1. Describe the standard setting environment for the U.S. GAAP. Who sets it and how? Explain the organizational structure of FASB. What is a major source of funding for FASB? What other organizations are involved in the standard setting processes?
2. What constitutes GAAP? Explain the functions and characteristics of the GAAP. Explain the levels of authority in a post-Codification period. Provide some examples of authoritative and non-authoritative GAAP under the pre-codification standards.
3. Explain the FASB conceptual framework, including how it came about and for what purpose, what is defined, whether it is authoritative or not (if not, why not). List all of the conceptual statements (SFAC).
4. Discuss major securities regulations and laws, including Regulations S-X and S-K, and hierarchy of SEC authorities and publications (Level 1 through 4). How does the SEC affect the accounting and auditing industry (hint: interpretations and releases)? Discuss types of reports the SEC requires public companies to file and give examples (a minimum of four). Where do you find the forms filed by public companies?
5. Describe the standard setting environment for IFRS. Who sets it and how, its due process, the organizational structure of IASB, including the roles played by the Monitoring Board, IFRS Foundation Trustees, Advisory Council, Interpretation Committee (IFRICs). What is the status in regard to its acceptance in the U.S. market?
6. According to the US GAAP, what is the objective of financial reporting? What are fundamental qualitative characteristics of useful financial information? How about enhancing qualitative characteristics? Briefly discuss each one and cite the proper authority for the above.
7. According to IFRS, what is the objective of financial reporting? What are fundamental qualitative characteristics of useful financial information? How about enhancing qualitative characteristics? Briefly discuss each one and cite the proper authority for the above.