The private-sector group that currently has the authority to establish generally accepted accounting principles in the United States is the:
A) SEC.
B) AAA.
C) AICPA.
D) APB.
E) FASB.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is the private-sector group that currently has the authority to establish generally accepted accounting principles (GAAP) in the United States. The SEC, AAA, AICPA, and APB have all played a role in accounting standards in the past, but the FASB is currently the primary standard-setter for GAAP.

The Private-Sector Group That Currently Has the Authority to Establish