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Accounting Standard Setting Organizations for the United States

  • US Securities and Exchange Commission (SEC)
    The U.S. Securities and Exchange Commission (SEC) is an independent federal agency responsible for protecting investors and maintaining fair and orderly securities markets. Established in 1934, the SEC enforces laws against market manipulation and ensures that public companies and other regulated entities submit accurate and complete financial reports. It oversees securities exchanges, broker-dealers, investment advisors, and other market participants to ensure compliance with U.S. securities laws and regulations.
  • Financial Accounting Standards Board (FASB)
    The Financial Accounting Standards Board (FASB) is an independent nonprofit organization responsible for establishing and improving Generally Accepted Accounting Principles (GAAP) within the United States. It was established in 1973 and is based in Norwalk, Connecticut. The FASB sets accounting standards for public and private companies and nonprofit organizations, ensuring financial reporting is transparent, relevant, and reliable for investors, creditors, and other stakeholders.
  • Governmental Accounting Standards Board (GASB)
    The Governmental Accounting Standards Board (GASB) is a private, non-profit organization established in 1984 that sets generally accepted accounting principles (GAAP) for state and local governments in the United States. Its mission is to improve financial accounting and reporting standards to ensure transparency and accountability. GASB is overseen by the Financial Accounting Foundation (FAF) and receives funding from an accounting support fee established under the Dodd-Frank Wall Street Reform and Consumer Protection Act. While GASB does not have enforcement authority, many states, including Texas, require compliance with its standards through state laws.
  • Federal Accounting Standards Advisory Board (FASAB)
    The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee established in October 1990. Its mission is to improve federal financial reporting by issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information.
  • Public Company Accounting Oversight Board (PCAOB)
    The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation established by the Sarbanes-Oxley Act of 2002 to oversee the audits of U.S.-listed public companies and SEC-registered brokers and dealers. Its primary purpose is to protect investors and promote the public interest by ensuring the accuracy and independence of audit reports. The PCAOB is responsible for registering public accounting firms, establishing auditing standards, inspecting audit quality, and investigating and disciplining firms for violations of laws, rules, or professional standards. The U.S. Securities and Exchange Commission (SEC) oversees the PCAOB's operations, including approving its rules, standards, and budget.