Financial reporting is arguably one of the most heavily regulated areas of business activity.Provide the main reasons why accounting information is so heavily regulated.In your answer try to address the intended consequences of such regulation.

Financial Reporting

Drafting statements that lay out the wealth status of a corporation for its managers, shareholders, and government overseers.

Heavily Regulated

Refers to industries or sectors that are subject to extensive government rules, regulations, and oversight.

Accounting Information

Data produced by accounting processes which include summaries of financial transactions and statements reflecting the financial status of an organization.