2.  Generally Accepted Accounting Principles  Defined as the set of accepted industry rules, practices and guidelines for financial accounting  Includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements

3.  AICPA  FASB  SEC  GASB

4.  American Institute of Certified Public Accountants (CPA)  Sets ethical standards for the CPA profession  Sets U.S. auditing and GAAP standards  Develops and grades the Uniform CPA Examination  http://www.aicpa.org http://www.aicpa.org

5.  Financial Accounting Standards Board  Establishes and improves standards of financial accounting by non- governmental entities (GAAP)  www.fasb.org www.fasb.org

6.  Securities and Exchange Commission ◦ Has authority to establish reporting and disclosure requirements  Holds the primary responsibility for: ◦ Enforcing federal securities laws ◦ Regulating the securities industry ◦ Regulating the stock market and ◦ Preventing corporate abuse of investors

7.  Enforcement authority granted by Congress to:  Bring civil enforcement actions against individuals and companies who: ◦ Commit accounting fraud ◦ Provide false information ◦ Engage in insider trading ◦ Violate securities laws  Bring criminal enforcement actions to prosecute individuals and companies for criminal offenses

8.  notes  stock  treasury stock  security future  bond  debenture  certificate of interest  participation in any profit-sharing agreement

9.  Governmental Accounting Standards Board  To establish and improve standards of state and local governmental accounting and financial reporting (GAAP)  www.gasb.org www.gasb.org