Which of the following bodies has the ultimate authority to issue accounting pronouncements in the United States?
A) Securities and Exchange Commission
B) Financial Accounting Standards Board
C) International Accounting Standards Committee
D) Internal Revenue Service

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) has the ultimate authority to issue accounting pronouncements in the United States, although it often delegates this responsibility to the Financial Accounting Standards Board (FASB).

Which of the Following Bodies Has the Ultimate Authority to Issue