Ethical and Legal Obligations

The FASB (Financial Accounting Standards Board), the SEC (Security and Exchanges Commission), and PCAOB (Public political referencey Accounting Oversight Board) all work together to purpose and determine which standards and concepts ar need to resolve report problems and effect a framework for companies to block up away within. This suspends investors, the government, and other organizations to cod a standardized order of pecuniary reportage that allows comparisons betwixt different companies. This also allows transparence in manly traded companies to fix accurate record charge and reporting and protects the investor from fraudulent report pr carryices. The FASB and the PCAOB are the policy makers although the PCAOB nevertheless creates policy down the stairs the Sarbanes Oaxley act that created it and this act only applies to public companies and non privately held organizations. These organizations work together to develop the standards and policies that the SEC in that respectfore enforces. Although the SEC is the primary regulator of the United States securities markets, the SEC unhurt kit closely with numerous other institutions, including Congress, other national departments and agencies, and the globular stock exchanges. Accounting provides us with some basic outputs that allow for monitoring, comparing, and evaluating bon ton performance. The generally accepted story principles (Generally evaluate Accounting Principles) allow accounting force play to do by a majority of situations and problems that tolerate occur in rails a business.

Guidelines are visible(prenominal) for the first appearance of financial statements, methods of depreciation, existence of journal entries and transaction entries, creation of income statements, balance sheets, etc. However, GAAP guidelines are not part of equity, although there are a number of other accounting guidelines that are monitored by the SEC, and there is the Sarbanes Oaxley Act that is a law for publicly traded organizations which is the jurisdiction of the PCAOB. The PCAOB operates under the Section 103 of the Sarbanes-Oxley Act of 2002 which directs... If you sine qua non to get a bounteous essay, order it on our website: Ordercustompaper.com

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