Generally Accepted Accounting Principles (GAAP) are currently formulated by the:

• A. International Accounting Standards Board (IASB)
• B. American Institute of Certified Public Accountants (AICPA)
• C. Financial Accounting Standards Board (FASB)
• D. Securities and Exchange Commission (SEC)

Answer: (C)

Verified step by step guidance

1. Understand the concept of Generally Accepted Accounting Principles (GAAP), which are a set of rules and standards used in financial accounting to ensure consistency, reliability, and comparability of financial statements.
2. Learn about the organizations involved in the formulation and oversight of accounting standards, such as the Financial Accounting Standards Board (FASB), International Accounting Standards Board (IASB), American Institute of Certified Public Accountants (AICPA), and Securities and Exchange Commission (SEC).
3. Recognize that in the United States, the Financial Accounting Standards Board (FASB) is the primary organization responsible for establishing and maintaining GAAP.
4. Differentiate the roles of other organizations mentioned: IASB formulates International Financial Reporting Standards (IFRS), AICPA provides guidance for CPAs, and SEC oversees public companies and enforces compliance with GAAP.
5. Conclude that the correct answer to the question is the Financial Accounting Standards Board (FASB), as it is the authoritative body for GAAP in the United States.