Which organization has the highest level of authority for a setting GAAP for nongovernment, not-for-profit organizations?

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) has the highest level of authority for setting Generally Accepted Accounting Principles (GAAP) for non-governmental not-for-profit organizations. The Governmental Accounting Standards Board (GASB) sets GAAP for state and local government entities, while the American Institute of Certified Public Accountants (AICPA) and the National Council on Governmental Accounting (NCGA) issue guidance but do not have the same level of authority as the FASB.

Which Organization Has the Highest Level of Authority for a Setting