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... [continues]
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