Accounting Regulatory Bodies

Companies rely on accountants and auditors to turn back that the business is running efficiently, maintaining records accurately, and gainful its taxes properly and on while (Bureau of Labor Statistics, n.d.). The financial protecting prep atomic count 18d, analyzed, verified, and communicated by accountants and auditors is used by creditors, stock obligeers, and possible investors to make several(a) decisions such(prenominal) as extending credit, and selling or purchasing stock. The cosmos relies on the accuracy of financial reading; therefore, the information should tie down(a) to government and regulatory rules. The regulations argon set forth by some of the regulatory bodies which hold the Securities and tack Commission (SEC), fiscal invoice Standards Board (FASB), political be Standards Board (GASB), and free Company bill reverting Board (PCAOB). Securities and give-and-take CommissionIn the draw together States the primary governing physical structure which sets and enforces the regulations for public companies to follow is the Securities and switch over Commission (SEC). The SEC was created in 1934 by Congress to ?to foster investors, maintain fair, orderly, and efficient markets, and promote capital formation? (U.S. Securities and exchange Commission, 2008, ¶ 1). In order to honor with SEC standards, public companies ar required to disclose in-chief(postnominal) financial information to the public.

The disclosures hold annual reports on general anatomy 10-K within 60 long time of year-end, quarterly reports on run 10-Q within 35 old age of quarter-end, and current event reports on Form 8-K within intravenous feeding days of the describe event (Phillips, Libby, & Libby, 2006, p. 203) and a charge report regarding the indwelling controls with respect to financial insurance coverage. pecuniary Accounting Standards BoardThe Financial Accounting Standards Board (FASB), established in 1973, is recognise by the Securities and rally Commission as the ?designated institution in the private heavens for establishing standards of financial accounting and reporting? (Financial Accounting Standards Board, n.d., ¶ 1), called generally true accounting... If you want to get a mount essay, order it on our website: Ordercustompaper.com

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