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Essay / Research Paper Abstract
A 10 page paper assessing the effect of changes in accounting requirements. Staff Accounting Bulletin No. 74 (SAB 74) was issued in 2001 and at the time was expected to create a need for significant changes in the accounting practices of companies affected by it. The purpose here is to examine SAB 74 in conjunction with FASB statements 141 and 142. Bibliography lists 6 sources in 26 footnotes.
Page Count:
10 pages (~225 words per page)
File: CC6_KSacctGdwlSAB74.rtf
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Unformatted sample text from the term paper:
Staff Accounting Bulletin No. 74 (SAB 74) was issued in 2001 and at the time was expected to create a need for significant changes in the
accounting practices of companies affected by it. The purpose here is to examine SAB 74 in conjunction with FASB statements 141 and 142. Staff Accounting Bulletin No. 74
It is one of the purposes of the Securities and Exchange Commission (SEC) to oversee organizations financial reporting practices to ensure that they meet
Generally Accepted Accounting Practices (GAAP) and that investors or potential investors have knowledge available to them as complete as possible. At a corporate governance hosted by the Federal Reserve
Bank of New York in 2000, then-SEC chairman Arthur Levitt was the conferences keynote speaker and his primary topic was that of enhancing the quality of financial reporting. He
stated in his conference address, "No market has divine right to investors capital." Certainly the manner in which an organization reports its financial
results affects outsiders ability to assess the companys financial position. Though GAAP, the Financial Accounting Standards Board (FASB) and the SEC Institute regularly issue advice statements and reporting requirements,
organizations and their accountants still have a great deal of freedom in how they report results. Organizations have the freedom to choose broad
accounting philosophies and approaches; they also have the freedom to change their approaches to their accounting duties. When such a change occurs it can be difficult for an outsider
- i.e., an investor or potential investor - to assess the companys performance over time. The outsider no longer can directly compare categories in financial reports, and without being
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