Regulatory Bodies

accounting methods and practices are important to all sorts of companies, whether it be private, public, or nonprofit organizations. Accounting methods has evolved with technology from its early stages and is becoming a very complicated science with the potential to become off of supremacy. In order to regulate accounting methods directions have been created. nearly of these regulatory bodies that will be discussed are the US Securities and alternate 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 united States government created in 1943. The SEC consists of five commissioners. Some of their responsibilities entangle the regulation of the securities industry and to enforce federal securities laws. They also control the nations stock and options exchanges as well as a few other electronic securities. Moreover, it enforces several acts such as the trust indenture act of 1939, the investment club act of 1940, the investment advisers act of 1940, and the Sarbanes-Oxley act of 2002 (Patton & Freeman).
The second regulatory embody 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 committee on accounting procedure of the American institute of qualified public accountants. The main responsibility of FASB is to establish and improve the standards of monetary accounting and reporting in order to guide and domesticate 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 generally accepted accounting principles (GAAP). The GASB is controlled and funded by the financial accounting home (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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