Go to the U.S. Securities and Exchange Commission’s Web site and the Financial Accounting Standards Board’s Web site. Identify the mission and main activities of each organization. Then, analyze the similarities and differences between the roles of each entity. Which entity has more influence over financial statement reporting? Explain your answer.

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I have gone to both websites and I know what both of these entities do, but I am having difficulty putting it into my own words. Can you just give me somewhere to start?

Don't worry about the introduction for now. You can write the introduction after you've finished with the rest of the paper.

Start with the body -- explain the mission and activities of each organization.

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To find the mission and main activities of the U.S. Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB), you can visit their official websites.

To find the mission and activities of the SEC:
1. Open your web browser and go to www.sec.gov.
2. Look for a tab or link like "About the SEC" or "Mission and Activities".
3. Click on the tab or link, and you should find information about the SEC's mission and main activities.

To find the mission and activities of the FASB:
1. Open your web browser and go to www.fasb.org.
2. Look for a tab or link like "About FASB" or "Mission and Activities".
3. Click on the tab or link, and you should find information about the FASB's mission and main activities.

Once you have located the mission and main activities of both organizations, you can analyze the similarities and differences between their roles.

Here is a general overview of each organization and some key points for comparison:

1. U.S. Securities and Exchange Commission (SEC):
- Mission: The SEC's mission is "to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation."
- Main Activities: The SEC is responsible for enforcing federal securities laws, regulating the securities industry, promoting capital formation, and protecting investors.

2. Financial Accounting Standards Board (FASB):
- Mission: The FASB's mission is "to establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports."
- Main Activities: The FASB sets accounting standards (Generally Accepted Accounting Principles - GAAP) that public companies in the United States must follow. They also conduct research, issue guidance, and engage in outreach to improve financial reporting.

When it comes to influence over financial statement reporting, it is important to note that both organizations play critical roles, but their influence is in different areas.

The SEC has more direct influence over financial statement reporting as it has regulatory oversight authority. The SEC requires companies to submit periodic financial reports and audit documentation. They enforce compliance with reporting guidelines and can take legal action against companies that do not adhere to regulations.

On the other hand, the FASB has significant influence in establishing and improving the accounting standards (GAAP) used for financial reporting in the United States. Companies are required to follow these standards when preparing their financial statements.

In summary, while the SEC has more direct influence over financial statement reporting due to its regulatory powers, the FASB plays a critical role in setting the accounting standards that govern how financial statements are prepared. Both organizations have complementary roles in ensuring accurate and transparent financial reporting.