Which of the following organizations is primarily responsible for establishing GAAP in the United States?

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is primarily responsible for establishing Generally Accepted Accounting Principles (GAAP) in the United States. While the Securities and Exchange Commission (SEC) has some oversight and authority over GAAP, the FASB is the main standard-setting body for accounting regulations in the US. The International Accounting Standards Board (IASB) sets accounting standards for countries outside of the US, and the Internal Revenue Service (IRS) focuses on tax regulations rather than overall accounting principles.

Which of the Following Organizations Is Primarily Responsible for Establishing