In 1973 the Securities and Exchange Commission (SEC) designated the Financial Accounting Standard Board (FASB) by replacing Accounting Principles Board and Committee on Accounting Procedure to issue Generally Accepted Accounting Principles (GAAP) to be used by US based companies and some foreign companies to its limited extent. FASB is the independent, private-sector organization with responsibility for the oversight, administration, and finances of the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), and their advisory councils. Discussion on US GAAP