Generally Accepted Accounting Principles in the United States are developed by the International Accounting Standards Committee.

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Generally Accepted Accounting Principles (GAAP) in the United States are developed by the Financial Accounting Standards Board (FASB), not the International Accounting Standards Committee. However, the International Accounting Standards Board (IASB) develops International Financial Reporting Standards (IFRS), which are used in many countries outside of the United States.

Generally Accepted Accounting Principles in the United States Are Developed