In the U.S., the same authorities set income tax rules and accounting standards for public companies.

Name: In the U.S., the same authorities set income tax rules and accounting standards for public companies.
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While the U.S. government sets income tax rules, accounting standards for public companies are set by independent bodies such as the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC).

In the US, the Same Authorities Set Income Tax Rules and Accounting