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About this document
- Pages
- 4 pages
- Price
- $4 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Accounting, Business Law
- Module
- Acc 300
This assignment explains four regulatory bodies within the United States and the standards they have set forth. It is useful for students studying accounting regulatory bodies.
What's inside
- Public Company Accounting Oversight Board (PCAOB)
- Financial Accounting Standards Board (FASB)
- International Accounting Standards Board (IASB)
- United States Securities Exchange Commission (SEC)
Who it is for: Students taking the Acc 300 course. (Undergraduate)
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Summary
Four regulatory bodies in the United States set standards for accounting. Students learn about each body's role and purpose.
The Public Company Accounting Oversight Board
The PCAOB oversees auditing reports for public companies. It ensures accounting firms are registered and protects investors' interests.
The Financial Accounting Standards Board
The FASB sets guidelines for financial reporting. It establishes rules for various financial reporting issues and develops accounting regulations.
The International Accounting Standards Board
The IASB aims to create a single set of global accounting standards. It focuses on the public interest and works towards establishing high-value accounting standards.
The United States Securities Exchange Commission
The SEC ensures fair markets and protects investors. It enforces laws and regulations, and requires public companies to disclose financial information.
Key terms
- Sarbanes Oxley Act
- A law that established the PCAOB to supervise auditing reports.
- GAAP principles
- Accounting rules that the SEC ensures public companies follow.
- Financial reporting
- The process of producing financial statements for external use.
- Public companies
- Companies that offer securities to the public.
- Investors
- People who buy securities to earn a return.
- Accounting firms
- Businesses that provide accounting services.
Questions this document helps with
- What does the PCAOB do?
- Who sets rules for financial reporting?
- What information must public companies disclose?
Summary written with AI from the document's text.
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