Regulatory Bodies The Internal Revenue Service (IRS) is probably the most known regulatory body in the United States. The IRS main purpose is the management and enforcement of all internal revenue laws and for the collection of taxes. The next regulatory body is the Securities Exchange commission (SEC). The SEC main goal is to observe public companies to ensure these public companies are following the generally accepted accounting principles when reporting their company’s financial data. The administration and finances of several regulatory boards and councils such as the financial accounting standards board, the financial accounting standards advisory council, governmental accounting standards advisory council, and the governmental accounting standards board is the responsibility of Financial Accounting Foundation (FAF) (Weygandt, Kimmel, & Kieso, 2008). The Financial Accounting Standards Board (GASB) main purpose is the developing, enforcing the standards in accounting and reporting for all non-governmental entities. The formulation of Governmental Accounting Standards Board (GASB) was because of the need for all government levels to have standard accounting principles. The GASB created and implemented the generally accepted accounting principles. This board mirrored the financial accounting standard board on state and local levels. The Federal Accounting Standards Advisory Board (FASAB) is a regulatory body whose main purpose is to distribute the federal accounting standards to all users of federal financial information. The formulation of the International Accounting Standards Board (IASB) created international accounting standards through a joint effort with representative from other countries to ensure financial reports where understandable, accurate, and valid. In the development of the Sarbanes-Oxley Act of 2002, a new regulatory body came into existence called the Public Company Accounting Oversight Board (PCAOB). The goal of this board is to help protect shareholders and their investments in public traded companies from auditors. The American Institute of Certified Public Accountants (ACIPA) is a regulatory body whose main purpose is to create financial accounting and reporting standards in collaboration with the Federal Accounting Standards Advisory Board.

References
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial accounting (6th ed.). Hoboken, NJ: Wiley.