The _____ has ultimate responsibility for specifying generally accepted accounting principles for publicly traded companies in the United States.
A)FASB
B)IASC
C)SEC
D)GAAP

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) has the ultimate responsibility for specifying generally accepted accounting principles (GAAP) for publicly traded companies in the United States. The SEC has the legal authority to set accounting standards if it chooses to do so, but it has delegated this responsibility to the Financial Accounting Standards Board (FASB). The International Accounting Standards Committee (IASC) is a global organization that develops International Financial Reporting Standards (IFRS) for use in many countries outside the United States.

The _____ Has Ultimate Responsibility for Specifying Generally Accepted Accounting