d. Describe how SOX would have impacted Accounting over the past 18 years
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a. What is the Sarbanes –Oxley Act? (SOX)
b. What are the highlights of SOX
c. What are the costs and benefits of SOX
d. Describe how SOX would have impacted Accounting over the past 18 years
e. Provide the pros and cons of SOX
f. Compare and contrast the usage of SOX in the private sector vs similar requirements in the public sector.
Required: Please only answer (d) to (f)
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- a. What is the Sarbanes –Oxley Act? (SOX) b. What are the highlights of SOX c. What are the costs and benefits of SOX d. Describe how SOX would have impacted Accounting over the past 18 years e. Provide the pros and cons of SOX f. Compare and contrast the usage of SOX in the private sector vs similar requirements in the public sectorWhich of the following regarding GAAP is true?a. GAAP is an abbreviation for generally appliedaccounting principles.b. Changes in GAAP always affect the amount of incomereported by a company.c. GAAP is the abbreviation for generally acceptedaccounting principles.d. Changes to GAAP must be approved by the SenateFinance Committee.Subject - account Please help me. Thankyou. The Dodd-Frank Act (2010) includes a variety of new regulations, including the creation of: Multiple Choice O O The Financial Services Industry Control Commission. The Consumer Financial Protection Bureau. The Cost Accounting Standards Board. The Executive Compensation Review Board. 2
- 1.The IASB sets standards for: a. The private sector b. The public and private sectors c.The public, private and not-for-profit sector d. The private and not-for-profit sector 2. Which of these is not one of the benefits of a Conceptual framework? a. Reporting requirements will be more Consistent and logical b. It may allow firms to reduce their reported profit c. The need for specific accounting standards should be reduced d. Standard setting boards will be more accountable for their actionsList three key provisions of the Sarbanes-Oxley Act of 2002. Order your list from most important to leastimportant in terms of the likely long-term impact on the accounting profession and financial reporting.Government Accounting-you will do a 5 page power point slide presentation and use the GASB codification as your guidance. Please include the following: Explain what the CAFR is Provide an outline for the minimum content of a CAFR Select a local CAFR (I can help you with this step) and identify the following: a. the entity’s most significant source of revenues and most significant expense; b. the entity’s most significant asset, and its most significant liability; c. two of the individual funds used by the government d. who prepared the report; e. who audited the report, and using what auditing standards.
- 35. The following statements relate to PAS1 Presentation of Financial Statements. Choose the correct statement. a. Many entities also present, outside the financial statements, reports and statements such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. Reports and statements presented outside financial statements should be accounted for using applicable PFRSs. b. Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. c. An entity whose financial statements do not comply with PFRSs shall make an explicit and unreserved statement of such noncompliance in the notes. If the entity’s financial statements do comply with PFRSs, there is no need to make an explicit and unreserved statement of such compliance in the notes. d. Financial statements shall not be described as complying with…(Satisfying Performance Obligations) Judy Schaeffer is getting up to speed on the new guidance on revenue recognition. She is trying to understand the revenue recognition principle as it relates to the five-step revenue recognition process.Instructions(a) Describe the revenue recognition principle.(b) Briefly discuss how the revenue recognition principle relates to the definitions of assets and liabilities. What is the importance of control?(c) Judy recalls that previous revenue recognition guidance required that revenue not be recognized unless the revenue was realized or realizable (also referred to as collectibility). Is collectibility a consideration in the recognition of revenue? Explain.The FASB, GASB, and FASAB all focus their standards on both internal and external financial reporting. True or False Interperiod equity refers to the concept that current-year revenues are sufficient to pay for services provided that year, so that future taxpayers will not be required to assume the burden for services previously provided. True or False
- Setting accounting standards by the private sector is Select one: a. Common law accounting O b. Independent discipline approach O c. Microeconomic approach O d. Code law accounting1) The GIFMIS interfaces with a number of systems and sub-systems. A number of these systems and sub-systems are listed below. Provide in full the meaning of these abbreviations and tell briefly how they interface with the GIFMIS. a) E-Monitor (Non-Tax Revenue-MoF) b) PIMS (PID-MoF) c) TRIPS & GCMS (GRA) d)T-24& SWIFT (BoG) e) E-Procurement (Public Procurement Authority)Which of the following professional services is an attestation engagement?(1) A consulting service engagement to provide computer-processing advice to a client.(2) An engagement to report on compliance with statutory requirements.(3) An income tax engagement to prepare federal and state tax returns.(4) The preparation of financial statements from a client’s financial records.
