This website uses cookies to ensure you have the best experience. Learn more

Accounting Regulatory Bodies Paper

642 words - 3 pages

Accounting is described as "the process of capturing and reporting the results of a business's operating, investing and financing activities" (Phillips, Libby & Libby, 2003).Accounting is designed to provide prospective shareholders, present shareholders and management with pertinent financial and business data so that accurate and proper business decisions regarding the organization can be made. Over the years, the United States has implemented several systems and laws, which guarantee the integrity and honesty of the financial records of an organization. This paper will briefly discuss four accounting regulatory bodies and how an organization complies with the standards of each regulatory body.The Securities Exchange Act of 1934 was passed in reaction to the 1929 stock market crash and the Great Depression (Huddart, 2007). The main focus of this act is to protect shareholders. By amending current laws, forming new laws and enforcing those laws the Securities Exchange Act of 1934 also maintains the integrity of the securities market. The Securities and Exchange Commission was formed to shield U.S. shareholders from misconduct concerning financial markets and securities following the Securities Exchange Act of 1934 (Huddart, 2007).The Securities & Exchange Commission (SEC) is an autonomous, unprejudiced regulatory agency. The SEC is responsible for administering the federal securities laws (U.S. Securities and Exchange Commission, 2008). The U.S Congress formed the SEC in efforts to protect shareholders, prevent corporate abuse involving the offering a sale of securities and corporate reporting while regulating the securities market. The SEC protects shareholders through full public disclosure and fraudulent/ controlling systems within the securities division (U.S. Securities and Exchange Commission, 2008). In order to comply with the SEC all public organization's annual reports must include a report from management about the company's internal control over financial reporting, and are required to disclose their financial information to the public (Phillips, Libby & Libby, 2003). Another regulatory body concerned with accounting is the Financial Accounting Standards Board (FASB).The FASB is a self-governing board consisting of seven professionals of...

Find Another Essay On Accounting Regulatory Bodies Paper

Accounting Regulatory Bodies Essay

657 words - 3 pages According to Merriam-Webster’s dictionary, accounting is a system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results.” The purpose of accounting is to provide financial and business information to possible investors, current investors, and management so they can make accurate decisions concerning the company. The United States has laws and systems set into place to

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

Regulatory Bodies Concerning Transocean vs. Chevron

1741 words - 7 pages Accounting regulations are a very fundamental requirement within industries of today. Over the past few decades, many issues arose due to the lack of accountability and trustworthiness among large businesses, and these issues led to large scale effects on the business world as a whole; domestically well as internationally even in some instances.In the following paper, regulatory bodies such as: GAAP, IFRS, SEC, and PCAOB will be discussed in

VALUE RELEVANCE OF ACCOUNTING INFORMATION DURING IFRS CONVERGENCE PROCESS IN INDONESIA

1733 words - 7 pages issued by the professional accounting organization recognized by the Indonesian government. Although there is no formal legal backing to IAI as a professional accounting body, the DSAK-IAI acts as the de-facto standard setter in the country. Some regulatory bodies, including Bappepam-LK (the Security Commission), Indonesia Stock Exchange, and Bank Indonesia (the Central Bank) are responsible for ensuring the compliance with PSAK. Report on The

Accounting: Ethics and Legal Obligation

1097 words - 4 pages issued by the American Institute of Certified Accountant on Statement of Auditing Standard (SAS) No. 69. The statement is in two hierarchs, one deal with the public sector of accounting and the other on deals with the private sector. One of the ways the government is planning to improve the reporting of company assets is by using Financial Accounting Standard Board.To that end, this paper will address the following accounting regulatory bodies; the

The White Men

1026 words - 5 pages of its managers (Elliott & Elliott, 2012, p.21). Also, an overall view of the evolution of global financial reporting standard and conceptual framework as well as an overview of UK and US standard setting bodies is discussed. This paper therefore discusses reasons for the differences between accrual and cash flow accounting, the impact on the users of financial statements, possible reasons for delay in the development of new global conceptual

Regulatory Bodies

831 words - 3 pages In today's large corporate world businesses are being regulated by regulatory bodies due to unethical activities found in the past with large corporations and their financial officers. Agencies such as, the U.S. Securities and Exchange Commission, Public Company Accounting Oversight Board (PCAOB), the Financial Standards Accounting Board (FASB), the International Accounting Standards Board (IASB), and the General Accepted Accounting Principles

External causes for Enron to collapse

591 words - 2 pages .2) Lax regulatory enforcementArguably, government regulatory agencies failed to exercise sufficient oversight or to enforce the rules that were on the books. Regulatory bodies that failed to enforce the rules governing Enron's actions included the Securities and Exchange Commission (SEC), the Federal Energy Regulatory Commission (FERC), and the Commodities Futures Trading Commission (CFEC).3) Weak and ambiguous accounting standardsHindsight

UK Financial Regulatory Framework

2537 words - 10 pages Introduction The financial regulatory framework in UK is called GAAP or General Accounting Accepted Practice and is the body responsible for the rules and regulation that companies within the UK must follow when reporting financial information. There are three main sources of rules governing accounting regulation in UK namely: the companies’ act 2006, (which incorporated EU accounting directives), UK accounting standards (FRSs and SSAPs) and

Accounting Reporting Criteria

1103 words - 4 pages The contretemps event of the Enron and Tyco was the manifest that the Government bodies should ensure that the financial statements submitted by the organizations and industries are incorruptible and veracious. In 2002, to verify this act is properly done, the Congress passed the Sarbanes Oxley Act (SOX). The Act described the requirements for financial reporting for public corporations is to be overseen by the Securities and Exchange Commission

Accounting Reporting Criteria Paper

722 words - 3 pages This paper will compare and contrast the accounting reporting criteria such as the regulatory environment, issues with foreign currency, and accounting reporting practices within U.S. Company Hewlett Packard and the Swiss financial services firm UBS.This paper will also conduct research based the global business environment viewed from various dimensions. These dimensions are listed above (regulatory environment, issues with foreign currency

Similar Essays

Accounting Regulatory Bodies Paper

945 words - 4 pages Week 1 Assignment Running Head: Accounting Regulatory Bodies Paper Accounting Regulatory Bodies Paper Charles Medley University of Phoenix ACC 300 Minh Truong May 14, 2009 Accounting Regulatory Bodies Paper There are many different accounting regulatory bodies and each one is very important when it comes to accounting and the effects the accounting process has on the organization or

Accounting Regulatory Bodies Paper

870 words - 4 pages There are many different accounting regulatory bodies and each one is very important when it comes to accounting and the effects the accounting process has on the organization or company. The overall goal of these accounting regulatory bodies is to establish rules and regulations, ensure the rules and regulations are being met, and to help improve the standards of financial accounting for the organization. This paper will examine the Securities

Accounting Regulatory Bodies Paper

1017 words - 4 pages Prepare a 500-750-word paper, in which you examine at least four accounting regulatory bodies, and discuss how an organization complies with the standards of the regulatory bodies you selected. This paper must be properly cited and formatted utilizing the correct APA style. You must have at least two sources, one of which may be your textbook.________________________________________________________In today's global business setting, corporations

Accounting Regulatory Bodies Paper 664 Words

664 words - 3 pages The definition of accounting according to Merriam-Webster’s dictionary is “the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results.” The purpose of accounting is to provide financial and business information to possible investors, current investors, and management so they can make accurate decisions concerning the company. The United States has laws and