Editing Accounting (section)

=== Standard-setters ===
{{See also|Accounting standards|Convergence of accounting standards}}
[[Generally accepted accounting principles]] (GAAP) are accounting standards issued by national regulatory bodies. In addition, the [[International Accounting Standards Board]] (IASB) issues the [[International Financial Reporting Standards]] (IFRS) implemented by 147 countries.<ref name = "NP 2013" /> Standards for international audit and assurance, ethics, education, and public sector accounting are all set by independent standard settings boards supported by IFAC. The International Auditing and Assurance Standards Board sets international standards for auditing, assurance, and quality control; the [[International Ethics Standards Board for Accountants]] (IESBA)<ref name="ifac2">{{cite web|url=http://www.ifac.org/ethics|title=IESBA &#124; Ethics &#124; Accounting &#124; IFAC|publisher=ifac.org|access-date=25 March 2016|archive-date=26 May 2016|archive-url=https://web.archive.org/web/20160526235439/http://www.ifac.org/ethics|url-status=dead}}</ref> sets the internationally appropriate principles-based ''Code of Ethics for Professional Accountants''; the [[International Accounting Education Standards Board]] (IAESB) sets professional accounting education standards;<ref name="ifac3">{{cite web|url=http://www.ifac.org/education|title=IAESB &#124; International Accounting Education Standards Board &#124; IFAC|publisher=ifac.org|access-date=25 March 2016|archive-date=16 May 2016|archive-url=https://web.archive.org/web/20160516184718/http://www.ifac.org/education|url-status=dead}}</ref> and [[International Public Sector Accounting Standards]] Board (IPSASB) sets accrual-based international public sector accounting standards.<ref name="ifac4">{{cite web|url=http://www.ifac.org/public-sector|title=IPSASB &#124; International Public Sector Accounting Standards Board &#124; IFAC|publisher=ifac.org|access-date=25 March 2016|archive-date=27 May 2016|archive-url=https://web.archive.org/web/20160527045153/http://www.ifac.org/public-sector|url-status=dead}}</ref><ref name="Ias"/>

Organizations in individual countries may issue accounting standards unique to the countries. For example, in Australia, the Australian Accounting Standards Board manages the issuance of the accounting standards in line with IFRS. In the [[United States]] the [[Financial Accounting Standards Board]] (FASB) issues the Statements of Financial Accounting Standards, which form the basis of [[US GAAP]],<ref name = "NP 2013" /> and in the [[United Kingdom]] the [[Financial Reporting Council]] (FRC) sets accounting standards.<ref name="ICAEW Standards">{{Citation | url =http://www.icaew.com/en/library/subject-gateways/accounting-standards/knowledge-guide-to-uk-accounting-standards | title =Knowledge guide to UK Accounting Standards | publisher =ICAEW | year =2014 | access-date =1 January 2014 | archive-date =18 November 2018 | archive-url =https://web.archive.org/web/20181118172337/https://www.icaew.com/en/library/subject-gateways/accounting-standards/knowledge-guide-to-uk-accounting-standards | url-status =live }}</ref> However, as of 2012 "all major economies" have plans to [[Convergence (accounting)|converge]] towards or adopt the IFRS.<ref name=globalcon />