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Accounting is extremely important when it comes to the success of organizations.
Organizations can only be successful if there are investors willing to invest into that
organization and accurate accounting allows investors to get a good financial picture of the
organization that is being looked at. There are several different accounting regulatory
bodies and each one of them is very important when it comes to accounting and the effects
that accounting has on organizations. The overall goal of these accounting regulatory
bodies is to set rules and regulations and help improve the standards of financial
accounting for every organization. There are four accounting regulatory bodies that are
very well known and considered the main accounting regulatory bodies that set the
standards for all of the organizations.
The first regulatory body is the Financial Accounting Standards Board or FASB for short.
"The mission of the FASB is 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, n.d.).
The second regulatory body is the Government Accounting Standards Board or GASB for
short. "The Government Accounting Standards Board (GASB) is the independent
organization that establishes and improves standards of accounting and financial reporting
for U.S. state and local governments"“ (Government Accounting Standards Board, n.d.).
The third regulatory body is the International Accounting Standards Boars or IASB for
short. "The IASB is committed to developing, in the public interest, a single set of high
