Accounting
vjayala
week_2_poweroint_.pptxAccounting & The Regulatory Environment
VICTOR AYALA PAUL FULTZ CARLOS MORALES
Jeremy pierce
EcO/561
OCTOber 24, 2016
Professor ANDRES HINOJOSA
Good evening, we are learning team C. Today we will be covering accounting and the regulatory environment.
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Presentation Overview
Regulatory environment for businesses changed dramatically after the fairly recent accounting and finance scandals
Created more accountability and transparency
Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) are more involved in enforcing and auditing companies for compliance thanks in part to the Sarbanes-Oxley Act of 2002
The regulatory environment for businesses changed dramatically after the fairly recent accounting and finance scandals.
This created more accountability and transparency.
The Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) are more involved in enforcing and auditing companies for compliance thanks in part to the Sarbanes-Oxley Act of 2002.
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Accounting regulatory or standards agency
Financial Accounting Standards Board (FASB)
Established in 1973, the Financial Accounting Standards Board (FASB) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP)
(FASB, 2016)
Our chosen accounting regulatory agency is the Financial Accounting Standards Board (FASB). According to the FASB web site ,it was established in 1973. The Financial Accounting Standards Board (FASB) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP).
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Our public company
Northrop Grumman
a leading global security company providing innovative systems, products and solutions to government and commercial customers worldwide, offering an extraordinary portfolio of capabilities and technologies for applications from undersea to outer space and into cyberspace
(Northrop, 2016)
Our public company is Northrop Grumman. According to their web site, they are a leading global security company providing innovative systems, products and solutions to government and commercial customers worldwide, offering an extraordinary portfolio of capabilities and technologies for applications from undersea to outer space and into cyberspace
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Analysis of Regulatory Environment
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Regulations Apply to Our Company
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Ways Compliance with Regulations is Beneficial to Company, Industry, and Consumers
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How Agency Selected and Our Company Work Together
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Role of ethics in the regulatory environment
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How Regulatory Environment Directly Affects Your Current Role or Desired Career With The Organization
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References
Northrop Grumman Corporation. (2016) What We Do. Retrieved from http://www.northropgrumman.com/AboutUs/Welcome/default.aspx
Financial Accounting Standards Board. (2016) About Us. Retrieved from http://www.fasb.org/jsp/FASB/Page/LandingPage&cid=1175805317407
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