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Match Each Organization with Its Descriptive Statement by Placing the Letter

Question 85

Matching

Match each organization with its descriptive statement by placing the letter of the appropriate organization in the space provided. (Note: Organizations may be used more than once or not at all.)

Premises:

Responses:

Reporting standards issued by this organization are legally enforceable. Failure to adhere to them is a violation of law.

Securities and Exchange Commission (SEC)

Reporting standards issued by this organization only apply to companies listed on U.S. securities exchanges.

International Accounting Standards Board (IASB)

Reporting standards issued by this organization apply to all U.S. companies, whether publicly traded or privately held.

Financial Accounting Standards Board

This organization has the legal authority and the responsibility to oversee financial reporting in the U.S.

Requires 10 out of 16 board members’ approvals before a standard is issued.

This organization is government agency established by the U.S. Congress.

Premises:

Reporting standards issued by this organization are legally enforceable. Failure to adhere to them is a violation of law.

Reporting standards issued by this organization only apply to companies listed on U.S. securities exchanges.

Reporting standards issued by this organization apply to all U.S. companies, whether publicly traded or privately held.

This organization has the legal authority and the responsibility to oversee financial reporting in the U.S.

Requires 10 out of 16 board members’ approvals before a standard is issued.

This organization is government agency established by the U.S. Congress.

Responses:

Securities and Exchange Commission (SEC)

International Accounting Standards Board (IASB)

Financial Accounting Standards Board

Correct Answer:

Premises:

Responses:

Reporting standards issued by this organization are legally enforceable. Failure to adhere to them is a violation of law.

Reporting standards issued by this organization only apply to companies listed on U.S. securities exchanges.

Reporting standards issued by this organization apply to all U.S. companies, whether publicly traded or privately held.

This organization has the legal authority and the responsibility to oversee financial reporting in the U.S.

Requires 10 out of 16 board members’ approvals before a standard is issued.

This organization is government agency established by the U.S. Congress.

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