The SEC enforces and regulates security laws, the AICPA dictates the professional conduct of accountants, and the FASB develops GAAP.
Generally Accepted Accounting Principles (GAAP) is the standard framework for financial accounting used in any given jurisdiction.
The IFRS is a common global financial language for business affairs that is understandable and comparable across international boundaries.
A major difference between GAAP and IFRS is that GAAP is rule-based, whereas IFRS is principle-based.
The full disclosure principle states information important enough to influence decisions of an informed user should be disclosed.
The process of disclosing financial statements is carried out through what is known as a Form 10-K.
Events that trigger disclosure should be based on an accountant's assessment of materiality.
Accountants must stay up to date with current issues in reporting and disclosures related to standards set by regulatory agencies.