University Library: Accounting: Standards &amp; Organizations

Accounting Standards

Accounting standards are common principles and guidelines that set the basis of financial accounting policies and practices. The United States follows the Generally Accepted Accounting Principles (GAAP), which are the collected standards developed and established by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), as part of the Financial Accounting Foundation. It's a uniform standard for financial accounting.

International Financial Reporting Standards are followed by international companies.

Financial Accounting Standards Board (FASB)

Financial Accounting Standards Board (FASB)

Other Standard-Setting Bodies

International Accounting Standards Board (IASB)
It is the independent standard-setting body of the IFRS Foundation, including technical staff and advisory bodies composed of international experts.
Public Company Accounting Oversight Board (PCAOB)
Created by the Sarbanes-Oxley Act of 2002, it establishes auditing standards and rules to be used by registered public accounting firms.
Governmental Accounting Standards Board (GASB)
The mission of the Governmental Accounting Standards Board is to establish state and local government accounting and financial reporting standards that will prove useful to issuers, auditors, and users of financial reports.
Federal Accounting Standards Advisory Board (FASAB)
Develops accounting principles for federal government reporting entities.

Accounting Organizations

American Institute of Certified Public Accountants (AICPA)
The world’s largest member association representing the accounting profession that sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments.
International Federation of Accountants (IFAC)
An organization of national accounting associations and other groups interested in accounting matters.
American Accounting Association
Community of accountants in academia whose mission is to further the profession through education, research, and service.
Association for Financial Professionals
Society committed to advancing the success of treasury and finance members and their organizations.
National Society of Accountants
Advocates for practice rights and the promotion of high standards in ethics, education, and professional excellence.
American Accounting Association - Links and Organizations
List of links to accounting organizations and information.

Ask Us!

Have a question or need help?

GAAP Broken Down

The Importance of Generally Accepted Accounting Principles (GAAP) [video] (2:45)
This short video provides the answer for those who are new to the work of the FAF, the FASB, and the GASB.

Wiley GAAP 2016 - Interpretation and Application of Generally Accepted Accounting Principles by Joanne M. Flood
ISBN: 9781119106067
Publication Date: 2015-11-23

Government Agencies

What's the relationship between standard setting organizations and government agencies?

The SEC recognizes the FASB as the accounting standards setter for public companies.
The SEC enforces GAAP to ensure that issuers are meeting their financial reporting obligation under the Federal securities laws.
The GAO is responsible for establishing the auditing standards for federal agencies.

Accounting