ACC 300 Week 5 Team Assignment - Accounting Reporting Criteria Paper

Feb 3rd, 2012
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ACC 300 Week 5 Team Assignment - Accounting Reporting Criteria Paper

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Running head: ACCOUNTING REPORTING CRITERIA PAPERAccounting Reporting Criteria PaperYOUR NAME(S)ACC/300 DATENAME OF PROFESSORAccounting Reporting Criteria: United States vs. Foreign CountriesIn accounting there is a responsibility to maintain accurate financial data and because of this need entities have been created to assist companies. These agencies help to create standards and rules for businesses to follow to help ensure consistent reporting. These agencies work with businesses both nationally and internationally to regulate financials for all currency handled. By keeping companies accountable for their record keeping, it helps to protect the public from fraudulent activity that can jeopardize the investments that help keep businesses successful in the first place. These internal controls are an essential part of accurate record keeping.Regulatory EnvironmentThere are several regulatory environments that businesses must adhere to when reporting financial data. Although in the end each agency requires similar information to be reported, they each serve different purposes. Some report to each other to try to keep the reporting consistent. The Financial Accounting Standards Board (FASB) fulfills the need of setting standards in the private sector. They establish the rules necessary to allow for a common standard in reporting finances. By observing the needs that companies and the government require for accurate reporting, they create a framework of stand

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