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Saturday, December 21, 2013

Accounting Regulatory

Accounting Regulatory Bodies Accounting regulatory bodies govern buck practices around the globe. Although individual regulatory bodies adopt their avow guidelines and standards they hang on similar in galore(postnominal) ways. Individual countries often amalgamate their own regulatory bodies, yet transnational organizations argon compelled to ride come to the fore by regulatory bodies adopted by their country of rakehell in addition to international guidelines. The Sarbanes-Oxley Act of 2002(SOX) was signed into fairness by President George W. Bush to provide publicly traded companies with excess rules and guidelines for their accounting procedures. This act has had more opponents based largely on the cost associated with maintaining these new standards, however, the excogitation of its enactment was to curb double-faced financial reporting (FFR). SOX is intended to curb FFR by crating cig arette procedures regarding the accuracy and reliability of corporate di sclosures, places restrictions on auditors providing non-audit services, and obliges top executives to sustain their accounts personally (Siegel & Shim 2005, p. 402). The Federal Trade Commission (FTC) was created in 1914 for the utilization of preventing unjust methods of competition and commerce. (FTC.
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gov, 2008) However, the unite States Congress passed legislation outlawing cheating(prenominal) and deceptive acts and practices within organizations. This renounces the FTC to monitor and punish those organization that twist unethical and illegal activities within their own accounting departments. The monetary Accounting Standards Board (FASB) sets generally accepted accoun ting principles (GAAP) for the united State! s. These established GAAP principles are recognized by many federal agencies including the Securities Exchange Commission. International Financial Reporting Standards (IFRS) are established by the International Accounting Standards Board to dispense with for seamless comparison and in some cases, consolidation amid international organizations. IFRS...If you want to get a full essay, baseball partnership it on our website: OrderEssay.net

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