Accounting Governing Bodies   Term Paper ID:36436 Click to get this paper

Essay Subject: Review the roles and effects of a the SEC b the IRS c the ...... More...

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Paper Abstract: Review the roles and effects of (a) the SEC, (b) the IRS, (c) the FASB, (d) the GASB, (e) the AICPA, and (f) the IASB on accounting practices in the United States, with some attention given to residential mortage service companies. Paper Introduction: accounting governing bodies Introduction This research examines the role of six governmental professional andinternational organizations that affect the accounting practices of firmsoperating within the United States The six organizations are as follows o United States Securities and Exchange Commission SEC United States government organization United States Securities and Exchange Commission o Financial Accounting Standards Board FASB Professional organization that includes representatives of industry public accounting and academe Financial Accounting Standards Board o Internal Revenue Service IRS United States Department of the Treasury Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. About the SEC. The effects of the financialaccounting standards promulgated by these six organizations on residentialmortgage service companies operating within the United States also wereconsidered. Asstated earlier in this discussion, however, IASB accounting regulationsbecome effective in a country only when accounting governing bodies in thatcountry formally adopt them. Accessed on the Internet on 2 6- 1-14 at: http:// www.iasb.orgUnited States Securities and Exchange Commission. The GAAPtend to deal with issues that are related to SEC, IRS, FASB, and GASBaccounting regulations. The SEC, as an example, is concerned with the protection of investorsand other users of financial information. The focus of the IASB is the development ofuniform accounting standards in all parts of the world, an increasinglyimportant goal in the wake of the continuing globalization of business,economic, and financial activity. The IASB is a subordinate organization to the International AccountingStandards Committee (IASC). Accessed on the Internet on 2 6- 1-14 at: http://www.aicpa.orgFinancial Accounting Standards Board (2 6). accounting governing bodies Introduction This research examines the role of six governmental, professional, andinternational organizations that affect the accounting practices of firmsoperating within the United States. ReferencesAmerican Institute of Certified Public Accountants. International accounting standardsbecome effective only when such standards are adopted by a country.Further, countries (when they adopt international accounting standards) donot always adopt all of the standards. Facts about GASB. Rather, a country may incorporateinternational accounting standards that they accept into their own body ofaccounting regulations. GAAP, however, neither supersede nor override SECor IRS accounting regulations and rulings. The GAAPdefine the professional practice guidelines for certified publicaccountants in the United States. The FASB and the GASB develop and implement technical accountingstandards for industrial and commercial entities (FASB) and forgovernmental and nonprofit entities (GASB). It is important to understandthat FASB and GASB standards do not supersede or override SEC or IRSaccounting regulations or rulings. When a residential mortgage service company is apublicly-traded company, all SEC accounting regulations and rulings alsomust be adhered to by such companies. Meeting the GASB reportingstandards, however, does not absolve such companies from observing therequirements of any of the other financial accounting governingorganizations. Norwalk, Connecticut: Government Accounting Standards Board. IRS accountingregulations, however, determine when taxable entities may change approachesto accounting for inventories. Such technical accountingstandards define how to account for all factors that affect an entity'sfinancial position from the simplest activities to the most complexactivities. About us. Norwalk, Connecticut: Financial Accounting Standards Board. The IASB also deals with issues address by the SEC and the AICPA. The IRS, however, focuses in the federal income tax liabilityof taxable entities. Thus, the financialreports of publicly traded companies must be prepared in a way thatsatisfies the accounting regulations of both the SEC and the IRS. Washington, D.C.: United States Securities and Exchange Commission. Among the countries that adopt all international accountingstandards (a minority), however, there exists full compatibility. Access on the Internet on 2 6- 1-14 at: http://www.irs.govInternational Accounting Standards Board. As an example, the FASB developsspecific standards for accounting for inventory (two examples are LIFO, orlast-in-first-out, and FIFO, or first-in-first-out). London, United Kingdom: International Accounting Standards Board. Thus, the focus of the SEC is onfinancial reporting the accurately reflects the financial position of apublicly-traded company as a going concern, the future prospects of thecompany, and the public disclosure of information that may affect