Accounting Regulatory Bodies Paper
Patricia Baskerville
December 02, 2008
Principles of Accounting
Mr. Joseph Brenan
Accounting Regulatory Bodies Paper
Most businesses success relies mostly on their accounting information. The investors are extremely important to publicly traded companies, and they rely on accurate accounting information when choosing whether or not they want to invest in a company. Several accounting regulatory bodies exist, and each of them plays an important role in accounting and the effects that accounting has on an organization. The primary goal of these regulatory bodies is to establish a set of rules and regulations to help improve the financial accounting standards of an organization. To name a few of accounting bodies, they are the Securities and Exchange Commission, the Financial Accounting Standards Board, the Government Accounting Standards Board, and the International Accounting Standards Board. The bodies mentioned will inform others of how organizations comply with the standards of the regulation the bodies enforce.
Securities and Exchange Commission
The Securities and Exchange Commission (SEC) is a government agency hat 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” (Wikipedia, 2008). The businesses comply with the SEC by following the rules and regulations. The rules and regulations that organizations must comply to are submitting quarterly and annual reports. That has been set in place. Failure to follow these regulations will result in disciplinary action. Additionally, to the annual repo ...