What are the organizations and rules that govern accounting?
Understand the Problem
The question is asking for an overview of the key organizations and rules that govern accounting standards, highlighting their roles and significance.
Answer
FASB, SEC, GAAP, IASB, IFRS
The main organizations and rules that govern accounting are FASB, SEC, GAAP, IASB, and IFRS.
Answer for screen readers
The main organizations and rules that govern accounting are FASB, SEC, GAAP, IASB, and IFRS.
More Information
The Financial Accounting Standards Board (FASB) formulates GAAP in the U.S. The SEC oversees the financial markets, while the International Accounting Standards Board (IASB) formulates IFRS, which are international guidelines.
Tips
Common mistakes include confusing the roles of organizations such as FASB and IASB or misinterpreting the scopes of GAAP and IFRS.
Sources
- What Are Generally Accepted Accounting Principles (GAAP)? - Accounting.com - accounting.com
- About the FASB - fasb.org
- Governmental Accounting Standards Board: What is GASB? - Accruent - accruent.com
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