Who governs accounting?
submitted by Tiffany

surprise_waffles

Accounting isn't really governed, but there are standards boards. One is the Financial Accounting Standards Board (FASB) in the US. There's also the International Accounting Standards Board (IASB).

The FASB makes Generally Accepted Accounting Principles (GAAP). The IASB makes the Financial Reporting Standards (IFRS). The SEC makes the standards for publicly traded companies.

ahso

The Government Accounting Standards Board (GASB, or The Great GAS-B) is in charge of making accounting standards for federal and local governments. Any contractor that does work for the government needs to conform to these standards, in addition to the standard GAAP.