Question Details

What is the purpose of Emerging Issues Task Force



1.	What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States?
a.	The SEC requires all companies listed on an exchange to submit their financial statements to the SEC.
b.	The SEC coordinates with the AICPA in establishing accounting standards.
c.	The SEC has a mandate to establish accounting standards for enterprises under its jurisdiction.
d.	The SEC reviews financial statements for compliance.

	*2.	Why was it believed that accounting standards that were issued by the Financial Accounting Standards Board would carry more weight?
a.	Smaller membership.
b.	FASB board members are well-paid.
c.	FASB board members must be CPAs.
d.	Due process.

	*3.	The passage of a new FASB Standards Statement requires the support of
a.	all Board members.
b.	three Board members.
c.	four Board members.
d.	five Board members.

	*4.	What is the purpose of Emerging Issues Task Force?
a.	Provide interpretation of existing standards.
b.	Provide a consensus on how to account for new and unusual financial transactions.
c.	Provide interpretive guidance.
d.	Provide timely guidance on select issues.

	*5.	Which organization is responsible for issuing Emerging Issues Task Force Statements?
a.	FASB
b.	CAP
c.	APB
d.	SEC



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