...four major regulatory bodies. These bodies were created by the United States to help maintain accurate and proper reporting. The first is the Securities and Exchange Commission. This body helps protect investors by ensuring they have all the proper reports and data to make sound and precise investment decisions. If these reports are in any way false or misleading this accounting body can bring up civil charges against the company. The second major regulatory body is the American Institute of Certified Public Accountants. This regulatory body was created to help represent accountants. This body helps provide education and knowledge to accounts and companies. They also make sure that all ethical and technical guidelines are followed. The third major regulatory body is Financial Accounting Standards Board. This body takes care of the nongovernmental establishments. They make sure companies are following the proper guidelines and rules. They enforce national accounting standards to create accurate and trust worthy reports and data. They were created to improve and maintain the current accounting standards. The fourth and final major regulatory body is the Governmental Accounting Standards Board. This regulatory body deals with government based companies and their accounting standards. They set the rules and established the guidelines that govern and maintain the accounting world in government. They do a lot of the same jobs as the other major regulatory bodies. They...
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...Using 250 – 300 words, answer the following, What are the major regulatory bodies and their functions? According to the appendix H in our weekly readings, it list nine major regulatory bodies in the United States. The first one is the Internal Revenue Service (IRS) and its purpose is to administer and enforce the internal revenue laws. The second major body is the Securities and Exchange Commission (SEC). They require public companies to adhere to the GAAP and regulate the securities markets. The next major regulatory body is listed as the Financial Accounting Foundation (FAF). This is listed as a private sector organization to create standards for financial accounting. The fourth body is the Financial Accounting Standards Board (FASB). This body was created by our previous body, the FAF, and they set up standards for nongovernment financial accounting and reporting. Our fifth body to discuss is called Governmental Accounting Standards Board (GASB) and they are the counterpart of FASB for the state and local levels. The next regulatory body is called the Federal Accounting Standards Advisory Board (FASAB). This body was established in 1990 in order to produce GAAP for the federal government. Now we come to the International Accounting Standards Board (IASB). They develop standards through the international consultation process with people from various countries across the world. The eighth body is the Public Company Accounting Oversight Board (PCAOB). They were established to...
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...he United States Food and Drug Administration (FDA) is a regulatory body vetted by the US Federal Government. It is responsible for securing the safety of its citizens and livestock in the realm of consumables like food, medicines, chemicals and all of their biological delivery methods. The FDA charter, by default, makes it intimately tied to various industrial and economic entities within the United States. Since the United States is the principal world leader in economics, the FDA is often viewed as the most efficient, thorough, and authoritative food and drug organization in the world. While the US FDA oversees the majority of food and medical innovation internationally, it is not the only world class regulatory department actively engaged in the safety of the world’s population. Comparable government committees throughout the industrialized world have matching, if not higher, standards than the US FDA. Without the “red tape” associated with...
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...of this review is to examine the scholarly evidence on earnings management to help standard setters and regulatory agencies assess the degree of earnings management and the integrity of financial reporting and to identify future opportunities for future research on earnings management. Through the examination of earnings management, standard setters can determine the degree of earnings management use and if investors, creditors, or regulatory bodies are being deceived. There can be major consequences if the previously mentioned people and bodies are misled. Investors rely heavily on financial information from a company’s management. If this information is misleading, a lot of money can be lost. Another group that relies on the integrity of a company is creditors. Creditors can be liable for the loss of capital if a company goes into bankruptcy and the creditor bases everything (interest rates, money borrowed) off of the financial position of a company. Financial misrepresentation can have a major effect on these financial institutions. Regulatory agencies are also affected by earnings management and can be deceived by companies that are trying to dodge industry regulations, have regulations changed, or seek industry relief. REVIEW/BACKGROUND The major issues examined in this review include: tests of earnings management incentives, contracting motivations, regulatory motivations, and tests of distribution of reported earnings and accruals. Tests of earnings management incentives...
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...EU insurance and occupational pension authority is a regulatory institution that was founded in jan 2011 with headquartier in Frankfurt am Mein. EIOPA replaced committee of European insurance and occupational pensions supervisors. During the fin crisis in 2007-8 the parliament called for a move towards more integrated EU supervision in case to be ensured a real level playing field for all actors at the range of the EU and to reflect the growth of fin.markets in the EU. As the result, the frameworks of the supervisory authorities became stronger to the risk rejection. The CORE responsibilities of EIOPA are the fin. System stability markets, fin products transparency, insurance policy holder protection. We can meet EIOPA in such fields as insurance, reinsurance, audit and etc. thus, the Authority through its actions have to be ensure the effective and consistent application of acts. The MAJOR GOALS are: - consumer protection and fin. System trust rebuilding; - coordinated EU supervisory response promotion; - coherent application of rules for markets and fin. Institutions across the EU. TO ACHIEVE THE GOALS authority granted the power to develop draft technical standards, regulatory and implementing issue recommendations and handbook guidelines to make decisions individually which address to authorities who are competent or to the fin.institutions. STRUCTURE 1. The major body that makes decision in the EIOPA is the BOARD of DIRECTORS which is composed with nonvoting and...
