After completing the reading assignments and watching the Hall lecture, write a 3-page (minimum 750 words) response to the following question (do not use the question in your response):
• Based on (1) the text reading assignment; (2) the Hall lecture; and (3) your personal research, define and explain our private national regulatory bodies (FASB and the AICPA); our national governmental regulatory agencies (SEC and PCAOB); and the international private regulatory body (IASB) and how they are related. Then, discuss your opinion, based on the Scripture assignments and your own personal beliefs, of the optimal form of regulation of financial disclosures.
Accounting Regulatory Bodies
Accounting regulatory bodies
The United States has a system of private and government entities tasked to ensure effective, correct and accepted professional practice in the US-certified public accountants. These bodies include; the American Institute of CPAs (AICPA), the financial accounting standards board (FASB), and the public company accounting oversight board (PCAOB) (Chen, Ding & Xu, 2014). We also have other bodies like US Securities and Exchange Commission (SEC) and an international body: the International Accounting Standards Board (IASB. Each of these bodies is involved in various issues in the accounting world, for instance standardization. This paper reviews some of private and governmental accounting, regulatory bodies and their relationships to each other.
American Institute of CPAs (AICPA)
The American Institute of CPAs is the world’s biggest association representing the accounting profession. It h