Ethical and Legal Obligations in Accounting

There be several regulatory transcriptions in accounting. These organizations involve the fiscal accountancy Standards Board, the Securities and Exchange Com bang, and the populace accompany Accounting relapsing Board. The Financial Accounting Standards Board (FASB) is a designated organization in the mystical sector for establishing standards of financial reporting (FASB, 2005). Standards be great for credible and comparable financial nurture. The FASB is independent of each(prenominal) air and professional organizations. Previously, financial accounting and reporting standards were realised by the Committee on Accounting Procedure of the American base of Certified Public Accountants (FASB, 2005). The standards set by the FASB are formally recognized by the U.S. Securities and Exchange Commission ( s). The master(a) mission of the atomic number 16 is to harbor investors and maintain the integrity of the securities markets (SEC, 2005). The SEC necessitate public companies to disclose meaningful financial and some other information to the public. This gives the public the knowledge to make informed financial decisions. The SEC takes legal action against companies and individuals who break securities laws. This includes insider trading, accounting fraud, and others.

The Public Company Accounting Oversight Board (PCAOB) is a private sector, non-profit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in fancy to protect the interest of investors and further the public interest in the education of informative, fair, and indepe ndent audit reports (PCAOB, 2005). The PCAOB! is also authorized to bid rules presidency ethics, independence, and quality control fro registered accounting firms. There are several canonic accounting theories, assumptions, and principles which are universally evaluate and practiced in the accounting field. These principles are important because they turn in for consistency in financial reporting. The basic accounting par (assets equal liabilities convinced(p) owners equity) is very important to the financial accounting swear out because the equation must balance... If you want to get a honorable essay, order it on our website: BestEssayCheap.com

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