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SJU The Financial Accounting Standards Goals and Mission Essay

Part 1:

This week’s assignment is the  component of our Standard Setting Industry Project. The focus of this week’s short paper writing will be on the Financial Accounting Standards Board (FASB) goals and mission. A retrospective look at the prior authoritative body (Accounting Principles Board, APB) and the principle reasons for creating a new rule-making body should be evaluated.  Also, a discussion on the FASB’s regulatory relationship with the SEC in standard setting should be included in the presentation.

Part 2:

This week’s assignment is the short paper component of our Standard Setting Industry Project. The focus of this week’s writing is to consider the role of The American Institute of Certified Public Accountants and their role in advising the FASB, and setting the auditing standards to be followed by Public Accounting Firms.  Also, consideration should be given to their relationship to other authoritative rule making boards such as The International Accounting Standards Board (IASB), The Government Accounting Standards Board, and the HFMA Principles and Practice Board.Prior to Sarbanes-Oxley, the accounting profession was largely self-regulating.  The key actors – FASB and the AICPA – were private sector entities subject to minimal SEC oversight.  FASB set accounting standards, while the AICPA provided guidance and contributed to the development of generally accepted principles and standards.


SOX shook up that cozy little world in a big way.  Section 101 established the PCAOB as a non-profit corporation to “oversee the audit of public companies that are subject to the security laws.”  The SEC appoints board members, in consultation with the Chairman of the Federal Reserve Board and the Secretary of the Treasury.  The SEC can remove board members for good cause.

SOX, section 103 gives the PCAOB what the Senate committee report on the act called “plenary authority” to set account standards. The PCAOB thus can adopt, amend, or pre-empt guidance issued by the AICPA and other private sector groups.

As the phases of our SSAI project come to a close and we have had a chance to familiarize ourselves with the various entities involved in the standard and rule setting process, so my question to you is:  What would you envision as an organization chart that would represent the various roles of the organizations within the standards and rule setting framework look like?


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