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  • What is the difference between an issuer and a nonissuer?

    Issuers are public companies that must file their financial statements with the SEC, and they are subject to auditing standards set forth by the Public Company Accounting Oversight Board (PCAOB). Nonissuers are private companies (nonpublic) and they are subject to Statement on Auditing Standards (SAS), which are set forth by the AICPA.

  • What are the professional standard setting entities that regulate financial reporting?

    The visual below outlines the professional standard setting entities for “for-profit” companies, “not-for-profit” entities, and government entities.

  • What are the main professional standard setting bodies for accounting and financial statements?

    If the entity is for profit or a non-for-profit, then the Financial Accounting Standards Board (FASB) determines the rules. If the entity is governmental, then the Government Accounting Standards Board (GASB) determines the rules.