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List the key requirements of relevant legislation and regulations relevant to financial reporting

List the key requirements of relevant legislation and regulations relevant to financial reporting

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Expert Solution

In USA, Companies should follow the GAAP (Generally accepted accounting principles) for accounting and reporting. GAAP are the rules and accounting principles that are to be followed for journal entries, ledger, Income statement, balance sheet and cash flow statement. Whenever you read the financial statements of a company, you assume that company has made it on the basis of GAAP. All the companies should follow GAAP.

Financial accounting and standard board (FASB) is the institution that establishes, improves and updates the GAAP.

Security and exchange commission (SEC) takes care of the companies, whose shares are being traded in the stock market in public domain.

Companies should either work for profit or charity motive. There are 'for profit' and 'not for profit' organizations. Companies should follow the legal rules and laws and should not be indulged into any unfair and illegal practice.

ekkarill92 answered 2 years ago
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