What does the term GAAP mean? Briefly explain the role of the Accounting Standards Board.

Question:

What does the term mean? Briefly explain the role of the Accounting Standards Board.
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...