Ultimate legal authority to set and enforce accounting standards lies with the _____.

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) has the ultimate authority to set and enforce accounting standards for publicly traded companies in the United States. The IRS (Internal Revenue Service) is responsible for enforcing tax laws, the FDA (Food and Drug Administration) oversees food and drug safety, and the CFTC (Commodity Futures Trading Commission) regulates the futures and options markets.

Ultimate Legal Authority to Set and Enforce Accounting Standards Lies