Accounting Regulatory Bodies Essay

987 WordsAug 20, 20084 Pages
Accounting Regulatory Bodies Several accounting regulatory bodies can be identified for setting standards in financial reporting environments worldwide. Each body implements a set of standards to organizations that enforce and encourage accurate, consistent, and reliable financial reporting that can be fairly compared and analyzed by others. The International Accounting Standards Board, the U.S. Securities and Exchange Commission, the Governmental Accounting Standards Board, and the Financial Accounting Standards Board are four major accounting regulatory bodies that work with organizations and abide by standards they govern to improve and maintain the accounting environment. The International Accounting Standards Board (IASB) has established a common language for financial reporting. “The IASB is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements” (IASB, 2008). The IASB works closely with other national accounting standards developers around the world to collaborate and accommodate financial standards that will compliment and compare with others. The IASB has a published Statement regarding the importance of working together with all accounting standards developers to maintain strong relationships and accomplish mutual goals. The IASB’s goals are outlined in the Statement as, “(a) to develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the world’s capital markets and other users make economic decisions; (b) to promote the use and rigorous application of those standards; (c) in

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