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Regulatory Bodies

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Regulatory Bodies
The Internal Revenue Service is there to administer and to enforce the internal revenue laws. The second one is Securities and Exchange Commission (SEC). They are in place to make to make business to adhere to the GAAP and regulate the securities markets. The third one is The Financial Accounting Foundation (FAF). This is a privet sector organization to help keep the standards for the financial accounting. The fourth on is the Financial Accounting Standards Board (FASB) put in to place for to help keep up the standards for nongovernment financial accounting and reporting. The fifth one is the Governmental Accounting Standards Board (GASB) is a part of the FASB that are of the state and local levels. The sixth on is the Federal Accounting Standards Advisory Board (FASAB) is the one that develop the accounting standards. The FASAB was put in order in1990 to help put together the GAAP for the federal government. The Seventh on is, International Accounting Standards Board (IASB) is the ones that makes sure that all the International accounting laws are followed. They are the ones that developed the standards going through other countries across the world. The eighth on is, Public Company Accounting Oversight Board (PCAOB) is the ones that come up with the auditing standards for the public auditing firms. All accounting firms have to register with the (PCAOB). The (PCAOB) are there to make sure that accounting work is being done right. If there is something not being done right they have the right to make any person that is working for that firm have to provide a testimony or that person could be suspended or debarred. The last one is the American Institution of Public Accountants (AICPA). They are the ones that work with the FASB to set standards and technical support. References
Appendix H. (N/A). Regulatory Bodies with Roles in Accounting. Retrieved from xacc280_appendix_h

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