Today, financial accounting and reporting standards in the United States are established primarily by the:

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The Financial Accounting Standards Board (FASB) is a private organization that sets financial accounting and reporting standards in the United States. The Securities and Exchange Commission (SEC) has oversight authority over the FASB, but its primary role is to enforce securities laws and regulations. The International Accounting Standards Board (IASB) sets accounting standards used in many countries outside of the United States. While the U.S. Congress can pass laws that impact financial accounting and reporting, it is not directly responsible for setting these standards.

Today, Financial Accounting and Reporting Standards in the United States