Which organization sets generally accepted accounting standards (GAAP)?

For the US , it is the FASB (Financial Accounting Standards Board)

FINANCIAL ACCOUNTING STANDARDS BOARD

U.S. Securities and Exchange Commission

Generally acceptable accounting principles, additionally referred to as GAAP or US GAAP, are the typically common accounting principles followed through the U.S. Securities and trade fee (SEC). At the identical time as the SEC has stated that it intends to move from US GAAP to the global economic Reporting requirements (IFRS), the latter variety appreciably from GAAP and improvement has been gradual and unsure.

There may be no well-known GAAP popular and the specifics vary from one geographic region or enterprise to another. Within the united states, the Securities and change fee (SEC) mandates that financial reviews adhere to GAAP requirements. The financial Accounting requirements Board (FASB) stipulates GAAP usual and the Governmental Accounting requirements Board (GASB) stipulates GAAP for country and local government. Publicly traded organizations should comply with each SEC and GAAP requirements.

Many countries around the arena have adopted the international financial Reporting standards (IFRS). IFRS is designed to offer a worldwide framework for how public agencies prepare and disclose their financial statements. Adopting a single set of worldwide-extensive standards simplifies accounting procedures for worldwide countries and affords buyers and auditors with a cohesive view of price range. IFRS affords preferred steerage for the practise of financial statements, in preference to regulations for enterprise-specific repor

Organisation which is either registered or having its permanent establishment in United States of America is using GAAP(Generally Accepted Accounting Principals)

FASB (Financial Accounting Standards Board)