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Generally Accepted Accounting Principles (GAAP) are currently formulated by the:
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15. GAAP vs IFRS
GAAP vs. IFRS: Introduction
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Which organization is responsible for establishing U.S. Generally Accepted Accounting Principles (GAAP)?
A
Securities and Exchange Commission (SEC)
B
International Accounting Standards Board (IASB)
C
Financial Accounting Standards Board (FASB)
D
American Institute of Certified Public Accountants (AICPA)
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Understand the concept of U.S. Generally Accepted Accounting Principles (GAAP), which are a set of rules and standards used in financial accounting and reporting in the United States.
Learn about the role of the Financial Accounting Standards Board (FASB), which is the organization responsible for establishing and improving GAAP in the U.S.
Differentiate between the FASB and other organizations mentioned in the problem: the SEC oversees the enforcement of financial reporting standards, the IASB develops international accounting standards, and the AICPA provides guidance and resources for CPAs but does not establish GAAP.
Recognize that the FASB is the authoritative body tasked with creating and updating accounting standards to ensure consistency and transparency in financial reporting.
Conclude that the correct answer to the question is the Financial Accounting Standards Board (FASB), as it is the organization responsible for establishing U.S. GAAP.
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