Standards for state and local governments are established by the
A) Securities and Exchange Commission (SEC).
B) Financial Accounting Standards Board (FASB).
C) Governmental Accounting Standards Board (GASB).
D) Public Company Accounting Oversight Board (PCAOB).

Question

Quizplus · Accepted Answer

The Governmental Accounting Standards Board (GASB) is responsible for establishing accounting and financial reporting standards for state and local governments in the United States. The Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) are responsible for regulating accounting and financial reporting for publicly traded companies. The Financial Accounting Standards Board (FASB) establishes accounting standards for private sector entities in the United States.

Standards for State and Local Governments Are Established by the