What is the role of the accounting profession in the US with regard to stipulating accounting standards?
A) It has the authority to develop and issue accounting standards.
B) It has been delegated responsibility from the Securities and Exchange Commission, providing it performs such duties diligently.
C) Indirect authority. Standards are issued by the Accounting Principles Board, a committee of the accounting professional bodies.
D) No authority. Standards are issued by the Federal Accounting Standards Board, which is independent of the accounting profession.

Question

Quizplus · Accepted Answer

The accounting profession in the US does not have the authority to stipulate accounting standards. Instead, standards are issued by the Federal Accounting Standards Board, which is independent of the accounting profession.

What Is the Role of the Accounting Profession in the US