Question

2)GAAP are not in written in law, but are a combination of authoritative standards set by policy boards that help and auditors make better financial decisions.​

Answer 1

Responsibility for enforcement and shaping of generally accepted accounting principles (GAAP) falls to two organizations: The Financial Accounting Standards Board (FASB) and Securities and Exchange Commission (SEC). ... GAAP is not law, though violating GAAP can have costly ramifications.

Answer 2

Responsibility for enforcement and shaping of generally accepted accounting principles (GAAP) falls to two organizations: The Financial Accounting Standards Board (FASB) and Securities and Exchange Commission (SEC). ... GAAP is not law, though violating GAAP can have costly ramifications