Regulatory Bodies with Roles in Accounting

Categories: AccountingBusiness

IRS (Irs):.
It is the earliest in the United States regulatory body also called the internal revenue service or IRS. The primary objective of IRS is to manage and carry out the internal earnings law. Their obligation is to assist individuals to comprehend their tax obligations along with to tax collection.

SEC (Security and Exchange Commission):.
SEC also called the Securities and Exchange Commission. Their primary objective is to protect financiers, maintains the Integrity of the market and facilitates capital development.

The SEC also guarantees that public business follow the rules and guidelines set by the Generally Accepted Accounting Concepts or GAAP.

Financial Accounting Structure (FAF):.
Their duty is to establish and enhance monetary accounting, the administration and financial resources of the financial accounting of its standard-setting board, the monetary accounting requirements advisory council, the governmental accounting standards board or much better known as GASB and their advisory council. Standards of non-government monetary accounting and reporting like not-for-profit organizations are taken a look at by FASB (Financial Accounting Requirement Board).

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The GASB was formed to establish accepted accounting principles for state and local government. It was likewise established to take a look at the image of FASB on the state and local levels.

FASAB (Federal Accounting Standards Advisory Board):
The FASAB was established in 1973 with the purpose to create and improve standards of financial accounting and reporting by nongovernmental entities that provides information to investors and other users of financial reports.

The IASB (International Accounting Standards Board) is established to develop accounting standards through an international consultation process.

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This is done with representatives from countries all over the world to ensure the quality and feasibility of the financial reports.

The PCAOB (Public Company Accounting Oversight Board) was created through the development of the Sarbanes-Oxley Act of 2002 to protect investors and their investments from the auditors of public traded companies.

ACIPA (American Institute of Certified Public Accountants.): It is the last major regulatory body and its function is to create the standards for accounting and reporting. The standards are set by working with the FASB, assisting the FASB in enforcing the standards, and assisting them with their technical support.

Updated: Jul 06, 2022
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Regulatory Bodies with Roles in Accounting. (2016, May 09). Retrieved from https://studymoose.com/regulatory-bodies-with-roles-in-accounting-essay

Regulatory Bodies with Roles in Accounting essay
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