In the United States, the Financial Accounting Standards Board (FASB) established in 1973  has been acting as the authoritative organization entrusted with the task of establishing Accounting Standards under the aegis of the Securities and Exchange Commission (SEC). The Standards are recognized by Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants (AICPA). The members of the FASB are appointed by a privately-funded foundation, the Financial Accounting Foundation (FAF).

In the US, from 1938 to 1959 the Committee on Accounting Procedure (CAP), a committee of the American Institute of Accountants (AIA) later known as (i.e., after it was renamed) the American Institute of Certified Public Accountants (AICPA) assumed the task of setting standards. CAP issued 51 Accounting Research Bulletins (ARBs) which dealt with specific accounting and reporting problems. In 1959, the Accounting Principles Board (APB) replaced the CAP. The APB operated from 1959 through 1973 and issued 31 Accounting Principles Board Opinions (APBOs), various Interpretations, and four Statements. The Opinions also dealt with specific accounting and reporting problems. Many ARBs and APBOs have not been superseded and still represent authoritative GAAP. Criticism of the APB led to the creation of the Financial Accounting Standards Board (FASB) and its supporting structure in 1973. The FASB has issued six Statements of Financial Accounting Concepts (SFACs) to describe its conceptual framework. The board has also issued over 120 specific accounting standards, called Statements of Financial Accounting Standards (SFASs), as well as numerous FASB Interpretations and Technical Bulletins.

All the above standards employed for the purpose of Financial accounting and reporting are known as Generally Accepted Accounting Principles (GAAP) also referred to as USGAAP.

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