Accounting Regulatory Bodies

story Regulatory Bodies Regulatory bodies serve an important single-valued function by establishing and enforcing rules of account that companies must adhere to. They provide a level of assurance that companies are not falsifying fiscal statements that the globe relies upon. For this paper, I will examine four news report system regulatory bodies, the Securities and Exchange Commission ( secant), fiscal Standards chronicle Boards (FSAB), political explanation Standards Board (GASB), and Public Company Accounting supervising Board (PCAOB). Securities and Exchange Commission (SEC) The SEC serves the human beings by overseeing all that is related to securities. It requires publicly held companies to disclose precise financials. The SEC also strives to protect against fraud by employ its ascendence to bring civil enforcement actions against companies or individual who wound security system laws. There are rules that accountants must get called Generall y reliable Accounting Principles (generally accepted accounting principles). To ensure compliance, the SEC requires the elaborateness of auditors. As tell by Phillips, Libby, and Libby ( 2006), To ensure accountants follow GAAP when preparing their companys financial statements, the SEC requires that each public company lease independent auditors to scrutinize its financial records. (p.

19) Financial Standards Accounting Boards (FSAB) The FSAB develops accounting standards and is commissioned by the SEC. It is the establishment of these rules that reign the preparation of a companys financial statements. The FSAB also provides guidance to companies with regards to implementa tion of the rules. The end result provides! the public with conceivable financial statements with which cognizant investment decisions can be make from. Governmental Accounting Standards Board (GASB) The GASB develops accounting standards for the state and local anaesthetic establishments. Its purpose is same to that of the FSAB. However, information needed by government financial...If you want to bring about a full essay, companionship it on our website: OrderEssay.net

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