Can you please tell me if i am on the right tract i more to do and want to see if i am understanding it.
Review the SEC website at sec and the FASB Web site at fasb Identify the mission and main activities of each organization. What are the similarities and differences in the roles of each entity? Which of the principles do you feel is the most important and relevant to the hotel industry? Explain your answer.
Respond to your classmates’ answers by explaining why you agree or disagree with their choices for the most relevant principle.
The SEC stands for Securities and Exchange Commission
The mission of the U.S.Securities and Exchanges Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation
The activities highlighted in this website are as follows;
In 1972, the wheat report was released it was used to create the Financial Acccounting Foundation(FAF), and the Financial Accounting Standards Board(FASB).
The FASB replaced the Accounting Principles Board. The FASB sets accounting standards under it's code of Professional Conduct (rule 203-Accounting Principles). The Security Excahnge Commision ruled in Accounting Series Release number 150 that the FASB would have "substantial authorative support". The American Institute of CPA recognizes the FASB organization as an authorative accounting standard setter under it's Code of Conduct(Rule203-Accounting Principles) release.
The (FAF) Financial Accounting Association established the (GASB) Government Accounting Standards Board. The GASB is the authorative accounting and financial reporting standard setting body for the state and local governments.
Yes, you are on the right track.
thank you
You're welcome.
Based on the information provided, it seems like you are on the right track in understanding the mission and activities of the SEC and FASB.
The SEC, or Securities and Exchange Commission, has the mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Its main activities include regulating the securities industry, enforcing securities laws, and providing investors with reliable information about publicly traded companies.
On the other hand, the FASB, or Financial Accounting Standards Board, is responsible for setting accounting standards. Its mission is to establish and improve financial accounting and reporting standards, ensuring that financial information is useful for decision-making purposes. The FASB's activities involve developing and issuing accounting standards, conducting research on emerging accounting issues, and providing guidance to accounting professionals.
The main similarity between the SEC and FASB is that they both play a role in the financial reporting system. They work together to ensure the accuracy and transparency of financial information, which is crucial for investors and the overall functioning of the market.
However, there are also differences between the roles of each entity. The SEC focuses more on regulating the securities industry and enforcing securities laws, while the FASB concentrates on setting accounting standards. The SEC has enforcement powers and can take legal actions against individuals or companies that violate securities laws, while the FASB focuses on establishing the rules and principles by which financial statements should be prepared.
Regarding the most important and relevant principle to the hotel industry, it's subjective and depends on various factors. One relevant principle could be the principle of full disclosure, which ensures that all relevant information is included in financial statements, allowing investors and other stakeholders to make informed decisions. This is important in the hotel industry as it provides transparency about the financial health and performance of hotels, enabling investors and potential customers to assess the profitability and sustainability of the business.
As for responding to your classmates' answers, you can agree or disagree based on your own understanding and perspective. To explain your agreement or disagreement, you can provide further examples or reasoning to support your position.