Describe the U.S. financial reporting environment including the following: a. Forces that impact the content of statutory

Question:

Describe the U.S. financial reporting environment including the following:

a. Forces that impact the content of statutory financial reports

b. Rule-making bodies and regulatory agencies that formulate GAAP used in financial reports

c. Users of financial information and what alternative sources of information are available beyond statutory financial reports

d. Enforcement and monitoring mechanisms to improve the integrity of statutory financial reports

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...

Fantastic news! We've Found the answer you've been seeking!