FSA Reporting Standards

CFA Level I
#1

Diff between the 2: standard-setting body and a regulatory authority ? I noticed this on the CFA blog as to what to know from the FSA Reporting Standards reading… Regulator Authority - SEC Standard-Setting Body - GAAP correct if wrong…

#2

I thought that for US GAAP: Regulator Authority - SEC Standard-Setting Body - FASB

#3

GAAP is definitely not the Standard-Setting Body. I second pashuha’s comment.

#4

You’re right GAAP isnt…it is FASB. FASB is the standard-setting body that developed GAAP. FASB’s equivalent is IASB (International Accounting Standards Board)

#5

GAAP just stands for Generally Accepted Accounting Principles, FASB (Financial Accounting Standards Board) sets the guidlines that are included in GAAP.