The principal task of the FASB is to
A)be a link between the business community and the Securities and Exchange Commission (SEC).
B)establish GAAP in the United States.
C)audit each public company's financial statements and records.
D)act as a counsel and advocate for business in its dealings with the government,particularly,but not solely,to the SEC.
E)review financial statements,so as to ensure adherence to GAAP.

Question

Quizplus · Accepted Answer

The primary task of the FASB is to establish and improve GAAP (Generally Accepted Accounting Principles) for financial reporting in the United States. It is not involved in auditing, acting as a counsel or advocate for business, or reviewing financial statements. While it may communicate and cooperate with the SEC, its main focus is the development of accounting standards.

The Principal Task of the FASB Is to