with ofthese factors. This approach provides gradually increasing levelsof compatibility between accounting standards prevailing in differentcountries. fasb.orgGovernment Accounting Standards Board. Accessed on the Internet on 2 6- 1-14 at: http://www. (2 6). (2 6). About IRS. With respect to residential mortgage service companies, asan example, all IRS accounting regulations and rulings must be adhered toby such companies. About the AICPA. About FASB. The six organizations are as follows: o United States Securities and Exchange Commission (SEC): United States government organization (United States Securities and Exchange Commission, 2 6) o Financial Accounting Standards Board (FASB): Professional organization that includes representatives of industry, public accounting, and academe (Financial Accounting Standards Board, 2 6) o Internal Revenue Service (IRS), United States Department of the Treasury: United States government organization (United States Internal Revenue Service, 2 6) o Government Accounting Standards Board (GASB): Professional organization that includes representatives of government, public accounting, and academe (Government Accounting Standards Board, 2 6) o American Institute of Certified Public Accountants (AICPA): Professional organization of certified public accountants (American Institute of Certified Public Accountants, 2 6) o International Accounting Standards Board (IASB): International professional organization that includes that includes representatives of governments, industry, public accounting, and academe on an international scale (International Accounting Standards Board, 2 6) Roles and Effects of the Six Organization Affecting Accounting Standards and Practices Each of the six organizations identified in the introduction to thisresearch develop governing regulations for accounting standards andpractices within the contexts of their separate organizational missions.The extent to which each organization affects reporting entities depends ingreat part on the jurisdiction of each governing organization. New York: American Institute of Certified Public Accountants. Accessed on the Internet on 2 6- 2-14 at: http:// www.GASB.orgInternal Revenue Service, United States Department of the Treasury. As stated at the beginning of this discussion, the extent to whicheach of the six governing organizations discussed affects reportingentities depends in great part on the jurisdiction of each governingorganization. The IRS develops accounting regulations the intentionof which is to assure that federal income tax liability for specificperiods is correctly determined. It is possible that a company thatprepared financial reports based only on SEC accounting regulations or onlyon IRS accounting regulations would risk failure to comply with theaccounting regulations of the other governing body. The SEC develops accounting regulations designed to assurethat the financial reports of publicly-traded companies satisfy theseobjectives. (2 6). Summary This research examined the role of six governmental, professional, andinternational organizations that affect the accounting practices of firmsoperating within the United States. Accessed on the Internet on 2 6- 1-14 at: http://www.sec.gov Such financial standards are developed by the professionalstaffs of the FASB and the GASB in consultation with the wider bodies ofpublic accountants and user organizations. GASB accounting standards, however, also affectthe financial reporting of commercial entities whose operations are closelyassociated with the operations of some governmental or quasi-governmentalorganizations, such as the Federal Housing Authority (FHA). The publicaccountants who audit the financial records of such companies must observeGAAP in the preparation of audit and financial performance statements The IASB financial accounting standards do not directly affectresidential mortgage service companies operating in the United States.When IASB accounting standards are adopted by financial accountinggoverning bodies in the United States, however, they are applicable toresidential mortgage service companies operating in the United States. The AICPA develops generally accepted accounting practices (GAAP) thatgovern the practice of public accounting in the United States. The financial accounting standards promulgated by the FASB also areapplicable to all residential mortgage service companies operating in theUnited States. The GASBaccounting reporting standards, thus, exert an indirect impact onresidential mortgage service companies. It is important to rememberthat SEC and IRS accounting regulations and rulings have the force of lawbehind them, which is not true of the accounting regulations promulgated bythe other accounting governing bodies discussed in this research. (2 6). The GAAP developed by the AICPA also are applicable to residentialmortgage service companies operating in the United States. Washington, D.C.: United States Department of the Treasury. The accounting standards promulgated by the GASB applyprimarily to the financial accounting practices of governmental andnonprofit organizations. (2 6). If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.

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