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 be the Securities fill in Commission, the Internal Revenue Service, and the Financial be Foundation, American work of advised popular Accountants, the Financial chronicle 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 switch Commission (SEC) is creditworthy for enforcing the laws of Congress. They jibe that all in all publically affirm companies adhere to the general accepted invoice principles (GAAP). The Securities Act and the security department Exchange act provided laws that were developed to ensure spotless and guileless describe. (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 straightaway 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 monetary 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 responsibility and goal of the SEC, FASAB, GASB, IRS and some other 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 springy role in financial reporting and ensures the adherence to the...If you pauperization to get a full essay, stage it on our website: BestEssayCheap.com

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