GAAPs: Organization Responsible for Creation and Maintenance

B.

The AICPA is the organization responsible for generating and maintaining what are the Generally Accepted Accounting Practices in the United States.

GAAP stands for Generally Accepted Accounting Principles, which are a set of guidelines and principles that companies use to prepare and present their financial statements. These principles ensure that financial statements are accurate, consistent, and comparable across different companies and industries.

The organization that creates and maintains GAAP is the American Institute of Certified Public Accountants (AICPA). The AICPA is a professional organization for certified public accountants (CPAs) in the United States. The AICPA is responsible for setting accounting standards and guidelines that are used by companies in the United States.

In addition to GAAP, the AICPA also creates and maintains other accounting standards, including the Generally Accepted Auditing Standards (GAAS) and the Statements on Standards for Attestation Engagements (SSAE). These standards help ensure that audits and other attestations are conducted in a consistent and reliable manner.

While other organizations such as ISO/IEC and PCI Council create and maintain other types of standards related to information security, GAAP is specific to accounting principles and is solely maintained by the AICPA.