SEC: Securities Exchange Commission

The U.S Securities Exchange Commission is the federal body governing financial accounting securities and exchange in the USA. SEC functions with an aim to safeguard the financial accounting sector by maintaining order and keeping the investors educated and well informed about the securities market. SEC seeks to promote capital formation as it is essential to [...]

IFRS: International Financial Reporting Standards

International Financial Reporting Standards (IFRS) are a set of standards that describe the manner in which data should be reported in a financial statement. Each transaction and each type of event should be reported in a financial statement as per the guidelines of IFRS IFRS was coined with a great mission in place by the [...]

IFAC: International Federation of Accountants is a federation

International Federation of Accountants is a federation is commonly known as IFAC. It is a federation of almost all national professional accounting bodies around the world. IFAC’s committees formulate standards in auditing, education, ethics and the public sector financial reporting. IFAC, in its own interest guides and supports professional accountants in business, small and medium [...]

GAAS: Generally Accepted Auditing Standards

Generally Accepted Auditing Standards is an organized set of standards put together by the American Institute of Certified Public Accountants to maintain consistency in auditing done by all auditors. Auditors perform audits on company finances as per the guidelines mentioned in GAAS. It ensures that the work is consistent and verifiable GAAS are categorized into [...]

FASB: Financial Accounting Standards Board

FASB or Financial Accounting Standards Board is the governing body responsible for standardizing financial accounting and reporting in the USA. FASB guides and educates the general public users of financial information, issuers and auditors, making it easy for them to deal with financial accounting statements. FASB’s financial reporting system is a key to the efficient [...]