Which organization is responsible for the oversight,financing,and administration of all accounting standard setting organizations in the United States?
A)American Institute of Certified Public Accountants (AICPA)
B)Financial Accounting Foundation (FAF)
C)Securities Exchange Commission (SEC)
D)Financial Accounting Standards Advisory Council (FASAC)

Question

Quizplus · Accepted Answer

The Financial Accounting Foundation (FAF) is responsible for overseeing, financing, and administering all accounting standard setting organizations in the United States, such as the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The AICPA is a professional organization for CPAs and provides guidance and education but does not have oversight of standard setting. The SEC has regulatory oversight of financial reporting and disclosure but does not administer accounting standard setting organizations. FASAC provides advisory support to FASB but does not have overall responsibility for oversight and administration.

Which Organization Is Responsible for the Oversight,financing,and Administration of All