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ACC 302 Intermediate Financial Accounting - Du

Standards & Regulatory Bodies

            The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting
            principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. The Codification is effective
            for interim and annual periods ending after September 15, 2009.
  • Federal Accounting Standards Advisory Board (FASAB)

    The organization responsible for developing accounting standards and principles for the United States federal government financial reporting entities.

  • Governmental Accounting Standards Board (GASB)

    An independent organization that establishes and improves standards of accounting and financial reporting for U.S. state and local government.

  • International Financial Reporting Standards Foundation (IFRS)

    The umbrella organization beneath which sites the International Accounting Standards Board (IASB), which is the standards setting body for international financial reporting standards.

  • Public Company Accounting Oversight Board (PCAOB)

    A nonprofit organization established by Congress (with the passage of the Sarbanes-Oxley Act) to oversee the independent auditing of public companies in order to protect the interests of investors.

  • Internal Revenue Service (IRS)

    The U.S. national tax collection agency; administers the Internal Revenue Code as enacted by Congress.

  • U.S. Securities and Exchange Commission (SEC)

    In the interest of protecting investors, the SEC requires public companies in the U.S. to disclose meaningful financial and other information to the public. They oversee securities exchanges, brokers, and dealers, investment advisors and mutual funds and have the authority to bring civil enforcement actions against individuals and companies for violations of securities laws.