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The SEC exerts an enduring influence on the establishment of accounting standards. It does so primarily by Monitoring the development of GAAP within the accounting profession and using its stature to influence that development.
What is GAAP?
The term "GAAP" (generally accepted accounting principles) refers to a set of widely used standards and accounting procedures for financial reporting. Gap is how the acronym is pronounced. Definitions of concepts and guiding principles are included in GAAP specifications, along with industry-specific regulations.
The FASB's creation of GAAP is not taken into account by the commission. The commission makes decisions regarding the application of accounting rules and principles.
An independent body called the Financial Accounting Standards Board (FASB) continuously reviews and modifies GAAP. According to GAAP, all 50 state governments create their financial reports.
To learn more GAAP refers to:
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