Big4Guy

Confessions, Thoughts, Observations and Musings of a Big4Guy

Big4Guy

Welcome to Big4Guy.com. Big4Guy is an online resource where I will share with you the latest news, insights, knowledge and some experiences as a Big 4 consultant. We will discuss some of the important issues which organisations are facing today in the areas of information security, security and controls in SAP R/3, Oracle Applications, J.D.Edwards, Peoplesoft and various other ERP's. You will also find information on latest complaince regulations like Sarbanes Oxley, Basel II and so on. Big4guy will also attempt to provide valuable resources for individuals interested in examinations the CISA, CISM, CISSP, PMP and various other security certifications considered essential for entry in any Big 4 accounting, auditing and consulting firms. You are invited to post your comments and viewpoints to posts here. I sincerely hope this online journal will be useful to everyone from a budding student to a professional in the accounting, auditing, management and consultancy professions.

Post details: Section 108 Sarbanes Oxley Act - Accounting Standards

12/06/05

10:45:03 pm, Categories: Sarbanes Oxley, 85 words

Section 108 Sarbanes Oxley Act - Accounting Standards

This section has the effect of amending Section 19 of the Securities Act of 1933. Thus, Securities and Exchange Commission SEC under Section 13 (b) of the Securities Act of 1934, may recognize "Generally Accepted" accounting principles establihed by any Standard setting body which meets certain criteria specified in the Act.

I tried to find out which standard setting body is the SEC referring to here. The Act has later clarified that the Securities and Exchange Commission SEC has delegated these powers to the Financial Accounting Standard Board FASB.