Accounting Regulatory Bodies Paper

Accounting restrictive bodies were designed to set regulations for the accountancy industry. These restrictive bodies atomic number 18 self-regulating associations that manages the daily actions and operations of companies in a business. Each body, such as the FASB, s, GASB and the IASB, has its ingest responsibilities and performs specific tasks and sets standards that organizations moldiness comply with. The Financial Accounting Standards notice (FASB) is one of legion(predicate) report regulatory bodies. The FASB is an organization who takes on the righteousness of developing general acceptable accounting principles (GAAP) within the join States that choke public interest. Their direction is to establish and improve standards of fiscal accounting and reportage for the guidance and education of the public, including issuers, auditors, and users of fiscal learning (Wikipedia.com, 2009). Organizations must make sure that when they submit their corporate pecuniary reports, that they are prepared in the nightclub required by the FASB. The Securities and alternate Commission (SEC) is an accounting regulatory body whose mission is to entertain investors, maintain fair, orderly, and efficient markets, and facilitate capital validation (U.S. Securities and switch over Commission, 2008). As it relates to the accounting industry, investors of organizations must pay back financial and other(a) significant information concerning the public sale of securities. In doing this, the SEC prohibits the possibility of deceit, misrepresentations and any other fraudulent acts that could hap in the sale of securities. The Governmental Accounting Standards Board (GASB) is other accounting regulatory body. Their mission is to establish and improve standards of render and local anesthetic governmental accounting and financial reporting that will resolution in useful information for users of financial reports and guide and rise the public, including issuers, auditors, and users of those financ! ial reports (Governmental...If you want to get a full essay, order it on our website: OrderEssay.net

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