Regulatory Bodies

accounting methods and practices are important to all sorts of companies, whether it be private, public, or nonprofit organizations. score methods has evolved with technology from its early stages and is becoming a very complicated science with the potential to become impinge on of supremacy. In order to regulate accounting methods directions have been created. intimately of these regulative bodies that will be discussed are the US Securities and permutation Committee, the Financial Accounting Standards Board, the Governmental Accounting Standards Board, and the International Accounting Standards Board. The US Securities and Exchange Commission (SEC) is an independent agency of the unite States government created in 1943. The SEC consists of five commissioners. Some of their responsibilities sweep up the regulation of the securities industry and to enforce federal securities laws. They also moderate the nations stock and options exchanges as well as a few other elec tronic securities. Moreover, it enforces several acts much(prenominal) as the trust indenture act of 1939, the investment unite act of 1940, the investment advisers act of 1940, and the Sarbanes-Oxley act of 2002 (Patton & Freeman). The second regulatory em carcass is the Financial Accounting Standards Board (FASB). This board is a private non profit organization.

FASB was created in 1973 which replaces the accounting principles board and the direction on accounting procedure of the American institute of pendant public accountants. The main responsibility of FASB is to establish and improve the standards of fiscal accounting and reporting in order to guide a! nd train the public (Patton & Freeman). The third major accounting regulating body is the Governmental Accounting Standards (GASB). The GASB organization helped define the guidelines of the US broadly accepted accounting principles (GAAP). The GASB is controlled and funded by the financial accounting denture (FAF). The main objective of this organization is to...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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