Accounting is a basic social need that began long ago in Mesopotamia with records on clay token. Since then, US GAAP has evolved from various sources including: Committee on Accounting Procedures (CAP), Accounting Principles Board (APB), Financial Accounting Principles Board (FASB).
CAP is the first private body to write accounting rules. It has issued 51 accounting research bulletins. APB is appointed by the AICPA. It has issued 31 opinions. FASB has 7 members who are full time. FASB publishes statements of financial accounting standards, interpretations, technical bulletins.
The Sarbanes-Oxley Act of 2002 established the Public Company Accounting Oversight Board (PCAOB) to police the accounting profession. The PCAOB has not authority over registrants, and only have authority over the auditors of registrants.
The Securities and Exchange Commission (SEC) is the final authority on financial reporting by public companies. It consists of five commissioners appointed by the US President, and reports to Congress.
SEC requirements for public companies include the following filings: annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statement.
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