The body that has the power to prescribe the accounting practices and standards used by most US companies is the

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The Financial Accounting Standards Board (FASB) is the body that has the power to prescribe the accounting practices and standards used by most US companies, through the Generally Accepted Accounting Principles (GAAP). The International Accounting Standards Board (IASB) establishes International Financial Reporting Standards (IFRS), which are used in many countries outside of the US.

The Body That Has the Power to Prescribe the Accounting