GAAPs are created and maintained by which organization?

Generally Accepted Accounting Principles (GAAP) are a set of accounting standards, principles, and procedures that entities in the United States must follow when compiling their financial statements. The American Institute of Certified Public Accountants (AICPA) is responsible for developing and maintaining these principles.

The AICPA establishes standards for accounting practices, guidelines for audits, and ethical standards for the profession. As such, the guidance provided by the AICPA plays a central role in the formation of GAAP, ensuring that financial reporting is transparent, consistent, and useful for stakeholders.

Other organizations mentioned, such as the PCI Council, focus on data security standards for payment card transactions; ISO develops international standards across various industries but does not specifically address accounting principles; and ISO/IEC primarily handles standards for information and communication technologies. Thus, their relevance to GAAP is minimal compared to the directly responsible AICPA.