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The Financial Accounting Standards Board (FASB)

 

            Presented to: The Executive Management Team.
            
            
            
            
            
            
            
             Parker & Associates, LLP is an accounting firm offering accounting services (specializing in auditing) and business consulting. Our goal is to gain an outstanding reputation which is known as one of the top accounting firms in Texas, not only for our superior workmanship, but also for our high ethical standards. One of the ways this goal will be accomplished is by complying with the standards set in place by the Financial Accounting Standards Board (FASB).
             The FASB was appointed by the Security Exchange Commission (SEC) to set accounting standards for public companies. FASB's mission is, "to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information." FASB is a private, not-for-profit organization and is not associated with a governmental body, however, SEC has full legal authority over FASB and FASB is also monitored by the Financial Accounting Foundation (FAF). .
             One of FASB's goals is to ensure the confidence of the investment community. With such events as the stock market crash from the 1930's to recent scandals (I.E. Enron), it was brought to attention that publicly traded companies needed more regulation, broader ethical standards, and government intervention.
             Due to the Sarbanes-Oxley Act of 2002 (SOX), Parker & Associates LLP must abide by the three new regulations that were administered by FASB; a new emphasis on the evaluation of the company's internal controls, a thorough examination of financial documents, and the constantly maintaining an independent status from the client. By strictly abiding by these regulations, we will ensure the confidence of the investment community will be achieved.
             I strongly encourage the employees of Parker & Associates, LLP to abide by the rules and regulations of FASB in order to maintain the impeccable reputation and long-term survival of the company and illustrate integrity.


Essays Related to The Financial Accounting Standards Board (FASB)

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2. FAS 123- Accounting For Stock Options

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3. Financial Reporting Standards and Principles

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4. Comparing IFRS to GAAP

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5. Why is Financial Reporting Important To Enterpreneurs

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6. International Accounting Standards

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8. Corporate Citizenship

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