The organization responsible for setting U.S.external financial reporting practice is the:

Question

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The Financial Accounting Standards Board (FASB) is the organization responsible for setting U.S. external financial reporting practice. The Securities and Exchange Commission (SEC) oversees and enforces financial reporting and disclosure requirements, but they rely on the FASB to develop and establish accounting standards. The federal government and the American Institute of Certified Public Accountants (AICPA) do not have primary responsibility for setting external financial reporting practice in the U.S.

The Organization Responsible for Setting U