Accounting Regulatory Bodies

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Tiffany P


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September 14, 2015







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Also financial accounting is performed according to General Accepting Accounting Principles (GAAP) guidelines. The Securities and Exchange Commission (SEC), Financial Accounting Standards Board (FASB), Federal Accounting Standards Advisory Board (FASAB), Governmental Accounting Standards Board (GASB), IRS, and other regulatory bodies set accounting standards and requirements for accounting frequency and presentation...
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While congress is responsible for creating and passing securities laws, it is left up to the SEC to interpret and coordinate the implementation of such laws. This is not an easy task and requires a combined effort from several other agencies. Financial Accounting Standards Board The FASB was designated by the SEC in 1973 to establish the private sector standards of financial accounting and reporting (www...
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