Читать книгу Financial Accounting For Dummies - Maire Loughran - Страница 88

Most years, SEC and PCAOB representatives get together for a chit-chat about various financial accounting issues. The 2019 conference held in January 2020 addressed various SEC, accounting, and auditing matters. One topic of particular interest to financial accounting students is qualified audit reports (see Chapter 16). Spoiler alert! An unqualified audit report is the best you can get; qualified, not so much. As of this writing, the next conference is scheduled to start December 7, 2020. Two topics on the agenda are the future of the economy and emerging technologies — a topic I discuss in Chapter 17.

I know your spoon is probably full at this point, but before I explain what GAAP are and why they matter so much, I need you to swallow just one more acronym. The FASB formed the Emerging Issues Task Force (EITF) in 1984 to help identify emerging accounting issues in need of standardization. The EITF is composed of accounting professionals who meet six times a year with nonvoting members of the SEC and FASB to mull over current economic, business, and industrial developments.