Accounting Regulatory Bodies
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The paper offers a brief description of the Financial Accounting Standards Board, International Accounting Standards Board, the Governmental Accounting Standards Board and the Securities and Exchange Commission and how they set accounting standards throughout the industry. The paper posits that complying with the standards set forth by one or more agencies will provide a business with more efficient business practices as well as improved customer relations.
From the Paper:"Accounting is of the most important elements of running an efficient and successful business. Without proper accounting practices in place, a company may have inaccurate records of who owes the company money, how quickly its equipment is depreciating, or how much money is being allocated to things like labor or materials. With this in mind, there is a generally accepted method of accounting which is known as the GAAP or the generally accepted accounting practices. Additionally, there are regulatory bodies in place to supervise accounting practices and be sure that they are done correctly."
Sample of Sources Used:
- Financial Accounting Standards Board. (1994). Original Pronouncements. 8.
- Peat Marwick. (1995). Financial Reporting in America. 28.
- The Financial Accounting Standards Board. (2008). Retrieved April 16, 2008 from www. fasb.org
- The Governmental Accounting Standards Board. (2008). Retrieved April 16, 2008 from www. gasb.org
- The International Accounting Standards Board. (2008). Retrieved April 16, 2008 from www. iasb.org
Cite this Descriptive Essay:
Accounting Regulatory Bodies (2009, November 20) Retrieved August 08, 2022, from https://www.academon.com/descriptive-essay/accounting-regulatory-bodies-117204/
"Accounting Regulatory Bodies" 20 November 2009. Web. 08 August. 2022. <https://www.academon.com/descriptive-essay/accounting-regulatory-bodies-117204/>