Which of the following tasks does the Financial Accounting Standards Board (FASB)perform?
A)Overseeing the work of the Securities & Exchange Commission (SEC).
B)Overseeing the work of the Public Company Accounting Oversight Board (PCAOB).
C)The responsibility for protecting investors and maintaining the integrity of the securities markets.
D)The development of generally accepted accounting principles.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is responsible for the development of Generally Accepted Accounting Principles (GAAP), which are the standards for financial accounting and reporting in the United States. The FASB is not responsible for overseeing the work of the Securities & Exchange Commission (SEC) or the Public Company Accounting Oversight Board (PCAOB), nor is it responsible for protecting investors and maintaining the integrity of the securities markets.

Which of the Following Tasks Does the Financial Accounting Standards