Running head: ACCOUNTING REGULATORY BODIES PAPER
Accounting Regulatory Bodies Paper
University of Phoenix
ACC 300 Principles of Accounting
Accounting Regulatory Bodies Paper
Accounting regulatory bodies are imperative when it comes to accounting along with the effects the accounting process has on the business. The general purpose of accounting regulatory bodies is to institute rules and regulations, guarantee the rules and regulations are being completed, furthermore help with the advancement of the principles of financial accounting for the business. This paper will observe Securities and Exchange Commission (SEC), Financial Accounting Standards Board (FASB), Public Company Accounting Oversight Board (PCAOB), and the Governmental Accounting Standards Board (GASB) as well as speak of how a company fulfills the requirement of regulatory bodies. Securities and Exchange Commission (SEC) is a self-governing, unbiased regulatory organization through accountability for managing the federal securities laws (U.S. Securities and Exchange Commission, 2008). The SEC was formed by Congress to standardize the securities market, protect investors, along with avoid company abuse involving the presenting and dealing of securities and company reporting. The SEC consists of five commissioners selected through the U.S. President also accepted by the Senate. SEC protest investors by promoting full public disclosure and controlling systems in the securities sector. Complying with the SEC means all public companies annual reports are to incorporate a report from management about the company’s interior management over financial reporting, and are required to disclose their financial information to the public (Phillips, Libby, Libby, 2003). SEC also partners with many other institutions such as Congress, state securities self-regulatory organizations and various exclusive division organizations (U.S. Securities and Exchange Commission, 2008). Financial Accounting Standards... [continues]
Accounting Regulatory Bodies Paper
University of Phoenix
ACC 300 Principles of Accounting
Accounting Regulatory Bodies Paper
Accounting regulatory bodies are imperative when it comes to accounting along with the effects the accounting process has on the business. The general purpose of accounting regulatory bodies is to institute rules and regulations, guarantee the rules and regulations are being completed, furthermore help with the advancement of the principles of financial accounting for the business. This paper will observe Securities and Exchange Commission (SEC), Financial Accounting Standards Board (FASB), Public Company Accounting Oversight Board (PCAOB), and the Governmental Accounting Standards Board (GASB) as well as speak of how a company fulfills the requirement of regulatory bodies. Securities and Exchange Commission (SEC) is a self-governing, unbiased regulatory organization through accountability for managing the federal securities laws (U.S. Securities and Exchange Commission, 2008). The SEC was formed by Congress to standardize the securities market, protect investors, along with avoid company abuse involving the presenting and dealing of securities and company reporting. The SEC consists of five commissioners selected through the U.S. President also accepted by the Senate. SEC protest investors by promoting full public disclosure and controlling systems in the securities sector. Complying with the SEC means all public companies annual reports are to incorporate a report from management about the company’s interior management over financial reporting, and are required to disclose their financial information to the public (Phillips, Libby, Libby, 2003). SEC also partners with many other institutions such as Congress, state securities self-regulatory organizations and various exclusive division organizations (U.S. Securities and Exchange Commission, 2008). Financial Accounting Standards... [continues]
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