The internal reporting and assistance phase is by the nature the realm and prerogative of the company management team. Closely allied with the internal reports of the external reports basically the financially statement consisting of the balance sheet income sued to outsider have received greater attention and have been substantially influenced by many groups and organization in recent year.
In the public sector financially or external reporting has been influenced significantly by the Securities and exchange commission (SEC) the internal the cost accounting standards board (CASB) which is discussed in chapter 3. Further more federal state and local governments prescribe certain accounting related regulation the must be observed that often embodied and the accounting system.
In the private sector professional organization include the American institute of certified public accountants (AICPA)which sponsored the formation of the financial accounting standards board (FASB); the national association of accountant (NAA) the American accounting association and the financial executive institute (FEI) research and pronouncement by these groups contribute to the development improvement and revision of both financial and cost accounting theory and practice.