Accounting Regulatory Bodies Paper

The United States has accounting system laws set into place to ensure the haleness of financial records for businesses. This paper will examine four accounting regulatory bodies and discuss how an organization complies with the standards of the regulatory bodies. The pecuniary chronicle Standards Board, Securities and Exchange Commission, Governmental history Standards Board, and the Public Comp whatsoever Accounting Oversight Board are the four bodies discussed in this paper.

The Financial Accounting Standards Board (FASB) is a private not for internet organization whose primary function is to develop gener every(prenominal)y reliable accounting principles (generally accepted accounting principles) within the United States in the publics 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 publicly 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, nonpartisan 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 abuse involving the offering and barter of securities and corporate reporting.



The SEC is made up of five commissioners plant by the U.S. President 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 are to include a report from management about the company?s inborn control over financial reporting, and are required to get wind their financial information to the public (Phillips, Libby, Libby, 2005). The SEC also partners with many other institutions...

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