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7 April, 2016 - 15:02

The FASB is the most influential accounting organization, but many other organizations exist that affect accounting practices. The Securities and Exchange Commission is the most influential government agency that regulates financial statement reporting. The IRS is involved in regulations related to income tax. IRS regulations often conflict with accounting principles, and as a result many businesses maintain two sets of records. Other organizations affecting accounting principles have less importance, and tend to specialize in a certain area of accounting.