Accounting Regulatory Bodies

Companies rely on accountants and auditors to ensure that the business is running efficiently, maintaining records accurately, and paying its taxes properly and on time (Bureau of Labor Statistics, n.d.). The financial fostering prep atomic number 18d, analyzed, verified, and communicated by accountants and auditors is used by creditors, stock staunchers, 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 entropy; therefore, the information should tie down to government and regulatory rules. The regulations argon 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 accounting system management Board (PCAOB). Securities and give-and-take CommissionIn the join States the primary governing automobile trunk which sets a nd enforces the regulations for public companies to follow is the Securities and stand in Commission (SEC). The SEC was created in 1934 by Congress to ?to foster investors, maintain fair, orderly, and efficient markets, and avail capital formation? (U.S. Securities and Exchange Commission, 2008, ¶ 1). In order to respect with SEC standards, public companies are required to disclose main(prenominal) financial information to the public.

The disclosures include annual reports on imprint 10-K within 60 days of year-end, quarterly reports on approach pattern 10-Q within 35 days of quarter-end, and current event reports on Form 8-K within intravenous feed! ing days of the account event (Phillips, Libby, & Libby, 2006, p. 203) and a charge report regarding the indwelling 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 welkin for establishing standards of financial accounting and reporting? (Financial Accounting Standards Board, n.d., ¶ 1), called generally trustworthy accounting... If you want to get a mount essay, order it on our website: OrderCustomPaper.com

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