Regulatory Bodies with Roles in Accounting Essay

IRS (Internal Revenue Service)It is the oldest in the United States regulatory dead body too c alled the internal revenue service or IRS. The main goal of IRS is to succeed and implement the internal revenue law. Their responsibility is to help individuals to understand their levy obligations as well as to tax collection. moment (Security and Exchange Commission)SEC also called the Securities and Exchange Commission. Their main objective is to protect investors, maintains the Integrity of the merchandise and facilitates capital formation. The SEC also ensures that mankind companies follow the rules and regulations set by the Generally Accepted Accounting Principles or GAAP.Financial Accounting keister (FAF)Their responsibility is to establish and improve financial history, the administration and finances of the financial news report of its standard-setting plank, the financial accounting standards advisory council, the governmental accounting standards board or better known as GASB and their advisory council. Standards of non-government financial accounting and reporting like not-for-profit organizations are examined by FASB (Financial Accounting Standard Board). The GASB was organise to establish accepted accounting principles for state and local government. It was also conventional to examine the image of FASB on the state and local levels.FASAB (Federal Accounting Standards consultive Board)The FASAB was accomplished in 1973 with the purpose to create and improve standards of financial accounting and reporting by nongovernmental entities that provides information to investors and other users of financial reports.The IASB (International Accounting Standards Board) is established to develop accounting standards through an international consultation process. This is done with representatives from countries all over the world to ensure the quality and feasibility of the financial reports.The PCAOB (Public familiarity Accounting Oversight Board) was created through the development of the Sarbanes-Oxley Act of 2002 to protect investors and their investments from the auditors of public traded companies.ACIPA (American Institute of Certified Public Accountants.) It is the last major regulatory body and its function is to create the standards for accounting and reporting. The standards are set by running(a) with the FASB, assisting the FASB in enforcing the standards, and assisting them with their technical support.