The Financial Accounting Standards Board (FASB) is a:
A)private organization that is responsible for establishing financial accounting standards in the United States
B)federal government agency that is responsible for establishing financial accounting standards in the United States
C)United Nations organization that is responsible for establishing financial accounting standards globally
D)federal government agency that is responsible for establishing managerial accounting standards for NAFTA members
E)federal government agency that mediates disputes between accountants and the companies they work for

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is a private, independent organization that is responsible for establishing financial accounting and reporting standards for public and private companies and not-for-profit organizations in the United States. It is not a government agency, nor does it have a global mandate or a focus on managerial accounting standards specifically for NAFTA members, nor does it mediate disputes between accountants and companies.

The Financial Accounting Standards Board (FASB) Is A