The U.S. Congress has given the Securities and Exchange Commission the power to promulgate accounting standards for all publicly traded firms.

Question

Quizplus · Accepted Answer

The U.S. Congress has indeed given the Securities and Exchange Commission (SEC) the authority to establish accounting standards for publicly traded companies, although the SEC typically delegates this responsibility to the Financial Accounting Standards Board (FASB).

The US Congress Has Given the Securities and Exchange Commission the the Power