Assignment 1: Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC)

Assignment 1: Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC)

Due Week 8 and worth 300 points

The SEC and FASB work jointly to make sure investors have sufficient information about companies and the reported information is clear and consistent. Publicly traded companies are required by the SEC to furnish detailed financial reports to the public on a quarterly basis using FASB standards as a format for reporting. Using the Internet and Strayer Library at https://research.strayer.edu, research the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC) to address the following questions.

Write a four to five (4-5) page paper in which you:

1. Analyze the Financial Accounting Standards Board (FASB) conceptual framework and the benefits expected to be derived from the conceptual framework.  Identify two (2) weaknesses of the framework and make at least two (2) recommendations that would enhance the conceptual framework. Provide a rationale to support your recommendations.
2. Analyze the two primary qualities of useful accounting information and give your opinion on whether you agree with the two primary qualities. Suggest to FASB one additional primary quality that would enhance accounting usefulness. Provide two examples to support your suggestion.  
3. Describe the role of the Securities and Exchange Commission (SEC) and its development of the financial accounting theory and practice.  Analyze the relationship between the SEC and the FASB with respect to the development and establishment of financial theory and practices. Give two recommendations that would improve the relationship between the SEC and FASB. Provide a rationale to support for your recommendations. 
4. Go to https://research.strayer.edu to locate three (3) quality academic resources in this assignment. Note: Wikipedia and similar websites do not qualify as academic resources.The best choice is to access Strayer University’s Online Library at https://research.strayer.edu  and the iCampus University Library Research page at https://icampus.strayer.edu/library/research.