Accounting Regulatory Bodies Paper

Accounting restrictive bodies were designed to set regulations for the accountancy industry. These regulative 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 declare responsibilities and performs specific tasks and sets standards that organizations moldiness comply with. The Financial Accounting Standards control panel (FASB) is one of legion(predicate) report regulatory bodies. The FASB is an organization who takes on the evince of developing general acceptable accounting principles (GAAP) within the coupled States that choke public interest. Their foreign mission is to establish and improve standards of monetary accounting and reportage for the guidance and education of the public, including issuers, auditors, and users of monetary cultivation (Wikipedia.com, 2009). Organizations must make sure that when they submi t 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 institution (U.S. Securities and switch over Commission, 2008).

As it relates to the accounting industry, investors of organizations must produce 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 c ould occur 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 state 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: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay