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Accounting information resources.

Who Sets Standards?

The Financial Accounting Standards Board (FASB) establishes and improves standards of financial accounting and reporting. FASB standards are officially recognized as authoritative by the American Institute of Certified Public Accountants (AICPA), and the Securities and Exchange Commission (SEC).  

Other organizations  that help determine accounting standards include the Public Company Accounting Oversight Board (PCAOB) and the Government Accounting Standards Board (GASB), the International Federation of Accountants (IFAC), the International Auditing and Assurance Standards Board (IAASB), and the International Accounting Standards Board (IASB).

FASB Codification

What Are Standards?

Standards are conventions, rules, and procedures necessary to define acceptable accounting practice at a particular time.

Standards Issuing Bodies


GAAP, or Generally Accepted Accounting Principles, are a set of guidelines for companies to aid in preparing financial statements according to a standard.

GAAS, or Generally Accepted Auditing Standards, are auditing standards for auditors to help ensure transparent and unbiased auditing.