Though often relying on the FASB, the SEC has authority to establish GAAP for publicly traded companies.

Name: Though often relying on the FASB, the SEC has authority to establish GAAP for publicly traded companies.
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The SEC has the authority to establish GAAP for publicly traded companies, although they often rely on the Financial Accounting Standards Board (FASB) to develop and update the accounting standards.

Though Often Relying on the FASB, the SEC Has Authority