The U.S.Congress has charged the Public Company Accounting Oversight Board with the ultimate responsibility for developing generally accepted accounting principles.

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The U.S. Congress has charged the Financial Accounting Standards Board with the ultimate responsibility for developing generally accepted accounting principles, not the Public Company Accounting Oversight Board. The PCAOB is responsible for overseeing the audits of public companies, but does not develop GAAP.

The USCongress Has Charged the Public Company Accounting Oversight Board with with the Ultimate