Accounting Regulatory Bodies

Companies rely on accountants and auditors to ensure that the business is running efficiently, maintaining records accurately, and paid its taxes properly and on time (Bureau of Labor Statistics, n.d.). The financial culture prep atomic number 18d, analyzed, verified, and communicated by accountants and auditors is used by creditors, stock retainers, and possible investors to make several(a) decisions such as extending credit, and selling or purchasing stock. The cosmos relies on the accuracy of financial information; therefore, the information should tie down to government and regulatory rules. The regulations atomic number 18 set forth by some of the regulatory bodies which hold the Securities and tack Commission (SEC), pecuniary invoice Standards Board (FASB), political be Standards Board (GASB), and unrestricted Company accountancy superintendence Board (PCAOB). Securities and give-and-take CommissionIn the join States the primary governing remains which sets and enforces the regulations for public companies to follow is the Securities and substitute Commission (SEC). The SEC was created in 1934 by Congress to ?to foster investors, maintain fair, orderly, and efficient markets, and urge capital formation? (U.S. Securities and Exchange Commission, 2008, ¶ 1). In order to combine with SEC standards, public companies are required to disclose main(prenominal) financial information to the public.

The disclosures include annual reports on make up 10-K within 60 days of year-end, quarterly reports on ready 10-Q within 35 days of quarter-end, and current event reports o n Form 8-K within intravenous feeding days ! of the inform event (Phillips, Libby, & Libby, 2006, p. 203) and a charge report regarding the congenital controls with respect to financial reporting. Financial Accounting Standards BoardThe Financial Accounting Standards Board (FASB), established in 1973, is recognise by the Securities and Exchange Commission as the ?designated organization in the private sphere of influence for establishing standards of financial accounting and reporting? (Financial Accounting Standards Board, n.d., ¶ 1), called generally certain accounting... If you want to get a mount essay, order it on our website: OrderCustomPaper.com

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