The major regulatory bodies include: Internal Revenue Service, Securities and Exchange Commission, Financial Accounting foundation, Government Accounting Standards Board, Federal Accounting Standards Advisory, International Accounting Standards Board, Public Company Accounting Oversight Board, and the American Institute of Certified Public Accountants. The major regulatory body Internal Revenue Service, also known as the IRS, has a function of enforcing all the internal revenue laws.
Each taxpayer including companies, do have a responsibility to pay their taxes, and the IRS is there to help with that. The major regulatory body Securities and Exchange Commission, also known as the SEC, has a function of regulating the securities market. The SEC is there to make sure all public companies follow the general accepted principles of accounting. The major regulatory body Financial Accounting Foundation, also known as FAF, has a function of creating standards for financial accounting.They are responsible for the standards created for nongovernmental, and state and local levels. The major regulatory body Financial Accounting Standards Boards, also known as FASB, has a function of developing accounting standards that are in the best interest for the public.
They are there to also improve accounting standards. The major regulatory body Governmental Accounting Standards Board, also known as GASB, has a function of generating general accepted accounting principles for the state and local bodies of government. They enforce codes and have guides for implementing the standards.The major regulatory body Federal Accounting Standards Advisory Board, also known as FASAB, has a function of producing the general accepted accounting practices.
The major regulatory body International Accounting Standards Board, also known as IASB, has a function of creating the global general accepted accounting practices. They work with countries to create the GAAP. The major regulatory body Public Company Accounting Oversight Board, also known as the PCAOB, has a function of issuing standards for auditing for public auditing firms.They enforce the SOX and can impose disciplinary action on those who violate it. The major regulatory body American Institute of Certified Public Accountants, also known as AICPA, has a function of setting standards for financial accounting and reporting standards.
All of the major regulatory bodies have a responsibility to the public, companies, investors, and creditors. Each regulatory body is there to protect the GAAP from violators and corruption.
