The FASB<\/a> was set up with the purpose of developing accounting principles in 1973. Today it is the most influential accounting organization. The FASB is involved in solving reporting problems and developing solutions. When Statements of Financial Accounting Standards are released by the FASB, they quickly become gerenally accepted accounting principles (GAAP) pertaining to standards, assumptions, conventions or concepts. When it is difficult to understand accounting principles, interpretations are released which have the same authority as the standards.<\/p>\nINFLUENTIAL ACCOUNTING ORGANIZATIONS<\/h4>\n
The FASB is the most influential accounting organization, but many other organizations exist that affect accounting practices. The Securities and Exchange Commission is the most influential government agency that regulates financial statement reporting. The IRS is involved in regulations related to income tax. IRS regulations often conflict with accounting principles, and as a result many businesses maintain two sets of records. Other organizations affecting accounting principles have less importance, and tend to specialize in a certain area of accounting.<\/p>\n","protected":false},"excerpt":{"rendered":"