ACCT 3210 Accounting Scavenger Hunt Spring 2014 Instructor: Prof. Laura J.

Lachmiller

Student Details: Name: Habib A Islam BGSU I.D: 0020224740 Program: MBA

Section1: 1. Mary Jo White is the current chairman of the SEC. She was sworn in as the chair of SEC on April 10, 2013. The president of the United States of America appoints the Chair of SEC (U.S. Securities and Exchange commission, 2013). 2. During the post war era in the 1920s, there was surge in securities trading. There were a lot of systematic risks involved in the trading of stocks, which the investors did not consider. Besides there were also a lot of fraudulent activities in securities trading which was not regulated by the federal government. As a result an estimated 50 million dollars worth of stock became worthless that belonged to almost 20 million investors, large and small. (U.S. Securities and Exchange Commission, 2013). All these led to the stock market crash in October 1929. Congress held subsequent hearings to identify the cause of the crash and the ways by which such incident can be prevented in the future. To regain public faith in the economy and the money market the congress passed the securities act of 1933 and consequently the securities exchange act of 1934. The latter was responsible for the creation of SEC, which was designed to restore public confidence by providing the investors and the markets with more reliable information and clear rules of honest dealing (U.S. Securities and Exchange Commission, 2013). 3. The SEC was created in 1934. The securities exchange act of 1934 was responsible for its creation. (U.S. Securities and Exchange Commission, 2013). 4. The Basic two objectives of the 1933 securities are cited as such: Companies publicly offering securities for investment dollars must tell the public the truth about their businesses, the securities they are selling, and the risks involved in investing. (U.S. Securities and Exchange Commission, 2013). People who sell and trade securities brokers, dealers, and exchanges must treat investors fairly and honestly, putting investors' interests first. (U.S. Securities and Exchange Commission, 2013).

Section 2: 1. The Electronic Data Gathering, Analysis, and Retrieval system also known as EDGAR is a database which performs automated collection, validation, acceptance and forwarding of submissions by individuals, companies or others who are required by law to file forms with securities and exchange commission of the United States of America. This information can be accede and downloaded for free (U.S. Securities and Exchange Commission, 2013). 2. The report was filed on the 1st of February 2013. The period end date for the report is on the 31st of December. (U.S. Securities and Exchange Commission, 2013). Section 3: 1. The Mission of the FASB is noted as such: The mission of the FASB is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports. ( Financial Accounting Standards Board, 2013)

2. The chairman of FSAB is Russell G. Golden and the Board Members are: Russell G. Golden, Daryl E. Buck, Thomas J. Linsmeier, R. Harold Schroeder, Marc A. Siegel, and Lawrence W. Smith. ( Financial Accounting Standards Board, 2013) 3. The FASB was created in 1973 to establish standards of financial reporting, which governs preparation of financial reports by organizations that arent owned by the government. ( Financial Accounting Standards Board, 2013) 4. Disclosure of Foreign Currency Translation Information-FAS issue 1 ( Financial Accounting Standards Board, 2013) 5. The first two of the seven standard setting procedures are as follows: 1. The Board identifies financial reporting issues based on requests/recommendations from stakeholders or through other means. 2. The FASB decides whether to add a project to the technical agenda based on a staffprepared analysis of the issues.

Bibliography: 1. U.S. Securities and Exchange Commission, 2013.(Online) Available at: <http://www.sec.gov/edgar/searchedgar/companysearch.html>(January 15, 2014) 2. U.S. Securities and Exchange Commission, 2013.(Online) Available at: < http://www.sec.gov/edgar/searchedgar/companysearch.html> (January 15, 2014) 3. Financial Accounting Standards Board, 2013. (Online) Available at: <http://www.fasb.org/jsp/FASB/Page/LandingPage&cid=1175805317350> (January 15, 2014)