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 induce responsibilities and performs specific tasks and sets standards that organizations moldiness comply with. The Financial Accounting Standards add-in (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 join States that choke public interest. Their foreign mission is to establish and improve standards of pecuniary accounting and account for the guidance and education of the public, including issuers, auditors, and users of fiscal cultivation (Wikipedia.com, 2009). Organizations must make sure that when they submit their corpora te 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 administration (U.S. Securities and switch over Commission, 2008).

As it relates to the accounting industry, investors of organizations must retrieve 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 conk in the sale of securities. The Governmental Accoun ting Standards Board (GASB) is some other a! ccounting regulatory body. Their mission is to establish and improve standards of evince 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

If you want to get a full information about our service, visit our page: write my essay