The ________ has ultimate responsibility for specifying Generally Accepted Accounting Principles for companies with publicly traded stock in the United States.
A)Financial Accounting Standards Board
B)International Accounting Standards Board
C)Securities and Exchange Commission
D)European Union Accounting Federation

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) has ultimate responsibility for specifying Generally Accepted Accounting Principles (GAAP) for companies with publicly traded stock in the United States. The SEC has delegated the task of setting accounting standards to the Financial Accounting Standards Board (FASB), but it retains the authority to approve or reject FASB pronouncements. The International Accounting Standards Board (IASB) sets accounting standards for countries outside of the United States, and the European Union Accounting Federation is not a recognized entity in the United States accounting regulatory environment.

The ________ Has Ultimate Responsibility for Specifying Generally Accepted Accounting