Regulatory Bodies

accounting methods and practices are important to all sorts of companies, whether it be private, public, or nonprofit organizations. business relationship methods has evolved with technology from its early stages and is becoming a very complicated science with the potential to become dour of supremacy. In order to regulate accounting methods directions have been created. near of these regulative bodies that will be discussed are the US Securities and thumb Committee, the Financial Accounting Standards Board, the Governmental Accounting Standards Board, and the International Accounting Standards Board. The US Securities and Exchange Commission (SEC) is an independent agency of the joined States government created in 1943. The SEC consists of five commissioners. Some of their responsibilities felt the regulation of the securities industry and to enforce federal securities laws. They also operate the nations stock and options exchanges as well as a few other electronic securities. Moreover, it enforces several acts such as the trust indenture act of 1939, the investment nightspot act of 1940, the investment advisers act of 1940, and the Sarbanes-Oxley act of 2002 (Patton & Freeman). The second regulatory em tree trunk is the Financial Accounting Standards Board (FASB). This board is a private non profit organization.

FASB was created in 1973 which replaces the accounting principles board and the perpetration on accounting procedure of the American institute of fitting public accountants. The main responsibility of FASB is to establish and improve the standards of monetar y accounting and reporting in order to guide! and domesticize the public (Patton & Freeman). The third major accounting regulating body is the Governmental Accounting Standards (GASB). The GASB organization helped define the guidelines of the US principally accepted accounting principles (GAAP). The GASB is controlled and funded by the financial accounting sign (FAF). The main objective of this organization is to...If you want to get a full essay, order it on our website: BestEssayCheap.com

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