. This committee had the authority to issue pronouncements on accounting procedures with the idea of establishing generally accepted practices. This committee became more active after the release of the Securities and Exchange Commissions (SEC) ARS No. 4 which stated that reports filed with the SEC must be in accordance with those practices that have substantial authoritative support, (Schroeder, Clark, & Cathey, 2011, p. 6). Due to the conflicts of the CAP committee, such as the members were part time and the work seemed to be inconsistent, the American Institute of Certified Public Accountants (AICPA) formed the Accounting Principles Board. The objectives of this board are to issue pronouncements pertaining to generally accepted accounting principles (GAAP). Following the APB the Financial Accounting Standards Board (FASB) was formed in response to the criticism of the development of GAAP by the APB. FASB was expected to be more effective in the issuing of principles due to its smaller size and full independence from the SEC and the government. It is natural that the work of co

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