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Accounting Essay

833 words - 3 pages

There are many accounting regulatory bodies that oversee how accounting practices. The different regulatory agencies perform different duties and tasks in regulating the accounting industry. This paper will review four regulatory bodies, what each regulatory body is responsible for and what are standards organizations need to follow to comply with each regulatory body.Security Exchange BoardSecurity Exchange Board was developed by the Government of India in 1988, statutory did not form until 1992 with the SEBI Act 1992. The head office of the Security Exchange Board is in Mumbai and the regional offices are in Chennai, Kolkata, and Delhi. Mr. C. B. Bhave is in charge of the Security Exchange Board and has made some significant contributions to the board by introducing a paperless system for storing securities. The functions and responsibilities of the SEBI are to be responsive to the needs of three groups, which help the market. The three groups are: the issuers of securities, the investors, and the market intermediaries. The three functions that SEBI are quasi-legislative, quasi-judicial, and quasi-executive. These functions are regulations in legislative capacity, conduct investigations, enforce action in an executive function, and pass any rulings and order that's in the judicial capacity. (Security and Exchange Board of India, 2008)Federal Accounting Standards BoardThe Federal Accounting Standards Board (FASB) primary function is to increase the value and the purpose of all financial reporting by looking at the distinctiveness, quality, and consistency. The FASB works to keep the standards up to date in light of changes within businesses and the economy. It is further not uncommon that the FASB will look for weak areas within the financial reporting system so that they may be improved upon with pre-existing processes that are used to develop standards. While the FASB advocates for international union of accounting standards it is also incredibly important that the relationship of all financial reporting continues to be improved and that an understanding of the purpose of clear financial reporting is always be stated. All of these things assist with helping the FASB accomplish its mission of establishing and improving standards of accounting and reporting. (Fact about FASB, 2008)Governmental Accounting Standards BoardThe Governmental Accounting Standards Board (GASB) is a sister entity to the FASB. Determining which authoritative body has jurisdiction over and entity can be difficult. Edmonds et al, uses the example of a hospital and how their operations can be operated as a profit-oriented business, a private non-profit entity, or a branch of a government entity. The key component to ensuring that proper accounting principles are used by these entities is that they use governmental accounting, or...

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