Which organization would have the ultimate responsibility of deciding if the advantages outweigh the disadvantages in the adoption of IFRS accounting standards in the United States?
A)FASB
B)SEC
C)IASB
D)AICPA

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) is responsible for regulating and overseeing the financial reporting of public companies in the United States. Therefore, the adoption of IFRS accounting standards would fall under its purview. The SEC would ultimately have the responsibility of deciding whether the advantages of adopting IFRS outweigh the disadvantages. While other organizations, such as the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), may provide input and guidance on this decision, it ultimately falls to the SEC to make the final determination. The American Institute of Certified Public Accountants (AICPA) is a professional organization for accountants that does not have regulatory authority.

Which Organization Would Have the Ultimate Responsibility of Deciding If