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.
Convention of consistency In accounting, the convention of consistency is a principle that the same management accounting principles should be used for preparing financial statements over a number of time periods.[1][2] This enables the management to draw important conclusions regarding the working of the concern over a longer period.[3] It allows a comparison in the performance of different periods. If different accounting procedures and processes are used for preparing financial statements of different years then the results will not be comparable because these will be based on different postulates.