Although the Security and Exchange COMMISSION (SEC) and the Financial Accounting Standards Board (FASB) are involved in setting and enforcing generally accounting accepted principles (GAAP) in the US, there is only one body of GAAP that applies in the US because: 1.The SEC acknowledges the fact that the FASB codification is authoritative. 2. The FASB functions are independent body with no ties to any particular company 3.The FASB rules regarding due process lead to its agenda being widely circulated. 4. Although the SEC has an extensive list of required filings, quarterly financial reports are rarely audited.