Which organization,in addition to the Financial Accounting Standards Board (FASB),occasionally issues authoritative rules for financial statements?
A)The Accounting Profession
B)International Accounting Standards Board (IASB)
C)Securities and Exchange Commission (SEC)
D)Internal Revenue Service (IRS)

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) occasionally issues authoritative rules for financial statements in addition to the Financial Accounting Standards Board (FASB). The International Accounting Standards Board (IASB) also issues international accounting standards, but they are not directly applicable in the United States unless adopted by the SEC or FASB. The Accounting Profession refers to the collective group of accountants and organizations that make up the accounting industry but does not issue authoritative rules for financial statements. The Internal Revenue Service (IRS) enforces tax law but does not issue authoritative rules for financial statements.

Which Organization,in Addition to the Financial Accounting Standards Board (FASB),occasionally