Accounting Principles & Standards

Accounting principles are the common set of accounting standards, policies and procedures used to compile financial reports. GAAP (generally accepted accounting principles) are a combination of authoritative standards and the generally accepted methods of recording and reporting accounting information. 
Each country worldwide has its own GAAP, for example US GAAP, French GAAP, and so on.
There are many bodies worldwide that set standards. Some of the leading ones are:
Financial Accounting Standards Board (FASB)
International Accounting Standards Board (IASB)
Accounting Standards Board (ASB)