Accounting Regulatory Bodies Paper

There are many different account regulative bodies and in all(prenominal) one is very important when it comes to history and the effects the accounting process has on the system or company. The overall stopping point of these accounting restrictive bodies is to establish rules and regulations, ensure the rules and regulations are existence met, and to help improve the standards of fiscal accounting for the organization. This paper cease for examine the Securities & Exchange Commission ( minute), pecuniary be Standards get along (FASB), Public Company Accounting anxiety 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 intercourse to regulate the securities market, protect investors, and prevent corporate abuse involving the go and sale of securities and corporate rooting. The SEC is do up of flipper commissioners appointed by the U.S. President and approve by the Senate. The SEC protects investors by promoting wide-eyed habitual divine revelation and fraudulent and compulsory practices in the securities orbit.

To comply with the SEC all public companies one-year reports are to include a report from management rough the company?s internal harbour over financial reporting, and are required to disclose their financial information to the public (Phillips, Libby, Libby, 2003). The SEC also! partners with many separate institutions such as Congress, state securities regulatory, self-regulatory organizations and various insular 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 draw 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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