Accounting Regulatory Bodies Paper

There are many different account regulative bodies and tout ensemble(prenominal) one is very important when it comes to score and the effects the accounting process has on the memorial tablet or company. The overall last 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 pass on for examine the Securities & Exchange Commission ( minute), fiscal be Standards get along (FASB), Public Company Accounting circumspection 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 s ocial intercourse to regulate the securities market, protect investors, and prevent incarnate abuse involving the go and sale of securities and corporate revealing. The SEC is make up of flipper commissioners appointed by the U.S. President and O.K. by the Senate. The SEC protects investors by promoting all-encompassing habitual revelation and fraudulent and compulsory practices in the securities sphere.

To comply with the SEC all public companies one-year reports are to include a report from management rough the company?s internal pull strings over financial reporting, and are required to disclose their f inancial 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 closed-door 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 experience 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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