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FASB - Financial Accounting Standards Board, the body responsible for promulgating U.S. GAAP SEC - Securities and Exchange Commission, regulates publicly traded companies IASB - International Accounting Standards Board --- sets international financing reporting standards (IFRS) PCAOB - Public Company Accounting Oversight Board -sets audit standards and oversees the audits of public companies in the U.S. Qualitative Characteristics - Fundamental and Enhancing Qualities Fundamental Characteristics - Basic characteristics that distinguish useful financial information from information that is not useful Relevance - Capable of making a difference in a decision Predictive value- - helps provide accurate information to make a decision about the future Confirmatory Value- - Helps users confirm or correct prior expectations Materiality- - Information that impacts users decisions if it was reported inaccurately or omitted Faithful Representation- - Indicates whether financial information depicts the substance of an economic event in a manner Complete- - All necessary information must be given Neutral- - Information free from both, selection and presentation of financial data Free from error - No errors or omissions in the description of the amount or the process used to report the amount Enhancing Characteristics - Characteristics that distinguish more useful information from less useful information Comparability - The ability of users to see similarities and differences between different business activities 
