The Securities and Exchange Commission (SEC) has the power to issue accounting standards, but generally defers this responsibility to the Financial Accounting Standards Board (FASB).

Question

Quizplus · Accepted Answer

The SEC has statutory authority over accounting and financial disclosures for publicly traded companies, but it typically delegates the responsibility of establishing accounting standards to the FASB, a private, independent organization.

The Securities and Exchange Commission (SEC) Has the Power to Issue