Which of the following is not a major standard-setting body responsible for the establishment of U.S. and international GAAP Generally Accepted Accounting Principles)?

Question

Quizplus · Accepted Answer

The PCAOB (Public Company Accounting Oversight Board) is not responsible for setting GAAP. It oversees the audits of public companies to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The FASB (Financial Accounting Standards Board) sets the GAAP for the United States, while the IASB (International Accounting Standards Board) issues the IFRS (International Financial Reporting Standards), which are used in many countries around the world. The SEC (Securities and Exchange Commission) has the legal authority to establish financial reporting standards for publicly traded companies, but it largely delegates the responsibility of setting GAAP to the FASB.

Which of the Following Is Not a Major Standard-Setting Body