The United States has bill system laws go under into place to vouch the haleness of financial records for businesses. This paper will examine quatern accounting regulatory bodies and discuss how an organization complies with the standards of the regulatory bodies. The financial chronicle Standards Board, Securities and Exchange Commission, Governmental history Standards Board, and the Public Comp some(prenominal) Accounting Oversight Board ar the four bodies discussed in this paper. The Financial Accounting Standards Board (FASB) is a private non for internet organization whose primary function is to develop gener every(prenominal)y accepted accounting principles (generally accepted accounting principles) within the United States in the domains interest (FASB.org, 2009). The FASB is do up of a seven-member board consisting of accounting professionals who adhere to the GAAP and govern the preparation of corporate financial reports. The endorsement requires all publi cly held companies to abide by the guidelines and rules set by the GAAP. The FASBs? capriole is to improve the standards of financial accounting practices by enforcing the reporting guidelines of any users of financial information. The Securities and Exchange Commission (SEC) is an independent, two-way regulatory influence with responsibility for administering the federal securities laws (SEC.gov, 2009). The SEC was created by Congress to ordinate the securities market, protect investors, and prevent corporate call out involving the offering and barter of securities and corporate reporting.
The SEC is made up o f five commissioners plant by the U.S. Pres! ident and approved by the Senate. The SEC protects investors by promoting full public disclosure, fraud, and controlling practices in the securities sector. To comply with the SEC all public companies annual reports argon to include a report from management about the guild?s inborn control over financial reporting, and are required to welcome wind their financial information to the public (Phillips, Libby, Libby, 2005). The SEC also partners with many other institutions... If you want to get a full essay, coif it on our website: OrderCustomPaper.com
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