The most recognized regulatory body within the United States would be the IRS, or Internal Revenue Service. The main function of the IRS is to enforce and govern the internal revenue laws. The IRS is responsible for the collection of taxes. Another regulatory body is the SEC, or Securities and Exchange Commission. The main purpose of the SEC, is to watch the main participants in security. They also require public companies to follow the GAAP (Generally Accepted Accounting Principles. The FAF (financial Accounting Foundation) is in charge of the administration and finances of the financial accounting standards board, the financial accounting standards advisory council, the governmental accounting standards advisory council, and the governmental accounting standards board. The FASB (Financial Accounting Standard Board) is responsible for the standards of the non-governmental financial accounting and reporting. The GASB (Governmental Accounting Standards Board) was put into place to generate GAAP for state and local government. It was also developed to mirror image the FASB on state
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This note was uploaded on 12/13/2011 for the course ACCOUNTING ACC 280 taught by Professor Kenfredrickson during the Spring '09 term at University of Phoenix.