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There are several regulatory organizations in accounting These organizations include the Financial Accounting Standards Board the Securities and Exchange Commission and the Public Company Accounting Oversight Board The Financial Accounting Standards Board FASB is a designated organization in the private sector for establishing standards of financial reporting FASB 2005 Standards are important for credible and comparable financial information The FASB is independent of all business and professional organizations Previously financial accounting and reporting standards were established by the Committee on Accounting Procedure of the American Institute of Certified Public Accountants FASB 2005 The standards set by the FASB are officially recognized by the US Securities and Exchange Commission SEC The primary mission of the SEC is to protect investors and maintain the integrity of the securities markets SEC 2005 The SEC required public companies to disclose meaningful financial and other information to the public This gives the public the knowledge to make informed financial decisions The SEC takes legal action against companies and individuals who break securities laws This includes insider trading accounting fraud and others The Public Company Accounting Oversight Board PCAOB is a private sector non-profit corporation created by the Sarbanes-Oxley Act of 2002 to oversee the auditors of public companies in order to protect the interest of investors and further the public interest in the preparation of informative fair and independent audit reports PCAOB 2005 The PCAOB is also authorized to provide rules governing ethics independence and quality control fro registered accounting firms There are several basic accounting theories assumptions and principles which are universally accepted and practiced in the accounting field These principles are important because they provide for consistency in financial reporting The basic accounting equation assets equal liabilities plus owners equity is very important to the financial accounting process because the equation must balance after every transaction Marshall p 44 The going concern concept is the assumption that the entity will continue to operate in the future or in
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