NEIU Libraries Research Guides: Accounting Resources Research Guide: Boards and Bodies

Standards-setting bodies

Accountants and auditors rely upon nationally and internationally recognized authoritative bodies to set financial reporting standards.

Financial Accounting Standards Board (FASB)
Established in 1973, FASB is a standards-making body recognized by the SEC (Securities and Exchange Commission) and the AICPA (American Institute of Certified Public Accountants).
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Full-text FASB pronouncements, statements and interpretations are available on the website.
Governmental Accounting Standards Board (GASB)
Established in 1984, GASB is a standards-making body for state and local governmental accounting and financial reporting.
International Accounting Standards Board (IASB)
Established in 2001 by the IASCF (International Accounting Standards Committee Foundation), IASB creates and sets the "International Financial Reporting Standards," known as IFRS.

Enforcement, licensing and regulatory bodies

Accountants and auditors are cognizant that financial reporting standards are enforced by various regulatory bodies and that, in America, the various states set professional accountancy licensing requirements.

Illinois Department of Financial and Professional Regulation
The IDFPR regulates a number of professions within the state of Illinois, including Public Accountants.
National Association of State Boards of Accountancy (NASBA)
NASBA serves as a forum for the 55 boards of accountancy that set licensing and continuing education for accountants in the United States and its territories.
Public Company Accounting Oversight Board (PCOAB)
Created by the Sarbanes-Oxley Act of 2002 in the aftermath of the Enron accounting scandal, PCOAB oversees public company auditing. PCOAB standards must be approved by the SEC (Securities and Exchange Commission).
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Full-text PCOAB standards and rules are available on the website.
U.S. Securities and Exchange Commission (SEC)
Established by the Securities and Exchange Act of 1934, the SEC is the federal agency that oversees financial filings for public companies. The SEC enforces compliance with federal securities laws, rules and regulation. And the agency issues bulletins explaining its "views on accounting-related disclosure practices."