Regulatory Agencies Vocabulary Flashcards

A set of vocabulary flashcards reviewing four key regulatory agencies: SEC, IASB, IRS, and the Federal Reserve.

Securities and Exchange Commission (SEC)

A regulatory agency created to protect investors, help businesses grow through investors, maintain a fair and efficient stock market, and enforce federal securities laws.

Paul Atkins

The leader or governing body representative listed for the Securities and Exchange Commission (SEC).

June 6th 1934

The date the SEC was created after the stock market crashed to build confidence in the stock market by protecting investors after the Great Depression.

SEC Business Importance

Requires businesses to present accurate financial information to protect investors and help prevent fraud.

International Accounting Standards Board (IASB)

An agency established to replace the International Accounting Standards Committee and help investors by making financial statements transparent.

Sam Woods

The leader or governing body representative listed for the International Accounting Standards Board (IASB).

April 1st 2001

The date the International Accounting Standards Board (IASB) was created to develop high quality accounting standards.

IASB Responsibilities

Developing and maintaining international reporting standards, replacing the International Accounting Standards Committee, and making financial statements transparent for investors.

IASB Business Importance

Provides rules for financial reporting that help businesses create consistent and comparable financial statements around the world.

Internal Revenue Service (IRS)

A regulatory agency responsible for processing tax returns, as well as collecting and enforcing tax laws.

Frank Bisignano

The leader or governing body representative listed for the Internal Revenue Service (IRS).

July 1862

The month and year the IRS was created to pay for the Civil War, which now functions to fund the government.

IRS Responsibilities

Collects and enforces tax laws and processes tax returns.

IRS Business Importance

Controls how businesses record and pay taxes.

Federal Reserve (The Fed)

The central banking agency responsible for keeping the financial system stable, managing the country's money, monetary policy, and supervising banks.

Board of governors

The leader or governing body that runs the Federal Reserve.

December 1913

The month and year the Federal Reserve was created in response to panics in the economy when banks wanted a backup.

Federal Reserve Responsibilities

Keeping the financial system stable, managing the country's money, monetary policy, and supervising banks.

Federal Reserve Business Importance

Its actions reflect on interest rates, financial recording, borrowing costs, inflation, employment, and the business environment.