Regulatory Bodies Essay

547 words - 3 pages

The Major Regulatory Bodies and their Functions

There are nine major regulatory bodies. The first is Internal Revenue Service, or, (IRS).The function of the IRS is to administer and enforce the internal revenue laws. The second is Securities and Exchange Commission or (SEC). The function of Securities and Exchange Commission is to regulate the securities markets. The SEC requires public companies to obey the generally accepted accounting principles, or, (GAAP). Third is Financial Accounting Foundation or (FAF). The function of the Financial Accounting Foundation is to make standards for financial accounting on nongovernmental, and state and local levels all the same. The Financial Accounting Foundation is a private-sector organization. The fourth is Financial Accounting Standards Board or (FASB). The function of the Financial Accounting Standards Board is to make standards for nongovernmental financial accounting and reporting. The fifth is ...view middle of the document...

The board consults internationally with representatives of many countries, which includes, the United Kingdom, India, Sweden, Australia, France, Japan, the United States, and China. The eighth is Public Company Accounting Oversight Board or (PCAOB). The function of the Public Company Accounting Oversight Board is to give auditing standards for public auditing firms. Finally we have the ninth, which is, American Institute of Certified Public Accountants or (AICPA). The American Institute of Certified Public Accountants is the largest national Organization of certified public accountants. It’s function is to help set standards and technical support with the federal accounting standards advisory board.

Appendix H found in the class materials for week 8 which includes these references:

American Institute of Certified Public Accountants. (2008). AICPA Mission. Retrieved November 20, 2008, from

Federal Accounting Standards Advisory Board. (n.d.). Welcome to the Federal Accounting Standards Advisory Board. Retrieved November 20, 2008, from

Financial Accounting Foundation. (n.d.). FAF Strategic Plan. Retrieved November 20, 2008, from

Financial Accounting Standards Board. (n.d.). Facts About FASB. Retrieved November 20, 2008, from

Governmental Accounting Standards Board. (n.d.). Retrieved November 20, 2008, from

Internal Revenue Service. (n.d.). The Agency, its Mission and Statutory Authority. Retrieved November 20, 2008, from,,id=98141,00.html

International Accounting Standards Board. (n.d.). About Us. Retrieved November 20, 2008, from

Public Company Accounting Oversight Board. (2008). Our Mission. Retrieved November 20, 2008, from

U.S. Securities and Exchange Commission. (2008, November 7). The Investor's Advocate: How the SEC Protects Investors, Maintains Market Integrity, and Facilitates Capital Formation. Retrieved November 20, 2008, from

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