71 listed below are the names of several organizations involved in the process of es 4314006

71 listed below are the names of several organizations involved in the process of es 4314006

71.Listed below are the names of several organizations involved in the process of establishing standards for financial reporting. Following the list is a series of statements.

a.Securities and Exchange Commission (SEC)

b.International Accounting Standards Board (IASB)

c.Financial Accounting Standards Board

____1.Reporting standards issued by this organization are legally enforceable. Failure to adhere to them is a violation of law.

____2.Reporting standards issued by this organization only apply to companies listed on U.S. securities exchanges..

____3.Reporting standards issued by this organization apply to all U.S. companies, whether publicly traded or privately held.

____4.This organization has the legal authority and the responsibility to oversee financial reporting in the U.S.

____5.Requires 10 out of 16 board members’ approvals before a standard is issued.

____6.This organization is government agency established by the U.S. Congress.

?

Required:

Match each organization with its descriptive statement by placing the letter of the appropriate organization in the space provided. (Note: Organizations may be used more than once or not at all.)

72.Listed below are some of the steps the FASB goes through before issuing a new standard.

____a.Conduct research

____b.Deliberate on findings

____c.Invitations to comment

____d.Identify topic

____e.Issue Exposure Draft

____f.Issue Statement

____g.Modify Exposure Draft

____h.Vote

Required:
Indicate the proper sequence of these steps.

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