what does generally accepted accounting principles gaap accomplish 
gaap monitors and confirms the information that s provided to consumers and investors by public companies it adds a measure of trust to transactions so consumers and investors are more comfortable parting with their dollars public companies must adhere to 10 principles and abide by gaap standards 4who are the gasb members joel black serves as chair and jeffrey j previdi serves as vice chair black is classified in public accounting and previdi is classified as a financial statement user the gasb states that each member brings a unique perspective to the board through different work experiences and areas of expertise 1