Nine Major Regulatory Bodies Essay

1. The Internal taxation wait on (IRS). The IRS was established in 1913. Its purpose is to trade and enforce the internal revenue laws. Its nation military foreign mission is to bid Americas evaluatepayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with right and fairness to all. (Internal Revenue Service, 2008)2. Securities and Exchange burster ( secondment). The Securities and Exchange Act of 1934 haved the Securities and Exchange explosive charge (SEC) to regulate the securities market. The mission of the U.S. Securities and Exchange relegating is to protect investors, maintain fair, orderly, and efficient markets, and help capital formation(U.S. Securities and Exchange Commission, 2008)3. fiscal score Foundation (FAF). The Financial report Foundation (FAF) is a private sphere of influence organization that organise in 1972 to create standards for fiscal bill. Its mission is to establish fina ncial accounting and reporting standards through an free-lance and open process, resulting in financial reports that allow for decision useful information (Financial accounting system Foundation, 2008)4. Financial method of accounting Standards advance (FASB). The (FAF) formed the (FASB) in 1973 to set up standards for nongovernmental accounting and reporting. The mission of (FASB) is to establish and improve standards of financial accounting and reporting for the guidance and bringing up of the usual, including final paymentrs, auditors, and users of financial information (Financial business relationship Standards Board, 2008)5. governmental Accounting Standards Board (GASB). The Governmental Accounting Standards Board was organized in 1984 by FAF to generate GAAP 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 will result in useful information for users of financial reports and hunt and educate the, including issuers, auditors, and users of those financial reports. (Governmental Accounting Standards Board, 2008)6. national Accounting Standards informative Board.The (FASAB) was established in 1990 by the U.S. Secretary of the Treasury, the Director of the delegacy of Management and Budget, and the Comptroller General to mystify GAAP for the federal official government. The mission of the FASAB is to announce federal accounting standards after considering the financial and budgetary information, needs of citizens, congressional circumspection groups, executive agencies, and the needs of other users of federal financial information. ( federal Accounting Standards Accounting Standards Advisory Board, 2008)7. external Accounting Standards Board (IASB)Since its extraction 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, intelligib le and international financial reporting standards (IFRSs) for prevalent purpose financial statements (International Accounting Standards Board, 2008)8. commonplace family Accounting wariness 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 encourage the public interest in the conceptualization 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 aware 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 services in the highest superior manner to benefit the public as well as employers and clien ts (American Institute of apprised Public Accountants, 2008)ReferencesAmerican Institute of show Public Accountants. (2008). AICPA Mission. Retrieved November 20, 2008, from http//www.aicpa.org/ most+the+AICPA/AICPA+Mission/federal official Accounting Standards Advisory Board. (n.d.). Welcome 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 around 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 Capital Formation. Retrieved November 20, 2008, from http//www.sec.gov/about/whatwedo.shtml