The Regulators Part 2

The video discusses the role of the Office of the Chief Accountant in protecting investors through active engagement, especially during COVID-19. It covers the consultation process, FAQs, and the importance of audit committees. The video also highlights standard setting, international engagement, and leadership roles.

What is the primary focus of the Office of the Chief Accountant (OCA) as mentioned in the introduction?

• Protecting investors through active engagement

• Reducing taxes for businesses

• Increasing market share for US companies

• Maximizing profits for companies

What type of questions does the OCA frequently handle in their day-to-day operations?

• Questions about marketing strategies

• Questions about goodwill and long-lived assets

• Questions about environmental policies

• Questions about employee benefits

How does the OCA view well-reasoned judgments in accounting?

• They are only accepted from large companies

• They are ignored

• They are accepted if well-documented

• They are discouraged

What is the role of audit committees according to the OCA?

• To handle employee grievances

• To increase company profits

• To provide oversight and ensure compliance with standards

• To manage company marketing strategies

Which areas are currently a focus for standard setting by the FASB?

• Environmental sustainability

• Employee training programs

• Marketing and sales strategies

• Debt equity and goodwill impairment

How has COVID-19 impacted the focus areas in standard setting?

• It has shifted focus to marketing

• It has increased their relevance

• It has made them less relevant

• It has had no impact

What is the significance of international engagement for the OCA?

• It focuses on reducing taxes

• It is only for large companies

• It helps in providing leadership and guidance

• It is not important

What role does the OCA play in international accounting standards?

• They have no role

• They provide leadership and guidance

• They only follow international standards

• They focus on marketing strategies

What is the OCA's approach to engagement with stakeholders?

• They avoid engagement

• They encourage active engagement

• They only engage with large companies

• They focus on marketing engagement

What is the OCA's stance on providing information to investors?

• They believe investors do not need much information

• They aim to provide as much information as possible

• They only provide information to large investors

• They focus on providing marketing information