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Unformatted text preview: ater ials for SBA From Myers CPA The Time is Now e 3-4567) 1234) CPA.COM counting Solutions r a Growing Business Accounting Standards Board. This brochure will inform you of how the GAAP came into being and what the FSABs roll is in implementing these principles. In addition, we will cover some of the A Who Must Comply? It is generally accepted that all companies, whether sole proprietor, partnership, or corporation should adhere to sound, relevant, and reliable accounting practices in order to continue in business. How else will you know if your company is financially making it or not? The government cannot make a private company adhere to standard accounting principles, as they are just that, private companies. However, if your company decides to go public, things in the accounting world change drastically. Who is Watching? The United States Government enacted the Securities Exchange Act of 1934 in order to regulate trading of shares of stock in public companies. In short, the government wanted to revive the public confidence in our financial markets. In order to do this, standards were needed in the way companies presented their financial statements to the public. The SEC revive the public confidence in our financial markets....
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- Spring '10