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What is the SEC and how is it involved with accounting standard setting?
The SEC stand for Security Exchange Commission is a federal agency that enforces the federal securities laws. The SEC also requires certain companies like publicly owned companies follow a certain accounting guidelines called Generally Accepted Accounting Principles or GAAP. This guidelines defines what kind of accounting public companies shall use and it defines fair accounting practices. The SEC work hand in hand with the Financial Accounting Standard Board to update laws and accounting practices. They also set new laws to ensure the fairness of accounting practicing.
What is gfebs funds management?
GFEBs Funds Management, or the General Fund Enterprise Business System, is a financial management system used by the U.S. federal government to streamline and enhance the management of government funds. It integrates various financial processes, including budgeting, accounting, and reporting, to provide a comprehensive view of federal financial activities. The system aims to improve efficiency, transparency, and accountability in managing taxpayer dollars across government agencies.
What doese FCA mean?
FCA can be Full Cost Accounting, which is a method of accounting or False Claims Act (US federal law).
How can individuals apply for federal grants based on financial need?
Individuals can apply for federal grants based on financial need by completing the Free Application for Federal Student Aid (FAFSA) form. This form collects information about the individual's financial situation and determines their eligibility for various federal grants.
Why was the federal aviation administration created?
maintaining airplane safety standards
When was FASAB established?
The Federal Accounting Standards Advisory Board (FASAB) was established in 1990.
What is FASAB's primary function?
FASAB's primary function is to make recommendations to the principals for financial accounting and reporting standards to be adopted for the U.S. federal government.
What was the federal government's first major attempt to formalize accounting reporting standards?
The government's first major attempt at the formalization of authoritative reporting standards was in 1917 with the Federal Reserve Board's publication of Uniform Accounting.
Who is the primary accounting standard setting body in the US?
The IRS ? No....the SEC (Securities and Exchange Commission) would appear to have the most legal power in response to the establishment of standards. The FASB (Financial Accounting Standards Board), however, has been delegated this authority through the SEC, as long as they satisfy public interest.
What major accounting firm conducted an audit of the financial status of the Federal Reserve Bank of New York in 2005?
In 2005 accounting firm of PricewaterhouseCoopers conducted the audit of the financial status of the Federal Reserve Bank of New York. Based on normal accounting principles, policies and practices, this accounting firm stated that the financial records of this bank correctly reflected its financial status. The report was sent to the Board of Governors of the Federal Reserve System and the board of directors of the Federal Reserve Bank of NY.
Why are the jurisdictions of the accounting standardssetting bodies Gasb fasab and fasb?
The GASB is responsible for establishing and improving accounting and financial reporting standards for all state and local governmental entities (including government-sponsored colleges and universities, health care providers, and utilities). The FASAB establishes accounting standards for the federal government. The FASB establishes standards for all other entities, including not-for-profit colleges and universities and health care providers.
What is the role of the general accounting office?
The General Accounting Office (GAO) is the investigative arm of congress in Financial issues. It reviews the spending activities of Federal agencies, studies Federal programs, and it recommends ways to improve the financial performance of the government.
Describe the role of the general accounting office?
The General Accounting Office (GAO) is the investigative arm of congress in Financial issues. It reviews the spending activities of Federal agencies, studies Federal programs, and it recommends ways to improve the financial performance of the government.
The General Accounting Office assists Congress in its oversight function by?
auditing the financial expenditures of the executive branch and federal agencies
What is an example of an occupation where an accounting background is valuable?
Among occupations in which accounting training is perceived to be valuable are budget officers, lending officials in banks, securities advisers, financial analysts, Federal Bureau of Investigation agents, and financial managers in not-for-profit entities
What is the abbreviation for the research arm of the federal reserve?
FAC (Federal Advisory Councel)
How did the Chief Financial Officers Act of 1990 change federal financial management?
It created a new organizational structure for financial management, it encouraged the development of new and compatible accounting systems, and it required new forms of reporting.
