Accounting Regulatory Bodies Paper

Accounting restrictive bodies were designed to set regulations for the accountancy industry. These regulatory bodies atomic number 18 self-regulating associations that manages the daily actions and trading operations of companies in a business. Each body, such as the FASB, s, GASB and the IASB, has its avouch responsibilities and performs specific tasks and sets standards that organizations moldiness comply with. The Financial Accounting Standards room (FASB) is one of legion(predicate) report regulatory bodies. The FASB is an organization who takes on the tariff of developing general acceptable accounting principles (GAAP) within the joined States that choke public interest. Their bursting charge is to establish and improve standards of fiscal accounting and insurance coverage for the guidance and education of the public, including issuers, auditors, and users of financial education (Wikipedia.com, 2009). Organizations must make sure that when they submit their corporate financial 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 organic law (U.S. Securities and switch over Commission, 2008).

As it relates to the accounting industry, investors of organizations must gull 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 befall in the sale of securities. The Governmental Acc ounting Standards Board (GASB) is other acc! ounting regulatory body. Their mission is to establish and improve standards of body politic 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 financial reports (Governmental...If you want to get a full essay, order it on our website: OrderEssay.net

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