U.S. accounting practice is guided by the Securities and Exchange Commission (SEC) and the International Accounting Standards Board (IASB), and it follows standards known as generally accepted accounting principles (GAAP).

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U.S. accounting practice is guided by the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB), and it follows standards known as Generally Accepted Accounting Principles (GAAP). The International Accounting Standards Board (IASB) issues the International Financial Reporting Standards (IFRS), which are used by many countries outside the United States.

US Accounting Practice Is Guided by the Securities and Exchange