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...will be investigated for improvements or modification between the two countries HSW, to see if the needs of an ever expanding offshore petroleum exploration and production division are being me. This comparative study will look at the Health, Safety and Wellbeing for Offshore petroleum operations. I will be making comparisons against Shell New Zealand and BP in the United Kingdom’s standards and regulations from an individual, team, company, industry and National viewpoint. Suggestions made from the high level information gathered in this report will be used to form a comparative overview of the HSW offshore petroleum regulatory framework. All people are entitled to the same level of protection regardless of where in the world they work. To ensure a consistent approach to Health, Safety and Wellbeing I will be looking at all levels to recognise any major gaps. Many advances have been made to the HSW since the 1988 Piper Alpha disaster with the total revamp of the Permit to Work System, this had a massive effect not only on the UK and NZ offshore HSW but also to offshore work in general all over the world. New Zealand has adopted many of its offshore HSW policies and regulations from many of the already developed petroleum countries, although many would say that these procedures have been adapted to suit our conditions and climate. Known the future...
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...Telecommunication While traditional telecommunications networks have allowed us to cross barriers associated with time and distance, the new multimedia realm is allowing us to include vital physical cues in the information stream, introducing a physical reality into the world of electronic communications, goods, and services. Not surprisingly, some of the industries that are being most radically revolutionized are those that deal with the human senses, including entertainment, health care, education, advertising, and, sadly, warfare. Simply put, technology changes your way and pace of life. In recent years, the word telecommunications has been used so often, and applied in so many situations, that it has become part of our daily lexicon, yet its definition remains elusive. So, let's start with a definition. The word telecommunications has its roots in Greek: tele means "over a distance," and communicara means "the ability to share." Hence, telecommunications literally means "the sharing of information over a distance." Telecommunications is more than a set of technologies, it's more than an enormous global industry (estimated to be US$2.5 trillion), it's more than twenty-first-century business and law that is being re-created to accommodate a virtual world, and it's more than a creator and destroyer of the state of the economy. Telecommunications is a way of life. Telecommunications affects how and where you do everything—live, work, play, socialize, entertain, serve, study...
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...The major accounting regulatory bodies would include the Securities and Exchange Commission, American Institute of Certified Public, Financial Accounting Standards Board, and Government Accounting Board. Each regulatory body contributes to the ethical over watch of companies by keeping them transparent, follow GAAP, and other ethical practices that should be used by accountants and their companies. The Securities and Exchange Commission regulates companies in how they report their financial statements and to make sure that investors receive all necessary information that involves investment decisions. This commission helps ensure that investors are not deceived and allows them to make better investment decisions. The American Institute of Certified Public Accountants sets guidelines and standards on how companies should be audited, and set standards in accounting practices that certified public accountants should follow. Like the American Institute of Certified Public Accountants, the Financial Accounting Standards Board sets up standards for companies and how they should be reporting their financial reports. Companies that follow the FASB standards can provide more accurate financial information than those who do not. It is important to note that the FASB is for the private sector, the compliment to this regulatory body would be the Government Accounting Standards Board who sets standards for government agencies, programs, and bodies. The GASB is crucial for the federal government...
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...1.0 Introduction Telecommunication is very important in the social and economic empowered both for developed and developing countries. The government must be able to promote growth of vibrant telecom sector. However, most of the governments seek to come up with methods of ensuring that there is an independent telecoms regulator. Communication infrastructure reforms are a concept which enables operators to offer quality services. Infrastructure sharing is one of the reforms that can take place. It refers to the ability of operators to share networks or the ability of one party building communication infrastructure that will lease to other providers. Communication infrastructure can be done in fixed, mobile and broadcasting networks, and it is one of the best options of bringing reforms and best practices by bringing competitors in the industry to collaborate with an aim of lowering the cost and increasing their capital. It is also a method of reducing the risk of proliferating network deployment. There can be active or passive communication infrastructure sharing. In active sharing, the active network and components are shared by the operators. The regulator is aimed at providing clear directions towards achievement of national and regional development goals. This paper looks at the reforms of three countries, Czech Republic, Botswana and Liberia. The historical perspectives of how reforms have been achieved will the area of concern in this review. 2.0 Czech Republic ...
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...The role of the board of directors and its sub committees: A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. it shall resolve all business matters which are not reserved to the authority of the general meeting of shareholders or other executive bodies of the company. In particular, the board shall have the following duties: 1. governing the organization by establishing broad policies and objectives 2. selecting, appointing, supporting and reviewing the performance of the chief executive 3. ensuring the availability of adequate financial resources. 4. approving annual budgets 5. accounting to the stakeholders for the organization’s performance 6. setting the salaries and compensation of company management. Sub committees Nomination and remuneration committees Nomination committees review and consider the structure and balance of the board and make recommendations regarding appointments, retirements and terms of office. The remuneration committee’s role is to ensure that remuneration arrangements support the strategic aims of the business and enable the recruitment, motivation and retention of senior executives while complying with the requirements of regulatory and governance bodies, satisfying the expectations of shareholders and remaining consistent with the expectations of the wider employee population. It will assume responsibilities to equitably, consistently and responsibly reward...
