Hey,
I am just a bit condused with the purpose and function of each. The requirement to pepaire financial reports in accordance with specified accounting standard is the responsibility of whom?
Seems to me I did this question twice and the answers are different. 
Maybe I remembered wrong…
Hey
Think of standard setting bodies as a group of people from an industry looking to standardize things. They may not necessarily be assosciated with the goverment (FASB,IASB etc)
Regulatory authorities are the ones who can adopt a particular standard set by the above. They have the power/responsibility to enforce them and are hence usually government associated (FSA, SEC) .
Standard-setting bodies are group of people or institution or bodies set up with sole aim of issuing standards. for example, FASB issues U.S GAAP while IASB issues IAS which is also in line with IFRS and so on.
Regulatory Authorities are the bodies established by government with the sole aim of enforcing compliance with the above standards issued by the Standard-setting bodies. FSA regulates the Financial Service Industryand ensures compliance with all standards issued and SEC regulates capital market activities in the U.S.
Does this help??
Thx for the replies
Therefore, the requirement to pepaire financial reports in accordance with specified accounting standard is the responsibility of regulatory authroties, I suppose?
Anytime…
Yes which means “Compliance with the standards” issued.