The private-sector group that currently has the authority to establish generally accepted accounting principles in the United States is the:
A)APB.
B)FASB.
C)AAA.
D)AICPA.
E)SEC.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is the current private-sector group that has the authority to establish generally accepted accounting principles in the United States. The American Institute of Certified Public Accountants (AICPA) and the Securities and Exchange Commission (SEC) also play important roles in the development and enforcement of accounting standards, but they do not have the same level of authority as the FASB. The Accounting Principles Board (APB) was a predecessor to the FASB and is no longer in existence. The American Accounting Association (AAA) is an academic organization and does not have authority in setting accounting standards.

The Private-Sector Group That Currently Has the Authority to Establish