Enerally Accepted Accounting Principles

Fidelity Investments Company is a well-known mutual fund investment company. It makes investments worth billions of dollars in companies listed on the New York Stock Exchange and other stock markets. Generally accepted accounting principles (GAAP) are very important for Fidelitys investment analysts.

What are GAAP? Why are financial statements that have been prepared in accordance with GAAP and audited by an independent CPA useful for Fidelitys investment analysts? What organizations influence GAAP? Explain how they do so.