Which of the following organizations is primarily responsible for establishing elements of the conceptual framework,along with the U.S.Financial Accounting Standards Board (FASB)?

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) is primarily responsible for establishing elements of the conceptual framework, along with the U.S. Financial Accounting Standards Board (FASB). The SEC oversees the regulation of financial markets and has some influence on accounting standards but is not primarily responsible for establishing elements of the conceptual framework. The CMA is a professional certification organization for management accountants and does not have a role in establishing accounting standards. The CRA is the tax agency for Canada and is not involved in establishing accounting standards.

Which of the Following Organizations Is Primarily Responsible for Establishing