The rule-setting body, which authorizes generally accepted accounting principles is the ________.
A) IFRS
B) FASB
C) SEC
D) Federal Reserve System

Question

Quizplus · Accepted Answer

The FASB (Financial Accounting Standards Board) is the rule-setting body that authorizes generally accepted accounting principles in the US. The IFRS (International Financial Reporting Standards) is a set of global accounting standards, not specific to the US. The SEC (Securities and Exchange Commission) is a government agency that oversees and regulates the securities industry in the US, but does not set accounting standards. The Federal Reserve System is responsible for conducting monetary policy and regulating banks, but is not involved in accounting standards.

The Rule-Setting Body, Which Authorizes Generally Accepted Accounting Principles Is