In the United States,Generally Accepted Accounting Principles are developed primarily by ________.
A) International Accounting Standards Board
B) Financial Accounting Standards Board
C) Securities and Exchange Commission
D) International Accounting Federation

Question

Quizplus · Accepted Answer

Generally Accepted Accounting Principles (GAAP) are developed primarily by the Financial Accounting Standards Board (FASB) in the United States. The FASB is a private, non-profit organization that sets accounting standards for public and private companies and not-for-profit organizations. The Securities and Exchange Commission (SEC) has the authority to oversee and enforce compliance with GAAP, but they do not develop the principles themselves. The International Accounting Standards Board (IASB) develops International Financial Reporting Standards (IFRS), which are used in many countries outside of the United States. The International Accounting Federation does not exist.

In the United States,Generally Accepted Accounting Principles Are Developed Primarily