Generally accepted accounting principles (GAAP)were (are)established by:

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Generally accepted accounting principles (GAAP) are established by the Financial Accounting Standards Board (FASB) on an ongoing basis. While the Italian monk Luca Pacioli is widely considered to be the Father of Accounting and published a seminal work on double-entry bookkeeping in 1494, he did not establish GAAP. The U.S. Congress did pass the Securities Act of 1933, which required companies to disclose financial information and adhere to certain accounting principles, but it did not establish GAAP. The Public Company Accounting Oversight Board (PCAOB) was created in 2002 by the Sarbanes-Oxley Act in response to the Enron accounting scandal, but it does not establish GAAP.

Generally Accepted Accounting Principles (GAAP)were (Are)established By