Please read the article attached, and answer the following questions. YOU SHOULD REFER THE ARTICLE TO ANSWER THE QUESTIONS.

1. Discuss the FASB’s standard setting process. You should summarize what the article discussed for the process, and then should provide your opinions.

2. What is XBRL? Please discuss for the SEC’s position on the adoption of XBRL.

3. Please discuss the roles of DCF in SEC

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14 JULY 2013 /THE CPA JOURNAL In Focus Updates from FASB and the SEC Leslie F. Seidman ? Paul A. Beswick ? Standards Setting, Outreach, and Convergence Projects eslie F. Seidman presided as FASB chair from December 2010 to June 2013 and served two terms as a FASB board member since July 2003. Prior to her appointment as chair, Seidman first served as a FASB industry fellow, later as a project manager, and then as assistant director of research and technical activities. Before joining FASB, she set accounting policies for J. P. Morgan & Co. (now JPMorgan Chase) and worked as a member of Ernst & Young’s audit staff. Paul A. Beswick is the SEC’s chief accountant. The Office of the Chief Accountant (OCA) is responsible for establishing accounting and auditing policy at the SEC. Beswick oversees the SEC’s work with private-sector accounting organizations, such as FASB; he also serves as an observer to FASB’s Emerging Issues Task Force (EITF). Prior to joining the SEC, Beswick was a partner at Ernst & Young. On May 2, 2013, Seidman and Beswick presented the opening remarks at Baruch College’s 12th Annual Financial Reporting Conference, discussing recent developments at FASB and the SEC, respectively. The following is an edited transcript of their remarks delivered at the conference. L LESLIE F. SEIDMAN FASB Chair This spring, FASB is celebrating its 40th anniversary, and we are here to stay. FASB was created in response to calls for greater independence and accountability in the development of accounting standards. We’ve had six chairmen over those 40 years, and although each of us has clearly introduced new ideas about processes and priorities, two things have remained constant: 1) our commitment to developing standards that benefit investors by providing a clear window into the financial condition and performance of the companies in which they are invested or they seek to invest in, and 2) our commitment to a transparent, collaborative process that involves all of our…