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...a cooperative, so that the majority of the stock is owned by employees or customers. Demutualization or privatization is the reverse process. Demutualization is the current trend among stock exchanges all over the world. It is the process of converting an organization from a mutual entity to a shareholder owned corporate body. Traditionally, stock exchanges operated as club-like mutual organizations where traders/brokers were the owners of the exchange as well as recipients of its services. Many stock exchanges operated on a not-for-profit basis; excess income was not distributed among the members as profit. The members were the owners of the exchange and also its customers. This is a distinguishing feature of traditional exchanges. On the other hand, in a profit making corporate body, the owners, decision makes and customers are three separate groups. By demutualization, an exchange’s mutual ownership structure is changed to a share ownership structure, therefore segregating ownership, management and functionality. Demutualization-A Historical Background The first stock exchange to demutualize was the Stockholm stock exchange in 1993. Today, all major stock exchanges around the world such as exchanges in India, Malaysia, Hong Kong, Singapore, Japan, Germany, Australia, the USA, the UK etc are operating as demutualized exchanges. * The...
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...Better Regulation for Growth Regulatory Quality and Competition Policy Investment Climate Advisory Services of the World Bank Group With funding from FIAS, the multi-donor investment climate advisory service in partnership with BETTER REGULATION FOR GROWTH GOVERNANCE FRAMEWORKS AND TOOLS FOR EFFECTIVE REGULATORY REFORM REGULATORY QUALITY AND COMPETITION POLICY INVESTMENT CLIMATE ADVISORY SERVICES WORLD BANK GROUP ©2010 The World Bank Group 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org All rights reserved Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2422; e-mail: pubrights@worldbank.org. About the Investment Climate Advisory Services of the World Bank Group The Investment Climate...
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...There are many different regulatory bodies that have several different purposes and functions the ones I have listed are not in any particular order. For example the Internal Revenue Service also known as IRS is the federal agency which is responsible for enforcing and administering the United States Department of Treasury revenue laws through the collection and assessment of taxes, determination of pension plan qualifications and even related activities (www.irs.gov). Another is the Securities and Exchange Commission known as the SEC; this is an independent federal agency which is responsible for regulating securities markets where stocks and bonds of major companies are traded. There is also the Financial Accounting Standards Board the FASB that is the largest independent US body that is responsible for establishing and interpreting the accounting standards and practices that are known as the Generally Accepted Accounting Principles (GAAP). The American Institute of Certified Public Accountants (AICPA) is a regulatory body that develops standards for auditing and other services performed by certified public accountants. The Governmental Accounting Standards Board (GASB) is the entity which is responsible for setting the generally acceptable accounting principles used by state and local governments and just like the aforementioned Securities and Exchange Commission; the GASB is a non-governmental, private organization. One regulatory body has a name that is sometimes jokingly...
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...Submitted By : Santhosh Kumar Submitted to : Dr YogeshMaheshwari CCBMDO-09 Financial Management I Assignment I 31 Oct 2012 CORPORATE FINANCING ENVIRONMENT IN INDIA: A CRITICAL REVIEW S No | Topic | Page No | 1. | Executive Summary | 2 | 2. | Financial Instruments | 3 | 3. | Financial Markets | 4 | 4. | Financial Intermediaries | 5 | 5. | The Regulatory Environment | 6 | 6. | The Way Forward | 9 | Executive Summary 1. Corporate finance is used to collectively identify the various financial dealings undertaken by a corporation. Ideally, corporate finance is the division of the company that is mostly concerned with the financial operations of the company. In some businesses, corporate finance primarily focuses on raising money for ventures and projects. For other corporations and investment banks, corporate finance concentrates on analysis of corporate buyouts and other decisions. The core functions of corporate finance are making wise use of the financial resources available to the company. Corporate finance may also take on many different aspects of the overall management of the finances of the company. The functions may also include managing of investments like acquisition and selling stocks, bonds, and other investment ventures pertaining to other companies. It may also involve creating and managing the process for issuing shares of stock or offering corporate bonds to generate resources for expansion projects. 2. The pattern...
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...Accounting Regulatory Bodies University of Phoenix Principles of Accounting ACC/300 Financial accounting is necessary for managers to make educated decisions for future operations based on accurate company financial data. The company’s accountants also prepare financial reports on a regular basis to provide company financial information and performance to external audiences such as investors, creditors, and auditors. These reports must conform to the Generally Accepted Accounting Principles (GAAP) which were put in place by the Securities and Exchange Commission (SEC) and enforced by several other agencies. This paper will discuss some of these regulatory bodies and how a company must comply with these agencies. The Securities and Exchange Commission (SEC), Financial Accounting Standards Board (FASB), Governmental Accounting Standards Board (GASB), Internal Revenue Service (IRS) and other regulatory bodies set accounting standards and requirements for accounting reporting frequency and presentation. The SEC was created in during the great depression in 1934 following the stock market crash in 1929.The SEC was initially created to regulate the stock market and prevent large corporations from abusing the sale and reporting of stocks. The SEC enforces seven major laws that govern the trading industry: the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act...
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