Which of the following has the statutory authority to set accounting standards in the United States?
A) FASB.
B) IRS.
C) SEC.
D) AICPA.

Question

Quizplus · Accepted Answer

The SEC (Securities and Exchange Commission) has the statutory authority to set accounting standards in the United States through its oversight of the FASB (Financial Accounting Standards Board). The AICPA (American Institute of Certified Public Accountants) is a professional organization for accountants, while the IRS (Internal Revenue Service) is the federal agency responsible for collecting taxes.

Which of the Following Has the Statutory Authority to Set