Which organization is responsible for promulgating U.S.GAAP?
A)Financial Accounting Standards Board
B)Public Company Accounting Oversight Board
C)International Accounting Standards Board
D)Securities Exchange Commission

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is responsible for promulgating U.S. Generally Accepted Accounting Principles (GAAP), which are the accounting standards used by public companies in the United States. The Public Company Accounting Oversight Board (PCAOB) oversees the audits of public companies, the International Accounting Standards Board (IASB) promulgates International Financial Reporting Standards (IFRS), and the Securities and Exchange Commission (SEC) oversees the U.S. securities markets and enforces compliance with accounting standards. However, the FASB is specifically responsible for developing and publishing U.S. GAAP.

Which Organization Is Responsible for Promulgating U.S.GAAP