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Essay / Research Paper Abstract
A 3 page paper that begins by identifying the regulators in the U.S. Two brief examples related to two specific rules that are changing are provided. The writer comments Sarbanes-Oxley was a major change and why the U.S. Congress adopted the Act. The rest of the paper discusses the proposal to adopt the International Financial Reporting Standards. Bibliography lists 6 sources.
Page Count:
3 pages (~225 words per page)
File: MM12_PGacglb9.rtf
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because the FASB or the Securities and Exchange Commission believes the rules should be changed (Chasan, 2008). U.S. companies are required to follow GAAP (Generally Accepted Accounting Principles) standards (Chasan,
2008). In other words, there are many reasons and catalysts for rules being changed in accounting. As an example, the Public Company Accounting Oversight Board adopted new rules in June
2008 that applied to reporting information and events in accounting firms that are registered with this board (SmartPros, 2008). Another example, Bissonnette (2009) reported that new rules for mergers and
acquisitions would be adopted in the near future. Currently, investment bankers who advise companies about mergers and acquisition hide their fee in the lump sum of the purchase price (Bissonnette,
2009). So, the purchasing company has no idea what fee they are paying. New rules would require these fees to be clearly labeled and a separate item on the bill
(Bissonnette, 2009). The best example of a law rather than just a policy is the Sarbanes-Oxley Act of 2002, also known as the American Competitiveness and Corporate Accountability Act of
2002, which was a law enacted by the U.S. Congress (Hamel, 2003). This Act was adopted as the direct result of huge accounting scandals involving Enron and other large corporations,
including major accounting firms. While we generally consider the effects of this Act on public companies, Hamel (2003) reminds people that the Act applies to everyone. At this time,
one major proposed change in the rules is to stop using GAAP and adopt International Financial Reporting Standards, which is the set of rules the European Union and other nations
follow (Burns, 2008; Chasan, 2008). This makes sense. As the market becomes more global, it makes sense that everyone adheres to the same accounting standards. This would save a lot
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