GAAPs are created and maintained by which organization?

Generally Accepted Accounting Principles (GAAP) are a set of rules and standards used to guide how financial statements are prepared and presented. The organization responsible for creating and maintaining GAAP is the American Institute of Certified Public Accountants (AICPA). The AICPA plays a crucial role in establishing accounting standards, which is fundamental for ensuring consistency and transparency in financial reporting across various entities.

This framework is essential for organizations as it enhances credibility and facilitates investor and stakeholder confidence in financial declarations. The AICPA's oversight helps to shape the principles that accountants and financial professionals adhere to, ensuring that financial information is relevant and reliable.

The other organizations listed, while significant in their respective domains, do not have the same role regarding GAAP. The Payment Card Industry (PCI) Council focuses on security standards for payment card transactions, while ISO (International Organization for Standardization) and ISO/IEC (International Electrotechnical Commission) are involved in international standards across various sectors, but not specifically in accounting practices as defined by GAAP.