The U.S. federal government, through the Financial Accounting Standards Board (FASB), oversees the accuracy and truthfulness in public company financial statements.

Question

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The Financial Accounting Standards Board (FASB) is an independent nonprofit organization, not a federal government entity, responsible for establishing accounting and financial reporting standards for public and private companies and not-for-profit organizations in the United States. The U.S. Securities and Exchange Commission (SEC), a federal agency, oversees the integrity of public company financial statements.

The US Federal Government, Through the Financial Accounting Standards Board (FASB)