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Johanna Flores Vargas, May 21

 

well Hello everyone is sunday but I've never had the chance to post my blog on thursday or friday since we got back to fort smith late at night.

On thursday we went to the SEC, and in my opnion it was my favorite meeting the guy was very interesting and it wasnt boring. it didnt took that long either so it was a plus. after that we all came back to the hotel, and me and kim went to tour the city and shopped a little, at night time we all went to dinner since dinner was paid by the Dean. it was so great!!!!! :p then we went to see the White House and took pictures. on the way back we stopped and bought souveniers. and when we got back to the hotel. we all got together to play cards which IT WAS LOTS OF FUN :)

Friday morning we got up early and headed to the aiport, everyone was sooooo ready to be back to fort smith. I bet everyone was so ready to see their families and CARS lol.

we made it safe back to Fort Smith!!!!!

Washington DC was an amzing experience, we got to meet important pepople as the Senator of Arkansas, we got to learn about Accounting, we got to know more about every single person that went on the trip, and we got to visit so many historical places.

I will definitely do it again :)

Dr. Hayes was AWESOME !!!! he was very responsible and took care of us but at the same time he was so much fun !!!!!

Matthew Beyer 5/17/12

 

On thursday we got to visit with the Securities and Exchange Commission at our nations capitol. This was the visit I looked forward to the most. It turned out to be short and sweet, but was my favorite. The representative was very clear and informative. It was this visit that helped everything "click" for me. I now understand the big picture of how the PCAOB, GAO, FASAB, and the SEC each play a particular role in the standard setting process. The PCAOB visit on Tuesday seemed a little bit foreign to me because it was the first time I got a deep insight into the process of standard setting, the GAO visit on Wednesday made everything a little bit clearer, and the SEC visit on Thursday really helped me plug it all together.

Visiting with these government entities helped me realize how important what I read in my text book is. I read about all of these organizations along with the rules and regulations, but to see them in action makes it feel so real and important. It was a boost of motivation to pay special attention to everything I am studying. 

Overall I enjoyed everything. Thank you for a great experience.

 

Here is what the SEC building looks like. We have a better picture on another camera of our group together, but this is the only one I have in my camera as of right now.

 

Arrival at the SEC

 

DC Maymester 5/17/12 - Jacob Embry

 
C  Users thayes Desktop IMG 0100Today we visited with the SEC. It was interesting to me because the SEC has other people set the standards, but if there are any questions that deal with the standards, it is the SEC that answers to those questions. Also, the PCAOB has to report to the SEC to get a standard set because the SEC has to approve of the standard. Overall, the meeting was brief, but the information was worth the trip.

Brittany Osborne 5/17

 
Today was our last full day in DC, I'm ready to go home but this was a very exciting week! This morning we went to visit the SEC which was interesting. The person we talked to was Josh Paul and he was on a two year fellowship with the SEC. He was probably the most interesting person we have interviewed. Then we visited Arlington. This was by far my favorite place the visit the whole trip. The changing of the guards was the coolest thing I've seen in a long time. Tonight we went to eat at the Old Ebbit Grill and it was amazing!!! After that we went to see the White house which I really thought it would be bigger than it really was. Tomorrow we are going to see the Spaceship and the hanger where they filmed Tramsformers 2

Kristen House, SEC, Thursday 17

 
Out meeting today was with the SEC. It was very interesting the learn what the SEC's roll in the standard setting process and how they work with other standard setting bodies. I have to say they were the kindest staff out of anyone we visited this whole week. For dinner we went to Old Ebbitt Grill and it was delicious. After that we saw the white house and I was finally able to buy some souvenirs. A great end to our last night in D.C.

Nit Xaymongkhoun - 05.16.2012: GAO/FASAB and 05.17.2012: SEC

 

On Wednesday, May 16th we went to the Arlington Cemetary, Lincoln and MLK, Jr. Memorial.  It was amazing! We saw the changing of the guards at the cemetary and President Kennedy's grave. Int the afternoon, we went to Government Accountability Office to discuss the standard setting process and the role of the GAO and the FASAB.  It was nice to meet the speakers and learn how each organization takes part in standard setting.  I thought it was interesting how the GAO reviews the auditing standards from FASAB and that the shortest process to adopt a standard can take up to 1.5 years!

