the organization that formulates generally accepted accounting principles is
Generally Accepted Accounting Principles (Canada) The handbook is currently updated by a number of groups, including the AcSB for profit and not for profit organizations, the Public Sector Accounting Standards board for the public sector, and the Auditing Standards Board for the auditing sections.
Financial Accounting Standards Board The FASB's mission is to “establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports and educate stakeholders on how to most effectively understand and implement those standards.”[2][3] The FASB carries out its mission through improving the usefulness of financial reporting, focusing on the faithful representation and relevance of financial information, including the enhancing characteristics of useful information, comparability, timeliness, understandability, and verifiability. The FASB also accomplishes their mission through educating and guiding auditors, preparers, and other users of financial statements, ensuring current standards reflect developments in methods of doing business and economic environment changes, and by acknowledging areas of insufficiency in financial reporting that could be improved through the standard setting process.[4][5]