The U.S.Congress has charged the SEC with ultimate responsibility for specifying GAAP for publicly traded companies.

Name: The U.S.Congress has charged the SEC with ultimate responsibility for specifying GAAP for publicly traded companies.
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According to the Securities Exchange Act of 1934, the SEC has been given the authority to establish accounting standards for publicly traded companies, which are known as Generally Accepted Accounting Principles (GAAP).

The USCongress Has Charged the SEC with Ultimate Responsibility for Specifying