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…
I thought that for US GAAP: Regulator Authority - SEC Standard-Setting Body - FASB
GAAP is definitely not the Standard-Setting Body. I second pashuha’s comment.
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)
GAAP just stands for Generally Accepted Accounting Principles, FASB (Financial Accounting Standards Board) sets the guidlines that are included in GAAP.