Respuesta :
non-government entities such as the FASB is likely to be the source of accounting standards in common law countries.
What is FASB?
The private sector organization known as the Financial Accounting Standards Board (FASB) is in charge of creating the accounting regulations (Accounting Standards) that American businesses adhere to when they publish financial reports. Generally Accepted Accounting Principles (GAAP) refer to the regulations that the FASB creates (GAAP).
The 800+ FASB standards are organized by topic by the ASC to cut down on the time and effort required for problem investigation. Additionally, it improves the use and accessibility of FASB accounting rules when reducing the risk of non-compliance.
The FASB and GASB develop and enhance generally accepted accounting principles (GAAP), or financial accounting and reporting rules, for public and private businesses, not-for-profit organizations, and state and local governments in the United States.
To know more about FASB refer to:
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