Nine Major Regulatory Bodies Essay

1. The Internal Revenue Service (IRS). The IRS was established in 1913. Its excogitation is to administer and enforce the internal revenue justnesss. Its stated relegation is to provide Americas taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. (Internal Revenue Service, 2008)2. Securities and Exchange Com electric charge (SEC). The Securities and Exchange piece of 1934 created the Securities and Exchange Commission (SEC) to regulate the securities market. The mission of the U.S. Securities and Exchange Commission is to shelter investors, maintain fair, ordainly, and efficient markets, and facilitate capital formation(U.S. Securities and Exchange Commission, 2008)3. financial account statement Foundation (FAF). The financial explanation Foundation (FAF) is a mystic sector organization that formed in 1972 to create standards for financial accounting. Its mission is to establish financial accounting and account standards through an single-handed and pass around process, resulting in financial reports that provide decision useful information (Financial be Foundation, 2008)4. Financial Accounting Standards plug-in (FASB). The (FAF) formed the (FASB) in 1973 to perform up standards for nongovernmental accounting and reporting. The mission of (FASB) is to establish and remediate standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information (Financial Accounting Standards jump on, 2008)5. Governmental Accounting Standards Board (GASB). The Governmental Accounting Standards Board was organized in 1984 by FAF to generate generally accepted accounting principles for state and local governments. The mission of the GASB is to establish and improve standards of state and local government accounting and financial reporting that provide result in useful in formation for users of financial reports and guide and civilize the, including issuers, auditors, and users of those financial reports. (Governmental Accounting Standards Board, 2008)6. Federal Accounting Standards informative Board.The (FASAB) was established in 1990 by the U.S. Secretary of the Treasury, the Director of the Office of Management and Budget, and the Comptroller normal to produce GAAP for the federal government. The mission of the FASAB is to promulgate federal accounting standards after considering the financial and budgetary information, needs of citizens, congressional oversight groups, decision maker agencies, and the needs of other users of federal financial information. (Federal Accounting Standards Accounting Standards Advisory Board, 2008)7. International Accounting Standards Board (IASB)Since its inception in 2001 the (IASB) has created global GAAP and standards. The mission of the (IASB) is to develop, in the public interest a single set of high quality , understandable and international financial reporting standards (IFRSs) for general purpose financial statements (International Accounting Standards Board, 2008)8. Public Company Accounting Oversight Board (PCAOB)The Sarbanes-Oxley Act of 2002 (SOX) established the Public Company Accounting Oversight Board to issue auditing standards for public auditing firms. The mission of the PCAOB is to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports (Public Company Accounting Oversight Board, 2008)9. American Institute of testify Public Accountants (AICPA) The American Institute of dependant Public Accountants was born in 1887. The mission of the (AICP) is to provide members with the resources, information, and leadership that enable them to provide valuable work in the highest professional manner to benefit the public as well up as employers and cl ients (American Institute of Certified Public Accountants, 2008)ReferencesAmerican Institute of Certified Public Accountants. (2008). AICPA missionary station. Retrieved November 20, 2008, from http//www.aicpa.org/About+the+AICPA/AICPA+Mission/Federal Accounting Standards Advisory Board. (n.d.). obtain to the Federal Accounting Standards Advisory Board. Retrieved November 20, 2008, from http//www.fasb.org/facts/Financial Accounting Foundation. (n.d.). FAF Strategic Plan. Retrieved November 20, 2008, from http//www.fasb.org/faf/Strategic_Plan.shtmlFinancial Accounting Standards Board. (n.d.). Facts About FASB. Retrieved November 20, 2008, from http//www.fasb.org/facts/Governmental Accounting Standards Board. (n.d.). Retrieved November 20, 2008, from http//www.gasb.org/.Internal Revenue Service. (n.d.). The Agency, its Mission and Statutory Authority. Retrieved November 20, 2008, from http//www.irs.gov/irs/article/0,,id=98141,00.htmlInternational Accounting Standards Board. (n.d.). About Us. Retrieved November 20, 2008, from http//www.iasb.org/About+Us/International+Accounting+Standards+Board+-+About+Us.htmPublic Company Accounting Oversight Board. (2008). Our Mission. Retrieved November 20, 2008, from http//pcaobus.org/U.S. Securities and Exchange Commission. (2008, November 7). The Investors Advocate How the SEC Protects Investors, Maintains Market Integrity, and Facilitates big(p) Formation. Retrieved November 20, 2008, from http//www.sec.gov/about/whatwedo.shtml