The SEC Has Statutory Authority to Set Accounting Principles for the Financial

The SEC has statutory authority to set accounting principles for the financial information required in company filings.
Required
a. Are the accounting principles required for SEC filings the same as generally accepted accounting principles issued by the FASB? Explain.
b. Which Act authorizes the SEC to recognize accounting principles of standard-setting organizations? What general criteria must these organizations meet before the SEC will consider recognizing their standards?
c. Assume a company headquartered in Brazil has its stock listed on a U.S. stock exchange. Is it required to follow the same accounting standards as U.S. companies in preparing periodic financial reports? Explain.