Which of the following organizations has authority to establish accounting and financial reporting standards for the federal government?
A) Federal Accounting Standards Advisory Board.
B) Office of Management and Budget.
C) Governmental Accounting Standards Board.
D) None of the above; no one has been granted authority to set standards for the federal government

Question

Quizplus · Accepted Answer

Accounting and financial reporting standards for the federal governments are published by the FASAB. The standards are technically "recommendations" since, as a sovereign nation, the federal government cannot relegate authority to an independent board.

Which of the Following Organizations Has Authority to Establish Accounting