U.S.Congress has given the Securities Exchange Commission the power to promulgate accounting standards.

Question

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The Securities Exchange Act of 1934 grants the SEC the authority to establish accounting and reporting standards for public companies in the United States. This power is exercised through the SEC's oversight of the Financial Accounting Standards Board (FASB), which promulgates Generally Accepted Accounting Principles (GAAP) for publicly traded companies.

USCongress Has Given the Securities Exchange Commission the Power to Promulgate