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    Accounting Regulatory Bodies

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    Examine the following accounting regulatory bodies-What is each and Discuss how a company complies with the standards of each.

    1) The Securities and Exchange Commission (SEC),
    2) Financial Accounting Standards Board (FASB),
    3) American Institute of Certified Public Accountants (AICPA),
    4) Governmental Accounting Standards Board(GASB)

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    Solution Preview

    The accounting profession has several regulatory bodies that oversee its product and conduct. In each case a company is required by one or more of the bodies to follow guidelines and rules in the presentation of financial information to the public. The Securities and Exchange Commission is primarily concerned with entities that present financial information in order for their stocks and bonds to be traded over the various securities exchanges. The primary concern of the SEC is that the information presented not mislead the people that invest in stocks and bonds over ...

    Solution Summary

    This solution is a short discussion of the regulatory bodies of the accounting profession.