The _____ writes the generally accepted accounting principles (GAAP)that govern the financial statements of U.S.firms.

Question

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The Financial Accounting Standards Board (FASB) is responsible for setting the generally accepted accounting principles (GAAP) that govern the financial statements of U.S. firms. The other options listed do not have the authority to set GAAP for U.S. firms. The Office of Economic Analysis is a part of the U.S. Department of Transportation, the U.S. Securities and Exchange Commission (SEC) is responsible for enforcing financial regulations and protecting investors, and the International Accounting Standards Board (IASB) sets standards for international financial reporting.

The _____ Writes the Generally Accepted Accounting Principles (GAAP)that Govern