The statements of financial accounting standards,and other authoritative pronouncements that define what constitutes acceptable accounting practice for financial reporting are collectively referred to as:

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GAAP (Generally Accepted Accounting Principles) is the collective term used to refer to the statements of financial accounting standards and other authoritative pronouncements that define acceptable accounting practices for financial reporting. SFAS (Statement of Financial Accounting Standards) is a specific type of authoritative pronouncement issued by the Financial Accounting Standards Board (FASB), which is a private sector organization responsible for developing and maintaining GAAP. The SEC (Securities and Exchange Commission) is a government agency that oversees the U.S. securities markets and has the authority to enforce GAAP. Therefore, while SFAS and FASB are related to GAAP, they are not interchangeable terms.

The Statements of Financial Accounting Standards,and Other Authoritative Pronouncements That