In the U.S. ,accounting standards are set by the Financial Accounting Standards Board (FASB).From which body does FASB derive its authority?
A)US government
B)American Institute of Certified Public Accountants (AICPA)
C)Securities and Exchange Commission (SEC)
D)International Accounting Standards Board (IASB)

Question

Quizplus · Accepted Answer

FASB derives its authority from the Securities and Exchange Commission (SEC). While the AICPA is a professional organization for accountants and the IASB sets global accounting standards, neither of these bodies have the authority to set accounting standards in the U.S. The U.S. government may have some oversight of FASB through congressional hearings or other mechanisms, but it does not directly control or set accounting standards.

In the US ,Accounting Standards Are Set by the Financial Accounting Standards