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Accounting Timeline Essay

1525 words - 7 pages

The Securities Act of 1933
The Securities Act of 1933 is also referred to as the “truth in securities” law. The Act has two objectives, one is requiring that investors receive financial and other significant information concerning securities being offered for public sale; and prohibit deceit, misrepresentations, and other fraud in the sale of securities (The Laws That Govern the Securities Industry , 2012).

The Securities Act of 1934
The Securities Act of 1934 Congress created the Securities and Exchange Commission. The Act empowers the SEC with authority over all aspects of the securities industry. The Act also allows the SEC to require periodic reporting of information by companies ...view middle of the document...

The FASB replaced the Committee in Accounting Procedure and the Accounting Principles Board of the AICPA. The FASB’s mission is to establish and improve financial standards of accounting and reporting for the guidance and education of the public, including users, auditors, and users of financial information.

International Accounting Standards Committee 1973
The International Accounting Standards Committee was formed in 1973 as a result of an alliance between accounting bodies in counties worldwide. The committee was replaced in 2001 by the International Accounting Standards Board. The main purpose of the Committee is for developing the International Accounting Sandards as well as promoting the use and application of the standards.

International Auditing and Assurances Standards Board 1978
The International Auditing and Assurance Standards Board (IAASB) is an independent standard setting body that sets high quality international standards for auditing, quality control, review, other assurance and related services. The board was founded in 1978, formerly known as the International Auditing Practices Committee (International Federation of Accountants, 2011). The IAASB began the Clarity project, a program to enhance the clarity of its ISAs. The IAPC also went through a comprehensive review in 2001 where the IFAC approved a series of reforms designed to further strengthen the standard setting processes.

International Organization of Securities Commissions IOSCO 1983
The International Organization of Securities Commission was born in 1983 to cooperate in developing, implementing and promoting adherence to internationally recognized and consistent standards of regulation, oversight and enforcement in order to protect investors, maintain fair, efficient and transparent markets, and seek to address systemic risks; to enhance investor protection and promote investor confidence in the integrity of securities markets, through strengthened information exchange and cooperation in enforcement against misconduct and in supervision of markets and market intermediaries; and to exchange information at both global and regional levels on their respective experiences in order to assist the development of markets, strengthen market infrastructure and implement appropriate regulation” (IOSCO, 2012).

Emerging Issues Task Force 1984
The Emerging Issues Task Force was formed in 1984. The ETIF was formed to minimize the need for the time and effort that the FASB used for addressing narrow implementation, application, or other emerging issues that could be analyzed within existing GAAP (Emerging Issues Task Force , 2011). The task force is made of people in a position to be aware of new issues before they become widespread.

The FCPA 1998
The Foreign Corrupt Practices Act was formed in 1998. The Act included the United States and 33 other countries that acted against the bribery of foreign officials in an attempt to reduce corruption and...

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