Organizations that impact accounting Accounting, Finance Coursework

Organizations that impact accounting
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1] Briefly explain the mission or focus of the two (2) organizations you selected and cite at least two (2) sources for your information.
The Financial Accounting Standards Board (FASB) is an accounting standard-setter that issues FASB statements and interpretations of FASB accounting standards updates. FASB offers guidance, changes and amendment of certain requirements on Accounting Standards for the reporting entity. The FASB sets accounting standards for U.S. companies and nonprofits, as we as private companies, which follow the U.S. generally accepted accounting principles (U.S. GAAP). High-quality accounting standards and financial information are important in the financial reporting process and the capital markets. The Public Company Accounting Oversight Board (PCAOB) aims at promoting investor protection through audit oversight” and this includes auditing, governance, oversight and the financial reporting process (PCAOB). The PCAOB Board members promote audit quality, which protects investors and the public interest while also identifying audit deficiencies.2] Select a topic that one (1) of the organizations is currently focused on, or one that they consider a pressing issue or "hot topic."
The FASB set new accounting rules on revenue recognition (Topic 606) and leases (Topic 842) and improve the standards targeting private companies and nonprofits. Some of the private companies and nonprofits were expected to the implement the new leases standard and requirements from for fiscal 2020 (FASB, 2020). After adopting the new lease accounting during the year of adoption and transition, there was no obligation for disclosures in the interim financial statements.
There are different and complex revenue recognition requirements for certain transactions and industries resulting in industries using different revenue recognition principles when there are similar transactions. The proposed changes in the revenue recognition standard targeted franchisor businesses, but since 2018 the public companies were already using this revenue recognition standard (FASB, 2020). There were also differences in revenue recognition between the Generally Accepted Accounting Principles (GAAP) and International F...