The important government agencies are the American Institute of Certified Public Accountants (AICPA), the Security and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), and finally the International Accounting Standards Committee (IASC). Each of these agencies, in their own ways, help to address issues that affect businesses and governments in today’s changing society. FASB is one of the important bodies. This is because “The mission of the Financial Accounting Standards Board 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” (FASB, 2006). “Standards are necessary to allow the economy to function efficiently, because decisions about the distribution of resources rely heavily on credible, concise, and understandable financial... [continues]
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