Accounting Regulatory Bodies Paper

The United States has method of accounting system laws luck into place to manipulate the haleness of financial records for businesses. This paper will examine iv accounting regulatory bodies and discuss how an organization complies with the standards of the regulatory bodies. The fiscal chronicle Standards Board, Securities and Exchange Commission, Governmental history Standards Board, and the Public Comp some(prenominal) Accounting Oversight Board argon the four bodies discussed in this paper. The Financial Accounting Standards Board (FASB) is a private not for internet organization whose primary function is to develop gener every(prenominal)y sure accounting principles (generally accepted accounting principles) within the United States in the ordinarys interest (FASB.org, 2009). The FASB is do up of a seven-member board consisting of accounting professionals who adhere to the GAAP and govern the preparation of corporate financial reports. The endorsement requires all publicly held companies to abide by the guidelines and rules set by the GAAP. The FASBs? capriole is to improve the standards of financial accounting practices by enforcing the reporting guidelines of any users of financial information. The Securities and Exchange Commission (SEC) is an independent, bipartizan regulatory influence with responsibility for administering the federal securities laws (SEC.gov, 2009). The SEC was created by Congress to ordinate the securities market, protect investors, and prevent corporate cry out involving the offering and barter of securities and corporate reporting.

The SEC i s made up of five commissioners plant by th! e U.S. President and approved by the Senate. The SEC protects investors by promoting full public disclosure, fraud, and controlling practices in the securities sector. To comply with the SEC all public companies annual reports are to include a report from management about the caller-out?s inborn control over financial reporting, and are required to accept wind their financial information to the public (Phillips, Libby, Libby, 2005). The SEC also partners with many other institutions... If you want to get a full essay, coif it on our website: OrderCustomPaper.com

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