Which the following organizations is primarily responsible for establishing GAAP today?
A)Financial Accounting Standards Board FASB)
B)Securities and Exchange Commission SEC)
C)Internal Revenue Service IRS)
D)Federal Government

Question

Quizplus · Accepted Answer

The FASB is the primary organization responsible for establishing GAAP (Generally Accepted Accounting Principles) in the United States today. The SEC has oversight authority over the FASB and has the power to approve or reject any GAAP standards proposed by the FASB, but the FASB is the main standard-setting body. The IRS is responsible for enforcing tax laws, but does not set accounting standards, and the federal government as a whole does not have a specific role in establishing GAAP.

Which the Following Organizations Is Primarily Responsible for Establishing GAAP