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Title:
Introduction to Financial Reporting
Instructions:
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Visit URL:
FASB
SEC
IASB
PCAOB
AICPA
Yahoo Finance
Questions and Answers
Answer the following questions in the fields below.
Question 1:
Go to the FASB web site (http://www.fasb.org).
a. Click on “Facts about FASB.” Be prepared to discuss The Mission of the Financial Accounting Standards Board.
b. Click on “FASAC.” Read “An Overview.” Be prepared to discuss.
Question 2:
Go to the SEC site: http://www.sec.gov. Under Filings & Forms (EDGAR), click on “Search for Company Filings.” Click on “Companies & Other Filers.” Enter the name of a company of your choice. Use this site to obtain the address of the company. Click on any form listed. The telephone number of the company can be found toward the top of the form. Contact the company, requesting a copy of its annual report, 10-K, and proxy.
Question 3:
Go to the International Accounting Standards Board (IASB) web site: http://www.iasb.org.
a. Click on “About Us.” Be prepared to discuss the structure of the International Accounting Standards Board.
b. Click on “About Us.” Be prepared to discuss the history of the International Accounting Standards Board.
Question 4:
Go to the Public Company Accounting Oversight Board (PCAOB) web site: http://www.pcaobus.org.
a. What is the mission of the Public Company Accounting Oversight Board?
b. Click on “Rules.” Comment on the PCAOB’s rule-making process.
Question 5:
Go to the American Institute of Certified Public Accountants (AICPA) web site: http://www.aicpa.org.
a. Click on “About the AICPA.” Under “Upholding the Profession,” click on “AICPA Mission Statement.” Be prepared to discuss the mission of the AICPA.
b. Click on “About the AICPA.” Under “Introduction to the AICPA:”, click on “Summary of AICPA Operations.” Be prepared to discuss the history of the AICPA.
Question 6:
Go to the Yahoo Finance web site: http://finance.yahoo.com.
a. Click on “Symbol Lookup.” Under “Name,” type in a name of a company. Click on “Look Up.” Comment on what you found.
b. Click on “Finance Search.” Search—“Yahoo! Finance” for—type in “Airbus”—click on “Search.” Comment on what you found.
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