Accounting Regulatory Bodies Paper

There are many different account regulative bodies and any(prenominal) one is very important when it comes to accountancy and the effects the accounting process has on the shaping or company. The overall destination of these accounting regulatory bodies is to establish rules and regulations, ensure the rules and regulations are organism met, and to help improve the standards of fiscal accounting for the organization. This paper quit for examine the Securities & Exchange Commission ( minute), pecuniary be Standards get along (FASB), Public Company Accounting lapsing Board (PCAOB), and the Governmental Accounting Standards Board (GASB) and discuss how an organization complies with the standards of these regulatory bodies. The Securities & Exchange Commission (SEC) is an independent, nonpartisan regulatory dresser with responsibility for administering the federal securities laws (U.S. Securities and Exchange Commission, 2008). The SEC was created by social inter course to regulate the securities market, protect investors, and prevent unified abuse involving the go and sale of securities and corporate announceing. The SEC is make up of flipper commissioners appointed by the U.S. President and ratified by the Senate. The SEC protects investors by promoting right habitual divine revelation and fraudulent and compulsory practices in the securities welkin.

To comply with the SEC all public companies one-year reports are to include a report from management rough the company?s internal cover over financial reporting, and are required to disclose their financial informati on to the public (Phillips, Libby, Libby, 20! 03). The SEC also partners with many otherwise institutions such as Congress, state securities regulatory, self-regulatory organizations and various clannish sector organizations (U.S. Securities and Exchange Commission, 2008). The Financial Accounting Standards Board (FASB) is a private not for attain organization whose primary function is to take aim generally authentic accounting principles (GAAP) within the United States in the publics interest (Center for audit Quality, 2004-2008). The FASB... If you want to get a full essay, order it on our website: BestEssayCheap.com

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