Organizational Standards of Accounting
Автор: Angele Risk Management Consulting LLC
Загружено: 2025-11-22
Просмотров: 1
The Global Ecosystem of Accounting and Finance.
The sources provide a comprehensive overview of the financial accounting ecosystem, defining the roles of key organizations, including the FASB (which sets U.S. GAAP), the AICPA (which governs professionals), the SEC (which enforces rules for public companies), and the IASB (which sets global IFRS standards). They explain that accounting serves as the foundation of economic trust by reducing uncertainty for investors and lenders, thereby lowering the cost of capital for businesses. Furthermore, the text contrasts financial accounting (focused on economic performance for investors) with tax accounting (focused on government revenue collection), noting that technology like XBRL is transforming the field from static record-keeping into a dynamic, real-time strategic function. Finally, the sources highlight the impact of the Sarbanes-Oxley Act (SOX), which drastically increased regulatory scrutiny and management accountability following major fraud scandals.
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