The Financial Accounting Standards Board has responsibility for the establishment of U.S.accounting standards and
A)full statutory power to enforce compliance with GAAP.
B)authority from the SEC to enforce compliance with GAAP.
C)no authority or responsibility to enforce compliance with GAAP.
D)responsibility imposed by AICPA to enforce compliance with GAAP.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) has the responsibility for establishing U.S. accounting standards, but it does not have the authority or responsibility to enforce compliance with GAAP. Compliance is generally enforced by the Securities and Exchange Commission (SEC) and other regulatory bodies.

The Financial Accounting Standards Board Has Responsibility for the Establishment