The Major Regulatory Bodies And Their Functions

The Major Regulatory Bodies and Their Functions Axia College of the University of Phoenix XACC/280 The major regulatory bodies argon the Securities fill in Commission, the Internal Revenue Service, and the Financial be Foundation, American work of advised popular Accountants, the Financial report Standards wit, the Federal Accounting Standards Board, and the International Accounting Standards Board along with the Public go with Accounting Oversight Board and the American Institute of Certified Public Accountant. . The Securities change over Commission (SEC) is creditworthy for enforcing the laws of Congress. They jibe that all in all publically protest companies adhere to the general accepted invoice principles (GAAP). The Securities Act and the guarantor Exchange act provided laws that were developed to ensure spotless and true account. (SEC, 2009) The American Institute of Certified Public Accountants is the oldest of the boards, having been realized in 1887 and is the largest national organization of CPAs. Its trustworthy function is straight the certificate of indebtedness of the FASB.

The AICPA, now, works closely with the FASB to instigate in compulsiveting standards and settling disputes(AICPA, 2008) The Financial Accounting Standards Board (FASB) was established, by the Securities Exchange Commission, in 1973. The FASB is responsible for providing a set of standards for pecuniary reporting for the public. (FASB, 2009) The Government Accounting Standards Board established standards that assist users of financial reports by creating guidelines that assist to educate the users. (GASB, 2009) It is the responsibili! ty and goal of the SEC, FASAB, GASB, IRS and other(a) regulatory bodies, to establish accounting standards. The intimate and external controls are necessary to maintain truthful and accurate reporting by people, business and organizations. Each regulatory be plays a critical role in financial reporting and ensures the adherence to the...If you involve to get a full essay, stage it on our website: BestEssayCheap.com

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