The independent,private-sector group that is primarily responsible for setting financial reporting standards in the United States is the:

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The Financial Accounting Standards Board (FASB) is an independent private-sector organization that is primarily responsible for setting financial reporting standards in the United States. The International Accounting Standards Board (IASB) sets international accounting standards, while the Securities and Exchange Commission (SEC) oversees financial reporting for publicly traded companies in the United States. The Internal Revenue Service (IRS) is responsible for collecting taxes, not setting financial reporting standards.

The Independent,private-Sector Group That Is Primarily Responsible for Setting Financial