Accounting Regulation Bodies
Jeisel Burgos
Accounting Regulatory Bodies
University of Phoenix (Online)
ACC/300 – Principles of Accounting
Instructor – Celeste Garrett
October 27, 2008
In Accounting there are several bodies that regulate company finances. Accounting is one of the most important parts of an organization because it helps a business make important decisions. The most important goal of these regulatory bodies is to establish a set of rules and regulations and help improve the financial accounting standards of organizations. A few of such bodies are and the International Accounting Standards Board, the Securities and Exchange Commission, the Government Accounting Standards Board, Securities and Exchange Commission, and the Financial Accounting Standards Board.
The goal of the IASB is to stay committed to expanding, in the public interest, a set of good quality accounting standards. The International Accounting Standards Board (IASB) is “an independent, privately-funded accounting standard-setter based in London, UK” (International Accounting Standards Board, n.d.). The IASB’s board members come from nine countries. The IASB is consistently working towards building a set of accounting standards in hopes that one day it will be used around the world (International Accounting Standards Board, n.d.).
Businesses comply with the SEC by following the rules and regulations that have been set in place. Failure to follow these regulations will result in disciplinary action. The Securities and Exchange Commission (SEC) is a government agency that has been given several responsibilities and a great deal of power. Its mission is to “protect investors, maintain fair, orderly, and efficient markets, and facilitate formation” (About the SEC, 2008). The SEC is responsible for enforcing several federal security laws, including the Securities Act of 1933, the Securities Exchange Act of 1934, and the Sarbanes-Oxley...
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