What are the major objectives of financial reporting

The organizations responsible for governing financial

This preview shows page 1 - 2 out of 2 pages.

The organizations responsible for governing financial reporting are the Securities and Exchange Commission, American Institute of CPAs, Financial Accounting Standards Board, and the Governmental Accounting Standards Board.
Image of page 1

Subscribe to view the full document.

The SEC is a government commission created by Congress to regulate the securities markets and protect investors. The AICPA is a non-profit professional organization of certified public accountants in the United States. The AICPA exists to provide more than 370,000 members with the resources, information and leadership to provide CPA services in the highest professional manner. The FASB standards are known generally accepted accounting principles (GAAP), which is a seven-member independent board consisting of accounting professionals who establish and communicate standards of financial accounting and reporting in the United States. The GASB is an organization whose main purpose is to improve and create accounting reporting standards or generally accepted accounting principles (GAAP). To me it is hard to see how the roles have changed, if anything they say that they are tightening up the rules and regulations, but people still try to get away with cheating here and there. In the next 20 years, it will be a hard thing to vision, but I suppose they are going to find better ways and easier ways to govern financial reporting.
Image of page 2
You've reached the end of this preview.
  • Spring '12
  • ALL
  • Balance Sheet, U.S. Securities and Exchange Commission, Financial Accounting Standards Board, Governmental Accounting Standards Board

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern