ACC 375 Week 2 DQs

May 9th, 2015
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ACC 375 Week 2 DQs

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ACC 375 Week 2 DQsDQ1: Explain the differences among the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), and the Public Company Accounting Oversight Board (PCAOB).The Financial Accounting Standards Board (FASB) sets the accounting standard used by all public companies. While it was established by Security and exchange Commission (SEC), it operates on its own. By setting accounting standards the FASB makes it easier to read financial statements of companies because they all follow the same system. The FASB is not a government agency. The SEC is a federal agency which regulates securities and stocks traded in the stock market. This is the main function, so it prevents companies from cheating investors and creditors by monitoring its stock and securities. The SEC has the power to set laws for stock markets and brokers. It can also penalize co

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