In the United States, the primary setter of accounting standards for non-public companies is the
A) International Accounting Standards Board
B) Financial Accounting Standards Board
C) Securities and Exchange Commission
D) U.S. Department of Commerce
E) American Institute of Certified Public Accountants

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is the primary setter of accounting standards for non-public companies in the United States. The International Accounting Standards Board sets standards for countries that follow International Financial Reporting Standards (IFRS). The Securities and Exchange Commission does not set accounting standards, but oversees the regulatory environment for financial reporting. The U.S. Department of Commerce does not have a role in setting accounting standards. The American Institute of Certified Public Accountants does not have the authority to set accounting standards, but does provide guidance and support for the profession.

In the United States, the Primary Setter of Accounting Standards