Accounting Regulatory Bodies
The purpose of accounting is to provide information needed to make economic decisions. Financial accounting is the tasks of preparing financial reports that provide information about an organizations performance and external audiences. External users consist of investors, creditors, and regulators. The same financial reports are also used by internal users, such as managers. In the United States, financial accounting is performed while adhering to General Accepted Accounting Principles (GAAP) guidelines. Regulatory bodies set these accounting standards and formulate the principles outlined in the GAAP. Four of these accounting regulatory bodies are: the Securities and Exchange Commission (SEC), Financial Accounting Standards Board (FASB), Federal Accounting Standards Advisory Board (FASAB), and Governmental Accounting Standards Board (GASB). Accounting measures a company's success at meeting its goals and it helps users understand how efficiently......

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Title: Regulatory Bodies
Approximate Word Count: 608
Approximate Pages: 3 (250 words per double-spaced page)

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