ACCOUNTING GOVERNING BODIES

United States Securities and Exchange Commission (SEC): United States government organization (United States Securities and Exchange Commission, 2006)

Financial Accounting Standards Board (FASB): Professional organization that includes representatives of industry, public accounting, and academe (Financial Accounting Standards Board, 2006)

Internal Revenue Service (IRS), United States Department of the Treasury: United States government organization (United States Internal Revenue Service, 2006)

Government Accounting Standards Board (GASB): Professional organization that includes representatives of government, public accounting, and academe (Government Accounting Standards Board, 2006)

American Institute of Certified Public Accountants (AICPA): Professional organization of certified public accountants (American Institute of Certified Public Accountants, 2006)

International Accounting Standards Board (IASB): International professional organization that includes that includes representatives of governments, industry, public accounting, and academe on an international scale (International Accounting Standards Board, 2006)

Roles and Effects of the Six Organization Affecting Accounting Standards and Practices

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fit entities (GASB). Such technical accounting standards define how to account for all factors that affect an entity's financial position from the simplest activities to the most complex activities. Such financial standards are developed by the professional staffs of the FASB and the GASB in consultation with the wider bodies of public accountants and user organizations. It is important to understand that FASB and GASB standards do not supersede or override SEC or IRS accounting regulations or rulings. As an example, the FASB develops specific standards for accounting for inventory (two examples are LIFO, or last-in-first-out, and FIFO, or first-in-first-out). IRS accounting regulations, however, determine when taxable entities may change approaches to accounting for inventories. The IASB is a subordinate organization to the International Accounting Standards Committee (IASC). The focus of the IASB is the development of uniform accounting standards in all parts of the world, an increasingly important goal in the wake of the continuing globalization of business, economic, and financial activity. International accounting standards become effective only when such standards are adopted by a country. Further, countries (when t
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