Business Environment & Concepts | CPA Review Course 2017 EDITION

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  1. DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT OF 2010
    • - This comprehensive legislation was enacted after the economic crisis in 2008. The act extends to, among other things,
    • (1) the financial services industry,
    • (2) consumer protection,
    • (3) financial markets,
    • (4) securities laws,
    • (5) financial reporting and governance, and
    • (6) broker-dealer audits.
    •  
    • - The key corporate governance provisions are those regarding executive compensation.
  2. A corporation comes into being when the articles of incorporation are filed with the secretary of state of the relevant state. The secretary in turn issues a certificate of incorporation. The articles ordinarily must include the following:
    • Corporation’s name
    • Number of authorized shares of stock
    • Street address of the corporation’s initial registered office
    • Name of the registered agent at that office

    Name and address of each incorporator
  3. The board has the following duties:
    • Selection and removal of officers
    • Decisions about capital structure (mix of debt and equity, consideration to be received for shares, etc.)
    • Adding, amending, or repealing bylaws (unless this authority is reserved to the shareholders)
    • Initiation of fundamental changes (mergers, acquisitions, etc.)
    • Decisions to declare and distribute dividends

    • Setting of management compensation (sometimes performed by a subcommittee called the compensation committee)
    • Coordinating audit activities (most often performed by a subcommittee called the audit committee)
    • Evaluating and managing risk (sometimes performed by a subcommittee called the risk committee)

Card Set Information

Author:
Chris713
ID:
329299
Filename:
Business Environment & Concepts | CPA Review Course 2017 EDITION
Updated:
2017-03-07 14:43:36
Tags:
cpa gleim bec
Folders:
Study Unit 1: Corporate Governance Structure and Regulations
Description:
Study Unit 1: Corporate Governance Structure and Regulations
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