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Securities Exchange Act of 1934
Established the SEC, which is the organization that enforces federal laws for financial disclosures -
Formation of the Committee on Accounting Procedure (CAP)
Now known as the AICPA, this organization standardized accounting practices -
Creating of the Financial Accounting Standards Board (FASB)
FASB instated as the main standard-setting entity, which introduced the Generally Accepted Accounting Procedures (GAAP) -
Sarbanes-Oxley Act
Following large corporate scandals, SOX increased corporate accountability, established the Public Company Accounting Oversight Board, and strengthened requirements for internal controls -
FASB and IFRS Convergence Efforts
Significant pushes for FASB to align with International Financial Reporting Standards -
Introduction of ASC 606
Major shift in revenue recognition rules, which requires companies to recognize revenue based on performance obligations -
Climate and ESG Disclosure Proposals
A move towards greater ESG reporting requirements for publicly traded companies