In the United States,generally accepted accounting principles (GAAP)are established by the PCAOB (Public Company Accounting Oversight Board).

Question

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While the PCAOB is responsible for overseeing the work of public accounting firms that audit the financial statements of public companies, GAAP is established by the Financial Accounting Standards Board (FASB), a separate entity.

In the United States,generally Accepted Accounting Principles (GAAP)are Established by the PCAOB