In the United States, the SEC has delegated the responsibility for developing accounting standards to a private organization called the .
A) FAF
B) FASB
C) IRS
D) IASB

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is the private organization delegated by the SEC to develop accounting standards in the United States. The Financial Accounting Foundation (FAF) is the parent organization of the FASB, but it is not responsible for developing accounting standards. The Internal Revenue Service (IRS) is responsible for enforcing tax laws, but not for developing accounting standards. The International Accounting Standards Board (IASB) is responsible for developing international accounting standards, but not necessarily for the United States.

In the United States, the SEC Has Delegated the Responsibility