Acct 212

In: Business and Management

Submitted By jay0714
Words 363
Pages 2
Accounting Discussions:
Discuss the rules that impact a business' Accounting Information System. What types of compliance are required? Visit the website of the Financial Accounting Standards Board (FASB) to learn about Generally Accepted Accounting Principles (GAAP). Go to www.fasb.org. Additionally, you may read more about compliance from www.aicpa.org, the site of the American Institute of Certified Public Accountants (AICPA).
What rules impact a business' Accounting Information System? What types of compliance is required?
Generally Accepted Accounting Principles (GAAP) are standards that companies abide by when preparing and reporting their financial statements. Accounting Information System (AIS) collects data, processes data and distributes the information to decision makers. The main rule that impacts a business’ AIS is accuracy. The information provided in the financial statements should be accurate to be reliable for the users such as investors, creditors and Board of Directors. The Internal Revenue Service (IRS) is another compliance small and large business have an obligation to. Companies are not permitted to hide income to avoid IRS tax rules, that would be considered fraud. The Sarbanes-Oxley Act has been created for companies to follow the same specific requirements and mandates for compliance in accounting. The Sarbanes-Oxley Act requires that companies keep their financial and accounting records accurate and ready to be audited. If the company is audited and suspected of fraud Securities and Exchange Commission (SEC) will review the forms and follow up with any necessary steps.
What Is Compliance in Accounting? | Enlighten Me. (2014, July 30). Retrieved October 27, 2015.

Arline, K. (2015, April 2). GAAP: Standards & Rules for Accountants. Retrieved October 27, 2015.

E1-17A
(Learning Objectives 3, 4: Apply the accounting equation;…...

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