The body that has the power to prescribe the accounting practices and standards to be employed by companies that fall under its jurisdiction is the

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The SEC (Securities and Exchange Commission) has the authority to prescribe accounting practices and standards for companies falling under its jurisdiction. The FASB (Financial Accounting Standards Board) is a private organization that sets the accounting standards for public companies in the United States, while the AICPA (American Institute of Certified Public Accountants) provides guidelines and ethical standards for its members. The APB (Accounting Principles Board) was a predecessor to the FASB that was dissolved in 1973.

The Body That Has the Power to Prescribe the Accounting