GAAP Quiz

1. Sets accounting standards for U.S. state and local governments

• GASB (Governmental Accounting Standards Board): Responsible for establishing standards for financial reporting in government entities.

2. Sets standards for public and private companies, and for not-for-profits.

   • FASB (Financial Accounting Standards Board): Develops accounting standards for private sector companies and not-for-profit organizations, ensuring consistency and transparency in financial reporting.

3. Supports and oversees the FASB and GASB

   • FAF (Financial Accounting Foundation): Responsible for funding and overseeing the activities of the FASB and the Governmental Accounting Standards Board (GASB), promoting high-quality financial reporting and accountability.

4. Collects regular financial reports from domestic companies whose equity and debt securities are traded on U.S. public markets.

• SEC

5. Standards, practices and procedures that determine how financial statements are prepared.

   1. GAAP