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Explanation of the governing bodies for financial reporting.

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What governing bodies are responsible for establishing financial reporting parameters? What is their purpose? Which body is the most important? Why?

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Solution Summary

This solution provides an explanation on the different governing bodies for accounting standards.

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Information that is used in various financial reports is governed by the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC). The FASB has been designated for establishing guidelines in financial reporting for the ...

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