Accounting Regelatory Bodies

Accounting Regulatory Bodies Paper

University of Phoenix

Principle of Accounting

ACC 300

July 23, 2009

Accounting Regulatory Bodies Paper

Companies must adhere to accounting regulatory bodies to assure that companies do not falsify financial statements that the public relies upon. The different regulatory agencies perform many tasks and duties in regulating proper accounting practices. Four examples of accounting regulatory bodies are the Securities and Exchange Commission (SEC), Financial Accounting Standards Board (FASB), International Accounting Standards Board (ISAB), and Government Accounting Standards Board.

Securities and Exchange Commission (SEC)

“The SEC regulates all public companies in the U.S. and foreign companies listed in the U.S. stock exchange” (University of Phoenix, 2009). The SEC has the authority to bring civil enforcement actions against any company that violate security laws and protect against fraud. The SEC also has the responsibility in enforcing securities industry regulation and regulating all other electronic securities markets.

Financial Accounting Standards Board (FASB)

“The FASB is a non-profit privately funded organization with the primary authority for establishing accounting standards in the U.S. designated by the SEC” (Edmonds, 2006). “The mission of the FASB 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, 2009).

International Accounting Standards Board (IASB)

“The IASB is an independent, private-sector body that develops and approves International Financial Reporting Standards. The IASB operates under the oversight of the International Accounting Standards Committee Foundation. The IASB was formed in 2001 to replace the International Accounting Standards Committee” (IASB, 2009).

Government Accounting Standards Board (GASB)

“The GASB is the independent...