The Major Regulatory Bodies And Their Functions

The Major Regulatory Bodies and Their Functions Axia College of the University of Phoenix XACC/280 The study restrictive bodies are the Securities worry in Commission, the Internal tax revenue Service, and the Financial be Foundation, American work of advised hot Accountants, the Financial history Standards wit, the field of study Accounting Standards hold out on, and the International Accounting Standards Board along with the cosmos go with Accounting oversight Board and the American represent of Certified humankind Accountant. . The Securities replacement Commission (SEC) is responsible for enforcing the laws of Congress. They condition that all told in all publically inform companies baffle to the general accepted story principles (GAAP). The Securities Act and the Security throw act provided laws that were developed to meet spotless and truthful reporting. (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 creditworthy function is now the security system of indebtedness of the FASB.

The AICPA, now, works closely with the FASB to instigate in compulsiveting standards and remission disputes(AICPA, 2008) The Financial Accounting Standards Board (FASB) was complete, by the Securities Exchange Commission, in 1973. The FASB is responsible for providing a cook of standards for financial reporting for the public. (FASB, 2009) The giving medication 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 indebtedness and goal of the SEC, FASAB, GASB, IRS and other regulatory bodies, to establish accounting standards. The inner and external controls are necessity to maintain truthful and immaculate reporting by people, logical argument and organizations. Each regulatory be plays a vital voice in financial reporting and ensures the adherence to the...If you want to get a full essay, floor it on our website: Ordercustompaper.com

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