Financial Accounting Standards Board (FASB), American Institute of Certified Public Accountants (AICPA), Securities and Exchange Commission (SEC) and the International Accounting Standards Board (IASB) collaborate to create new standards and revise older ones so that financial information can be shared easily.
Sarbanes-Oxley and the PCAOB (Public Company Accounting Oversight Board) indicate significant changes in GAAP and the standards setting environment.