The independent,private-sector group that is primarily responsible for setting financial reporting standards in the United States is the:
A)FASB.
B)IASB.
C)SEC.
D)IRS.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is an independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States. The International Accounting Standards Board (IASB) is responsible for setting international financial reporting standards. The Securities and Exchange Commission (SEC) is a government agency that oversees the securities markets and financial reporting of publicly traded companies in the United States. The Internal Revenue Service (IRS) is the tax collection agency of the U.S. government.

The Independent,private-Sector Group That Is Primarily Responsible for Setting Financial