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The four main financial regulatory bodies that I will examine are the: Security and Exchange Commission (SEC); the Financial Accounting Standards Boards (FASB); the Internal Accounting Standards Board (IASB); and the Governmental Accounting Standards Board (GASB). I will then examine how an organization complies with regulatory bodies through showcasing the non-profit organizational system for the state of Maryland.
The Security of Exchange Commission (SEC) was established after the stock market crash in 1929. It was created to monitor and stop financial fraud that could create future crashes and disasters to the financial market. Some of the most important acts passed were the Securities Act of 1933 and the Securities and Exchange Act of 1934. These acts created the SEC to, “restore investor confidence in our capitol markets by providing investors and the markets with more reliable information and clear rules of honest dealing” (http://www.sec.gov/about/whatwedo.shtml). They help to monitor the stock market and the dealing of the brokers and dealers.
The Financial Accounting Standards Board (FASB) was created in 1973 and works on governing and improving the standards of financial accounting in the private sectors. They help U.S. economics in the regulatory field by, ensuring accounting standards are efficient so that “investors, creditors, and others receive the credible, transparent, and comparable financial information they rely on to make sound investment and credit decisions” (http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176154526495). They work on protection in establishing common standards that can be the basis that private companies use to report their financial standings.
The Internal Accounting Standards Board (IASB) sets the standards for the private sector internationally. Similar to the FASB in the United States, the IASB strives for quality, understandable, transparent accounting practices to help better inform companies and...
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