Setting GAAP
These organizations influence the development of GAAP in the United States.
- United States Securities and Exchange Commission (SEC)
- American Institute of Certified Public Accountants (AICPA)
- Audit and Accounting Guidelines, which summarizes the accounting practices of specific industries (e.g. casinos, colleges, airlines, etc.) and provides specific guidance on matters not addressed by FASB or GASB.
- Statements of Position, which provides guidance on financial reporting topics until the FASB or GASB sets standards on the issue.
- Practice Bulletins, which indicate the AcSEC's views on narrow financial reporting issues not considered by the FASB or the GASB.
- Financial Accounting Standards Board (FASB)
- Statements of Financial Accounting Standards - the most authoritative GAAP setting publications. More than 150 have been issued to date.
- Statements of Financial Accounting Concepts - first issued in 1978. They are part of the FASB's conceptual framework project and set forth fundamental objectives and concepts that the FASB use in developing future standards. However, they are not a part of GAAP. There have been 7 concepts published to date.
- Interpretations - modify or extend existing standards. There have been around 50 interpretations published to date.
- Technical Bulletins - guidelines on applying standards, interpretations, and opinions. Usually solves some very specific accounting issue that will not have a significant, lasting effect.
- Governmental Accounting Standards Board (GASB)
- Other influential organizations (e.g. American Accounting Association, Institute of Management Accountants, Financial Executives Institute)
- Other influential organizations The Government Finance Officer's Association (GFOA) also influences financial policies for governments. Disagreements between the GFOA and GASB are rare, but can continue for many years.
Read more about this topic: Generally Accepted Accounting Principles (United States)
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“something far more deeply interfused,
Whose dwelling is the light of setting suns,”
—William Wordsworth (17701850)