Rules of Accounting

Question 1

FASB

Answer 1

Financial Accounting Standards Board

Privately funded organization that governs accounting standards & issues GAAP

Question 2

GASB

Answer 2

Governmental Accounting Standards Board

Issues GAAP

Question 3

GAAP

Answer 3

Generally Accepted Accounting Principles

Question 4

SEC

Answer 4

Securities and Exchange Commission

Responsible for enforcing GAAP

Question 5

IASB

Answer 5

International Accounting Standards Board

Private-sector organization that develops and approves IFRS

Question 6

IFRS

Answer 6

International Financial Reporting Standards

Accounting rules for public companies’ financial statements that make them consistent and easily comparable around the world