Assignment: Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC)
Write a four to five page paper in which you:
1. Analyze the Financial Accounting Standards Board (FASB) conceptual framework and the benefits expected to be derived from the conceptual framework. Identify two weaknesses of the framework and make at least two (2) recommendations that would enhance the conceptual framework. Provide a rationale to support your recommendations.
2. Analyze the two primary qualities of useful accounting information and give your opinion on whether you agree with the two primary qualities. Suggest to FASB one additional primary quality that would enhance accounting usefulness. Provide two examples to support your suggestion.
3. Describe the role of the Securities and Exchange Commission (SEC) and its development of the financial accounting theory and practice. Analyze the relationship between the SEC and the FASB with respect to the development and establishment of financial theory and practices. Give two recommendations that would improve the relationship between the SEC and FASB. Provide a rationale to support for your recommendations.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
The specific course learning outcomes associated with this assignment are:
• Examine the accounting framework and governing boards, both domestic and international.
• Analyze the financial principles and concepts related to the SEC and other financial statements.
• Use technology and information resources to research issues in financial accounting and reporting.
• Write clearly and concisely about financial accounting and reporting using proper writing mechanics.