What are the regulating entities of Financial Reporting?
The regulating entities of Financial Reporting are the International Accounting Standards Board (IASB), the Securities and Exchange Commission (SEC), and Financial Accounting Standards Board (FASB). IASB creates IFRS, which is a set of international accounting standards that public companies use to report their financial statements. The SEC is responsible for enforcing IFRS in the United States. The FASB creates GAAP, which is a set of accounting standards that public companies use to report their financial statements.
