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Purpose This assignment is intended to help you learn to examine the role of FASB, SEC, and AICPA in the accounting standards process

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Purpose This assignment is intended to help you learn to examine the role of FASB, SEC, and AICPA in the accounting standards process. Action Items Complete the reading and view the videos for this module. Answer the following questions on a Word document: Describe the rule-making or due process procedures of the FASB in the establishment of a standard. What is the FASB conceptual framework project? Explain the benefit of this project to the practitioner. Discuss the authority of the Statement of Financial Accounting Concepts. Access the FASBLinks to an external site. website. Click on About Us > Standard-Setting Process. Summarize in two paragraphs the standard setting process of FASB. Click on Standards > Concept Statements. Summarize in one paragraph what the purpose of a FASB concept statement is. Access the SECLinks to an external site. website. Click on About > Mission. Review the mission of the SEC and write two paragraphs about the mission of the SEC. Review information about the Office of the Chief AccountantLinks to an external site.. Summarize in one paragraph the role of the Accounting Group. Access the AICPALinks to an external site. webite. Click on About > About AICPA & CIMA. Review the information about the purpose, mission, and history of the AICPA. Write two paragraphs summarizing this information. Click on About > Purpose in Action. Review the information about the AICPA’s purpose specifically professional expertise/ethics, audit quality, and standard setting. Write two paragraphs summarizing this information.