adept of these boards is the Financial story Standards Board (FASB). This board was realized in 1973 by the Securities and Exchange Commission (SEC). The purpose of this board is to volunteer a uniform striation of standards for the financial community to hound in regards to accounting and reporting of financial information. This helps protect institutions from faker (Regulatory, 2009).
The Governmental Accounting Standards Board (GASB). The purpose of this board is to proffer standards of useful information to assist users of financial reports to gain a better understanding of the reports (Regulatory, 2009).
The Securities and Exchange Commission enforces the laws that are established by congress in regards to financial reporting. They make current that all publicly traded entities adopt with the Generally Accepted Accounting Principles (GAAP). This is the largest governing body in the financial community (Regulatory, 2009).
The inbred Accounting Standards Board develops understandable financial accounting standards for financial statements. This board has members from 9 different countries and it attempts to establish one set of accounting standards that is accepted globally (Regulatory, 2009).
The SEC is the largest of all of these boards and has the close power. The smaller boards have different areas that they regulate. Businesses must comply with the rules and regulations of all of the boards that are relevant to their particular business. If a business does comply with the rules, then the financial reporting will be an expert representation of the health and profitability of the organization. If an organization is honest in its reporting...If you want to get a full essay, order it on our website: Orderessay
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