<P> Generally Accepted Accounting Principles , also called GAAP or US GAAP , is the accounting standard adopted by the U.S. Securities and Exchange Commission ( SEC ) . While the SEC previously stated that it intends to move from US GAAP to the International Financial Reporting Standards ( IFRS ) , the latter differ considerably from GAAP and progress has been slow and uncertain . More recently , the SEC has acknowledged that there is no longer a push to move more U.S companies to IFRS so the two sets of standards will `` continue to coexist '' for the foreseeable future . </P>
<P> Generally Accepted Accounting Principles , also called GAAP or US GAAP , is the accounting standard adopted by the U.S. Securities and Exchange Commission ( SEC ) . While the SEC previously stated that it intends to move from US GAAP to the International Financial Reporting Standards ( IFRS ) , the latter differ considerably from GAAP and progress has been slow and uncertain . More recently , the SEC has acknowledged that there is no longer a push to move more U.S companies to IFRS so the two sets of standards will `` continue to coexist '' for the foreseeable future . </P>
what body sets accounting standards ( gaap ) in the united states
what body sets accounting standards ( gaap ) in the united states
U.S. Securities and Exchange Commission ( SEC )
U.S. Securities and Exchange Commission ( SEC )