Explain the term Generally Accepted Accounting Principles (GAAP), its background, and the two measurement principles it uses, the historical cost principle and the fair value principle.

Find out if in USA there is a government entity or supervisory body for accounting, the rules for the independence of the auditor and corporate accounting, for the protection of the investor in order to impose criminal and civil penalties for violations of the securities market.

Explain how effective this entity is in developing the accounting standards that companies listed on the United States stock exchange must follow to protect the interests of consumers as well as the supervision and regulation of the markets. financial institutions of the country as well as the institutions and organizations that define the accounting standards.