The Securities and Exchange Commission (SEC) sets accounting standards for companies that do work for the government.

Name: The Securities and Exchange Commission (SEC) sets accounting standards for companies that do work for the government.
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Question

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The SEC does not set accounting standards; it oversees and enforces the accounting standards set by the Financial Accounting Standards Board (FASB) for public companies and the Governmental Accounting Standards Board (GASB) for state and local governments.

The Securities and Exchange Commission (SEC) Sets Accounting Standards for Companies