General Accepted Accounting Principles is the generally accepted accounting principle. In 1937, the American Accounting Program Committee (CAP) issued the first accounting study bulletin, which created a precedent for the promulgation of “general general accounting” by government agencies or industry organizations.
To record and report financial information accountants generally use GAAP. GAAP include the accounting community and the Securities and Exchange Commission (SEC) to develop a wide range of principles. Two laws, the Securities Act of 1933 and the Securities Exchange Act of 1934, giving the Securities and Exchange Commission the authority to establish reports and publicly. However, the Securities and Exchange Commission usually only supervises the work, and the Financial Accounting Standards Committee and the Government Accounting Standards Board (GASB) to establish these provisions.