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Regulatory Bodies Checkpoint

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Submitted By barnesanita1012
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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 issue auditing standards for public auditing firms. The last body listed is the American Institute of Public Accountants (AICPA). They have worked with the FASB to assist in setting standards and technical support.

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