Can you please tell me if i am on the right tract i more to do and want to see if i am understanding it.
Review the SEC website at sec and the FASB Web site at fasb Identify the mission and main activities of each organization. What are the similarities and differences in the roles of each entity? Which of the principles do you feel is the most important and relevant to the hotel industry? Explain your answer.
Respond to your classmates’ answers by explaining why you agree or disagree with their choices for the most relevant principle.
The SEC stands for Securities and Exchange Commission
The mission of the U.S.Securities and Exchanges Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation
The activities highlighted in this website are as follows;
In 1972, the wheat report was released it was used to create the Financial Acccounting Foundation(FAF), and the Financial Accounting Standards Board(FASB).
The FASB replaced the Accounting Principles Board. The FASB sets accounting standards under it's code of Professional Conduct (rule 203-Accounting Principles). The Security Excahnge Commision ruled in Accounting Series Release number 150 that the FASB would have "substantial authorative support". The American Institute of CPA recognizes the FASB organization as an authorative accounting standard setter under it's Code of Conduct(Rule203-Accounting Principles) release.
The (FAF) Financial Accounting Association established the (GASB) Government Accounting Standards Board. The GASB is the authorative accounting and financial reporting standard setting body for the state and local governments.
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