If CMC was considering becoming a publicly traded company, what accounting bodies regulations would they be...
If CMC was considering becoming a publicly traded company, what accounting bodies regulations would they be required to follow for publishing their quarterly and annual financial statement?
The Security and Exchange Commission (SEC) mandates US GAAP regulations be followed, but which organization does the SEC rely on to develop the accounting standards? Since CMC’s stock is privately held and not traded on any stock exchange, does the SEC have any say in their accounting practices?
Homework Answers
1. CMC would be required to follow US GAAP issued by Financial Accounting Standards Board(FASB).
2. FASB is the private non profit organisation established to develop and implement accounting standards for private and public organisations.
3. SEC does not have say in private organisations, however accounting standards are applicable to them.
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