The Financial Accounting Standards Board is
A) a branch of the AICPA.
B) a branch of the IRS.
C) an independent organization.
D) a branch of the SEC.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is an independent organization that establishes accounting and financial reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP) in the United States. It is not a branch of the AICPA, IRS or SEC.

The Financial Accounting Standards Board Is