Nine Major Regulatory Bodies

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The nine major regulatory bodies are:

Internal Revenue Service (IRS) which is the federal agency responsible for administering and enforcing the Treasury department revenue laws through the assessment and the collection of taxes, determination of pension plan qualifications, and related activities,

Securities and Exchange Commission (SEC) which is an independent federal agency that is responsible for regulating securities market in which stocks and bonds of the major companies is traded,

Financial Accounting Standards Board (FASB) which is the largest independent US body that is responsible for establishing and interpreting the accounting standards and practices known as the Generally Accepted Accounting Principles,

Financial Accounting Foundation (FAF) which is a private sector organization that is mainly responsible for establishing and improving financial accounting and operation standards and educating its residents about those standards.

Governmental Accounting Standards Board (GASB) which is the entity responsible for setting the generally acceptable accounting principles used by state and local governments, again and just like the Securities and Exchange Commission, the Governmental Accounting Standards Board is a non-governmental, private organization;

Federal Accounting Standards Advisory Board (FASAB) developed accounting standards that are used to determine government’s accountability and efficiency and the consequences of the various uses of federal funds.

International Accounting Standards Board (IASB) which is like the Financial Accounting Standards Board an independent, privately funded organization; the IASB is based in the United Kingdom and is responsible for developing and setting international generally accepted accounting principles.

Public Company Accounting Oversight Board (PCAOB) – sometimes jokingly pronounced “Peek-a-boo” and it is a private sector, non-profit organization to oversee the auditors of public...
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