The Financial Accounting Standards Board is
A)a branch of the IRS.
B)an independent organization.
C)a branch of the SEC.
D)a branch of the AICPA.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is an independent organization that sets accounting standards for public and private companies in the United States. It was established in 1973 and operates under the supervision of the Financial Accounting Foundation, which is also an independent organization. It is not a branch of the IRS, SEC or AICPA.

The Financial Accounting Standards Board Is