Accounting Regulatory Bodies 14

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Accounting is extremely important when it comes to the success of organizations. Organizations can only be successful if there are investors willing to invest into that organization and accurate accounting allows investors to get a good financial picture of the organization that is being looked at. There are several different accounting regulatory bodies and each one of them is very important when it comes to accounting and the effects that accounting has on organizations. The overall goal of these accounting regulatory bodies is to set rules and regulations and help improve the standards of financial accounting for every organization. There are four accounting regulatory bodies that are very well known and considered the main accounting regulatory bodies that set the standards for all of the organizations. The first regulatory body is the Financial Accounting Standards Board or FASB for short. “The mission of the FASB is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information” (Financial Accounting Standards Board, n.d.). The second regulatory body is the Government Accounting Standards Board or GASB for short. “The Government Accounting Standards Board (GASB) is the independent organization that establishes and improves standards of accounting and financial reporting for U.S. state and local governments” (Government Accounting Standards Board, n.d.). The third regulatory body is the International Accounting Standards Boars or IASB for short. “The IASB is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements” (International Accounting Standards Board, n.d.). The fourth regulatory body is the United States Securities Exchange Commission or SEC for short. “The...
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