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Worldwide Financial ReportingThe Development and Future of Accounting Standards$
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George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer

Print publication date: 2006

Print ISBN-13: 9780195305838

Published to Oxford Scholarship Online: February 2006

DOI: 10.1093/0195305833.001.0001

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 Corporate Financial Reporting and Regulation in the United States

 Corporate Financial Reporting and Regulation in the United States

(p.49) 4 Corporate Financial Reporting and Regulation in the United States
Worldwide Financial Reporting

George J. Benston (Contributor Webpage)

Michael Bromwich (Contributor Webpage)

Robert E. Litan (Contributor Webpage)

Alfred Wagenhofer (Contributor Webpage)

Oxford University Press

This chapter reviews the rules governing financial disclosure by corporations in the United States. It begins with an overview of state regulation (which is still in force) and then turns to federal regulation, which began in 1933. The public securities markets are described and the Securities and Exchange Commission’s (SEC) rules governing financial disclosure of public corporations are outlined. Standard setting by the American Institute of Certified Public Accountants (AICPA), the Financial Accounting Standards Board (FASB), and the Public Company Accounting Oversight Board (PCAOB), and investor protection and corporate governance are considered next. Current issues such as the scope of auditing practices, auditor independence, audit failures, principles- versus rules-based accounting standards, and convergence of U.S. and international standards are discussed.

Keywords:   AICPA, American Institute of Certified Public Accountants, FASB, Financial Accounting Standards Board, SEC, Securities and Exchange Commission, PCAOB, Public Company Accounting Oversight Board, state regulation, audit failures, auditor independence, investor protection, corporate governance

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