The four regulatory bodies for the accounting profession include the Financial Accounting Standards Board (FASB), the Government Accounting Standards Board (GASB), the International Accounting Standards Board (IASB) and the United States Securities Exchange Commission (SEC). These bodies set the rules and establish the regulations that govern the accounting profession and the conduct of accountants.
The FASB improves and establishes reporting and financial accounting for the education and guidance of users of financial information, including the public and auditors. Essentially, the FASB oversees financial accounting by nongovernmental bodies. It is officially recognized by the United States Securities and Exchange Commission, which is the government's official regulatory body, and the American Institute of Certified Public Accountants.
The GASB is an organization that was established to improve financial and accounting reporting in U.S. states and localities. It is an independent organization. The IFRS Foundation is a non-profit independent organization that works in the interest of the public to set its international financial reporting standards. This is understandable and enforceable around the world. The principles of the IFRS are developed by the International Accounting Standards Board, which is an independent body of the foundation. The IFRS also maintains a monitoring board to ensure accountability from organization to organization.