Most companies in the United States follow standards issued by the

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The Financial Accounting Standards Board (FASB) is the primary organization in the United States responsible for developing and issuing generally accepted accounting principles (GAAP) for public and private companies. The International Accounting Standards Board (IASB) develops international financial reporting standards (IFRS) which are used in many countries around the world, but are not mandatory in the United States. The Internal Revenue Service (IRS) is responsible for enforcing tax laws and regulations, but does not regulate accounting standards. The Securities and Exchange Commission (SEC) has regulatory authority over public companies, including oversight of financial reporting, but primarily relies on the FASB to set accounting standards.

Most Companies in the United States Follow Standards Issued by the