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Accounting Standard Setters

Accounting rules can be developed by a number of governing agencies. Accounting rules that U.S. banks must currently follow are issued by the Financial Accounting Standard Board (that issues GAAP - Generally Accepted Accounting Principles), and the regulators (the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of Currency Comptroller, and the Office of Thrift Supervision.) If a bank is a securities registrant, it must also follow the accounting rules issued by the Securities and Exchange Commission and certain rules issued by the Public Company Accounting Oversight Board. U.S. banks are not yet required to comply with International Accounting Standards issued by the IASB (International Accounting Standards Board); however, some other countries have adopted IASB accounting standards. Therefore, pressure is placed on U.S. standards setters to develop accounting rules that converge with developments in international accounting policy.

Financial Accounting Standards Board (FASB)

International Accounting Standards Board (IASB)

Regulators

PCAOB

ABA Committees