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 bringing up prep atomic number 18d, analyzed, verified, and communicated by accountants and auditors is used by creditors, stock peeers, 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 reading; therefore, the information should tie down to government and regulatory rules. The regulations be set forth by some of the regulatory bodies which hold the Securities and tack Commission (SEC), pecuniary invoice Standards Board (FASB), governmental be Standards Board (GASB), and unrestricted Company invoice caution Board (PCAOB). Securities and give-and-take CommissionIn the join States the primary governing ashes which sets and enforces the regulations for public companies to follow is the Securities and give-and-take Commission (SEC). The SEC was created in 1934 by Congress to ?to foster investors, maintain fair, orderly, and efficient markets, and hurry capital formation? (U.S. Securities and Exchange Commission, 2008, ¶ 1). In order to harmonize with SEC standards, public companies are required to disclose meaning(a) financial information to the public. The disclosures include annual reports on roll 10-K within 60 days of year-end, quarterly reports on change 10-Q within 35 days of quarter-end, and current event reports on Form 8-K within intravenous feeding days of the report event (Phillips, Libby, & Libby, 2006, p. 203) and a charge report regarding the innate 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 priva te area for establishing standards of finan! cial accounting and reporting? (Financial Accounting Standards Board, n.d., ¶ 1), called generally veritable accounting... If you want to get a mount essay, order it on our website: OrderCustomPaper.com

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