The securities acts give the SEC the power to establish GAAP for all domestic companies.

Name: The securities acts give the SEC the power to establish GAAP for all domestic companies.
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Question

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The SEC has the authority to establish financial reporting standards for publicly traded companies, but it has delegated the task of establishing GAAP (Generally Accepted Accounting Principles) to the Financial Accounting Standards Board (FASB).

The Securities Acts Give the SEC the Power to Establish