Today,financial accounting and reporting standards in the United States are established primarily by the:
A)Securities and Exchange Commission.
B)Financial Accounting Standards Board.
C)International Accounting Standards Board.
D)U.S.Congress.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is the primary entity responsible for establishing financial accounting and reporting standards in the United States. While the Securities and Exchange Commission has oversight authority, they typically rely on the FASB to set accounting standards. The International Accounting Standards Board sets standards for countries outside of the United States. Congress has some influence over accounting standards through legislation, but they do not establish standards themselves.

Today,financial Accounting and Reporting Standards in the United States Are