Regulatory Bodies

Regulatory Bodies

The Internal Revenue Service IRS) administers and enforces the internal revenue laws. The Internal Revenue Service helps taxpayers to understand their tax responsibilities and the tax laws that affect them.
The Securities and Exchange Commission (SEC) was created by the Securities and Exchange Act to regulate the securities market. Public companies must follow the general accounting principles required by the Securities and Exchange Commission. Their job is to protect investors and maintain efficient markets.
The Financial Accounting Foundation (FAF) is a private-sector organization that creates standards for financial accounting. The Financial Accounting Foundation created the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) both of which created standards on the nongovernmental, and state and local levels. The FAF establishes financial accounting and reporting standards.
The Financial Accounting Standards Board (FASB) sets up standards for nongovernmental financial accounting and reporting to educate the public, including issuers and auditors. The Governmental Accounting Standards Board (GASB) generates GAAP for state and local governments. This board is responsible for codification of accounting standards, and publishing guides for implementing standards.
The Federal Accounting Standards Advisory Board (FASAB) generates memoranda, minutes, exposure drafts, and original pronouncements. The job of the FASAB is to promote the federal accounting standards after researching the financial and budgetary needs of the public, congress, and other agencies.
The International Accounting Standards Board creates global GAAP and standards. They develop these standards though a process with the representation of many other countries.
The Public Company Accounting Oversight Board (PCAOB) issues auditing standards for public accounting firms. The PCAOB enforces disciplinary action on any... [continues]

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