Financial & Accounting Compliance

Azria, Seth M.
April 2018
Financial & Accounting Compliance -- Research Starters Business;4/1/2018, p1
Research Starter
Accurate financial information is critical for decision making within the business world and governments alike. The absence of honest and accurate financial reporting to support sound financial decisions can cause economic calamities, as evidenced by the Great Depression and the business collapses of the early 2000's. In the United States, the SEC compels financial disclosure from companies that seek funds from the investing public. The generally accepted accounting principles (GAAP), established by a number of public and private organizations, provides the language in which those statements must be delivered. This article discusses the sources and history of US financial reporting law and the organizations responsible for establishing the GAAP. The article concludes with a brief discussion of the rise of an international accounting standard that seems poised to become the new standard; possibly replacing the GAAP.


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