accounting 56

accounting 56.

Please choose ONE of the following four items to discuss for your Original Post:

A. Identify one COMPANY (large or small) which, in the last five years, has issued a significant amount of new debt (bonds, etc.). Explain the corporation’s reason(s) for the sale of this new debt, the type of investor that may be attracted to buy it, and the larger economic/industry factors which may have helped management to make such a decision.

B. Identify one California municipality (i.e., city or county) which has encountered significant problems with long-term liabilities in the last five years. Explain the specific nature of the troubling debt at issue; the history behind the problem; and how the particular governmental entity has proposed/attempted to resolve the dilemma (refinancing, tax increases, spending decreases, default, etc.).

C. Financial Accounting Standards Board (FASB): Briefly explain the FASB’s history, purpose, and scope of authority. Also, summarize any two (2) of the currently valid Statements of Financial Accounting Concepts (SFACs) that the FASB has promulgated.

D. Security and Exchange Commission (SEC): Briefly explain the SEC’s history, purpose, and scope of authority. What power does it have to regulate financial reporting? In your discussion, be sure to also describe the governance of the SEC; specifically, who currently makes up its commission, how long are the terms of office, and how are commissioners appointed.


accounting 56

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