Exploring the Intricacies of Modern Accounting: Principles, Methods, Regulatory Framework, and Technological Advancements

In the multifaceted realm of modern accounting, a discipline central to effective financial management and decision-making, could you provide an in-depth examination of the foundational principles that underpin the field, such as the accrual basis of accounting, the matching principle, and the materiality concept, elucidating how these principles serve as the bedrock for accurate financial reporting and facilitate a true representation of an organization's financial health?

Moreover, as accounting encompasses a myriad of specialized areas, could you delve into the distinctions between financial accounting, managerial accounting, and tax accounting, clarifying their unique roles within an organizational framework? How does financial accounting, primarily concerned with external financial reporting, differ from managerial accounting, which focuses on internal decision support and control? Additionally, how does tax accounting navigate the complexities of tax laws and regulations to optimize tax planning and compliance for individuals and entities?

In the intricate web of regulatory compliance, a critical facet of accounting practice, could you provide an extensive overview of the regulatory environment that governs financial reporting, including the role of governmental bodies and standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the International Accounting Standards Board (IASB) on a global scale? How do these entities collaborate to establish and enforce accounting standards like Generally Accepted Accounting Principles (GAAP) in the U.S. and International Financial Reporting Standards (IFRS) worldwide, ensuring transparency, comparability, and regulatory adherence in financial reporting?

Continuing along this comprehensive trajectory, it is essential to explore the central components of financial reporting, including an in-depth examination of the primary financial statements the balance sheet, income statement, and cash flow statement. Can you elucidate not only the individual components and construction of these statements but also the pivotal role they collectively play in conveying an organization's financial health and performance to various stakeholders, from investors and creditors to regulatory bodies?