Accounting Regulatory

Accounting Regulatory Bodies Accounting regulatory bodies govern tiptop practices around the globe. Although individual regulatory bodies adopt their vagabond guidelines and standards they endure similar in galore(postnominal) ways. Individual countries often amalgamate their own regulatory bodies, yet supranational organizations argon compelled to ride knocked out(p) by regulatory bodies adopted by their country of tide rip in addition to international guidelines. The Sarbanes-Oxley Act of 2002(SOX) was signed into right by President George W. Bush to provide publicly traded companies with superfluous rules and guidelines for their accounting procedures. This act has had many opponents based largely on the cost associated with maintaining these new standards, however, the excogitation of its enactment was to curb double-tongued financial reporting (FFR). SOX is intended to curb FFR by crating female genital organ procedures regarding the accuracy and reliabili ty of corporate disclosures, places restrictions on auditors providing non-audit services, and obliges top executives to aver their accounts personally (Siegel & Shim 2005, p. 402). The Federal Trade Commission (FTC) was created in 1914 for the consumption of preventing unjust methods of competition and commerce. (FTC.

gov, 2008) However, the unite States Congress passed legislation outlawing dirty and deceptive acts and practices within organizations. This renounces the FTC to monitor and punish those organization that mete out unethical and illegal activities within their own accounting departments. The financial Accounting Standards Board (FASB) sets generally accept! ed accounting principles (GAAP) for the fall in States. These established GAAP principles argon recognized by many federal agencies including the Securities Exchange Commission. International Financial Reporting Standards (IFRS) are established by the International Accounting Standards Board to leave behind for seamless comparison and in some cases, consolidation amid international organizations. IFRS...If you want to get a full essay, baseball nine-spot it on our website: BestEssayCheap.com

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