g the SEC can bring civil or criminal penalties.
Corporations who are registered with the SEC, known as public companies, must submit financial reports quarterly and annually. Certain shareholder information must be given as well. These records are available for public viewing, with the intention of helping investors to make informed decisions.
According to the official web site of the Financial Standards Accounting Board (FASB), "The mission of the Financial Accounting Standards Board (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." Established in 1973, this private-sector organization establishes the accounting guidelines by which financial statements, both audited and
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