Nine Major Regulatory Bodies Essay

1. The Internal Revenue Service (IRS). The IRS was established in 1913. Its purpose is to administer and enforce the internal revenue laws. Its stated mission is to provide America’s taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. (Internal Revenue Service, 2008) 2. Securities and Exchange Commission (SEC). The Securities and Exchange Act of 1934 created the Securities and Exchange Commission (SEC) to regulate the securities market. â€Å"The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation†(U.S. Securities and Exchange Commission, 2008) 3. Financial Accounting Foundation (FAF). The Financial Accounting Foundation (FAF) is a private sector organization that formed in 1972 to create standards for financial accounting. Its mission is to â€Å"establish financial accounting and reporting standards through an independent and open process, resulting in financial reports that provide decision useful information† (Financial Accounting Foundation, 2008) 4. Financial Accounting Standards Board (FASB). The (FAF) formed the (FASB) in 1973 to set up standards for nongovernmental accounting and reporting. The mission of (FASB) is â€Å"to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information (Financial Accounting Standards Board, 2008) 5. Governmental Accounting Standards Board (GASB). The Governmental Accounting Standards Board was organized in 1984 by FAF to generate GAAP for state and local governments. The mission of the GASB is to establish and improve standards of state and local government accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the, including issuers, auditors, and users of those financial reports. (Governmental Accounting Standards Board, 2008) 6. Federal Accounting Standards Advisory Board. The (FASAB) was established in 1990 by the U.S. Secretary of the Treasury, the Director of the Office of Management and Budget, and the Comptroller General to produce GAAP for the federal government. The mission of the FASAB is to promulgate federal accounting standards after considering the financial and budgetary information, needs of citizens, congressional oversight groups, executive agencies, and the needs of other users of federal financial information. (Federal Accounting Standards Accounting Standards Advisory Board, 2008) 7. International Accounting Standards Board (IASB) Since its inception in 2001 the (IASB) has created global GAAP and standards. The mission of the (IASB) â€Å"is to develop, in the public interest a single set of high quality, understandable and international financial reporting standards (IFRS’s) for general purpose financial statements† (International Accounting Standards Board, 2008) 8. Public Company Accounting Oversight Board (PCAOB) The Sarbanes-Oxley Act of 2002 (SOX) established the Public Company Accounting Oversight Board to issue auditing standards for public auditing firms. The mission of the PCAOB is to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports (Public Company Accounting Oversight Board, 2008) 9. American Institute of Certified Public Accountants (AICPA) The American Institute of Certified Public Accountants was born in 1887. The mission of the (AICP) â€Å"is to provide members with the resources, information, and leadership that enable them to provide valuable services in the highest professional manner to benefit the public as well as employers and clients† (American Institute of Certified Public Accountants, 2008) References American Institute of Certified Public Accountants. (2008). AICPA Mission. Retrieved November 20, 2008, from http://www.aicpa.org/About+the+AICPA/AICPA+Mission/ Federal Accounting Standards Advisory Board. (n.d.). Welcome to the Federal Accounting Standards Advisory Board. Retrieved November 20, 2008, from http://www.fasb.org/facts/ Financial Accounting Foundation. (n.d.). FAF Strategic Plan. Retrieved November 20, 2008, from http://www.fasb.org/faf/Strategic_Plan.shtml Financial Accounting Standards Board. (n.d.). Facts About FASB. Retrieved November 20, 2008, from http://www.fasb.org/facts/ Governmental Accounting Standards Board. (n.d.). Retrieved November 20, 2008, from http://www.gasb.org/. Internal Revenue Service. (n.d.). The Agency, its Mission and Statutory Authority. Retrieved November 20, 2008, from http://www.irs.gov/irs/article/0,,id=98141,00.html International Accounting Standards Board. (n.d.). About Us. Retrieved November 20, 2008, from http://www.iasb.org/About+Us/International+Accounting+Standards+Board+-+About+Us.htm Public Company Accounting Oversight Board. (2008). Our Mission. Retrieved November 20, 2008, from http://pcaobus.org/ U.S. Securities and Exchange Commission. (2008, November 7). The Investor’s Advocate: How the SEC Protects Investors, Maintains Market Integrity, and Facilitates Capital Formation. Retrieved November 20, 2008, from http://www.sec.gov/about/whatwedo.shtml