what is the function of the accounting standard​ setters
Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard setting body[1] whose primary purpose is to establish and improve generally accepted accounting principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973.
Generally Accepted Accounting Principles (United States) Accounting standards have historically been set by the American Institute of Certified Public Accountants (AICPA) subject to Securities and Exchange Commission regulations.[5] The AICPA first created the Committee on Accounting Procedure in 1939 and replaced that with the Accounting Principles Board in 1959. In 1973, the Accounting Principles Board was replaced by the Financial Accounting Standards Board (FASB) under the supervision of the Financial Accounting Foundation with the Financial Accounting Standards Advisory Council serving to advise and provide input on the accounting standards.[6] Other organizations involved in determining United States accounting standards include the Governmental Accounting Standards Board (GASB), formed in 1984; and the Federal Accounting Standards Advisory Board (FASAB), formed in 1990.[7]