After the visitation, a few of us went to eat at a Sushi Restaurant.  The food was so delicious!  We then toured the White House area and took pictures.  We saw so many beautiful architecture.

On Thursday, May 17th we went to visit the Securities Exchange Commission and discussed the role of the SEC and how it fits into the standard setting process.  It was very interesting to be able to discuss how the SEC does not really take part in developing the standards, but they actually oversee other organizations, such as FASB.  It seems that the accounting standards are very likely to get approved by SEC when it gets sent from FASB. 

After we visited the SEC, a few of us went to eat at the Chinatown area. I had a really huge burrito that I did not finish.  We also toured the International Spy Museum.  I thought this place had so much information.  The interesting fact is that Washington, D.C. has the most spies out of any place in the U.S.  This tour did take up a lot of time.  We all met up at the hotel and went to eat dinner at the Old Ebbitt Grill right around the corner of the White House.  The food was amazing! 

It's time to pack up and go home.  I really enjoyed this trip and I hope to come back some day to hang out.  I really liked the city and hope to see some more.

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This was the coolest metro station, Dupont Circle.  The longest and steepest escalator I've ever been on.

Michelle Cox - Thursday, May 17, 2012 SEC

 
This morning we visited the Securities and Exchange Commission. I found our speaker, Mr. Joshua Paul, to be very interesting. He spoke of the SEC's role in the accounting standard-setting process, the role they play in the PCAOB oversight, and the focus of FASB and IASB. Mr. Paul explained that once the FASB Board approves a standard, it automatically becomes GAAP but a standard proposed by the PCAOB must first be approved by the SEC. Since the SEC and PCAOB work closely together, standards are very unlikely to be rejected. Other topics discussed during the meeting include revenue recognition consultations, drop-down accounting, the convergence of accounting standards, and the impact of IFRS internationally.

Casey Brown 5/16/12

 
C  Users thayes Desktop IMG 0099 resized 600Today was eventful. We met with GAO (Government Accountability Office). We got to hear all about the standard setting process. One lady in particular, Mrs. Wendy, was especially interesting. She elaborated on the accounting difficulties of the Department of Defense. Next we ate dinner at Union Station at a splendid little grill. After dinner, we set out to explore some memorials. We saw the Washington Monument, the World War II Memorial, the Lincoln Memorial, and the Martin Luther King Junior Memorial. The buildings are so enormous. Anyways, I'm excited about the SEC in the morning. Goodnight friends.

Past Two Days, 5/15 and 5/16

 

I forgot about blogging yesterday, so here it goes for two days. 

Yesterday we visited the PCAOB. They informed us about auditing standards and what was done in make those standards become a standard that public companies must use. I thought this meeting was interesting because we got to hear from several different representatives about what they do in their division. 

Today we visited with the GAO and the FASAB. The GAO was very interesting to me, but I felt more interested in learning about what the government is doing with our money rather than the principles behind the accounting. It was very challenging to wrap my head around some of the topics they brought up today. There is a strong possibility that government accounting is just not for me...

Anyways, I'm really looking forward to tomorrow because we visit with the SEC, which to me is the organization in which we talk about the most in college. 

Johanna Flores Vargas, May 16

 

Today was very interesting we visited the Goverment Accountability Office and the FASAB. I definitely learned alot and got confused in some parts, actually Ikind of got lost. lol maybe because I was about to fall sleep lol just kidding .......I thought it was interesting since I didnt know that the GAO is an independent agency in the legislative branch of the federal goverment, as I didn't know they work as a CPA firm for the goverment. we also learned about the FASAB and their role in setting the Accounting standarts, we also learned about the Standard setting Structure in the United States.

Dinner was good we ate at the Union Stations and I had my BIG PIECE OF STEAK....and let me tell u ...it was amazing ...:) then we went to the Washington Monument, Lincoln Memorial, and World War II memorial. the funny thing on the way back besides the fact we crossed the streets soo many times when we weren't suppose to!!!!, our train station was closed so me and the rest of the guys had to go look for another one, but we did good we made it safe to the hotel

had a great day !!!!

good nite everyone :)

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