GAAP, FASB, FAS, ASC...etc

[ivqancorp]

Hello,

I have a finance background, but I am not very knowledgeable on the technical side of accounting. Can someone explain to me what the differences are in the acronyms listed in the title? Like I get what GAAP (Generally Applied Accounting Principals), but then what is the difference between GAAP and FASB? FAS and ASC?

There are a lot of acronyms and I find myself getting lost when reading up on technical accounting. Thanks.

 

[ColinCPA]

GAAP (Generally ACCEPTED Accounting Principles) = Body of authoritative accounting regulations used in the United States.

FASB (Financial Accounting Standards Board) = Regulatory wing under the SEC that is responsible for establishing GAAP.

ASC (Accounting Standards Codification) = The codification system for organizing GAAP rules. This replaced the former accounting standards (SFAS, FIN, etc.)

Hope that helps.